Northwestern Mutual’s recent survey revealed that 69% of Americans have feelings of anxiety and depression due to financial uncertainties. Financial problems can affect your physical and mental well-being, but by dealing with money issues and gaining better control over your finances, you can reduce stress on yourself and your money.
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It doesn’t have to take long, either. In just 20 minutes a day, you can make real progress toward keeping your finances in order. Here’s a simple trick that helps you examine what needs to change to reduce financial stress over time.
Write It Down
Financial therapist Megan McCoy suggests taking 15 to 20 minutes daily or weekly to write down your financial anxieties, including money amounts and lifestyle money worries, per CNBC. Examples could be how you’re going to pay your increased property taxes or how you can afford to pay for your share of an expensive vacation with higher-earning friends.
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What You Can Control vs. What You Can’t
Sort the financial anxieties into two lists of what you can and can’t control. This helps you transform your anxiety by showing you what you can change to help your finances while accepting the things you can’t control.
While you can’t control your property tax rate, you can control the amount you choose to spend on a vacation. You can control how many times a week you eat out to help with your budget but you can’t control the stock market.
Steps Towards Change
Focus on the things you can change by looking at the list of your debts. To start, try making small changes, like cutting down on non-essentials to free up money to help pay bills.
Also write a budget for helping you pay down your debt and how to start saving money.
Don’t be afraid to say no if you’re invited on a vacation that’s out of your budget. If you want to take a more expensive annual vacation, make a change by saving a set sum of money each month in a vacation fund. It will build over time and eventually allow you to take a vacation you want without the debt.
Of course, there are things that you can’t control like tax rates, the stock market or the vacations your friends can afford to take. If these thoughts continue to bother you, talk with a trusted family member or friend about your concerns to remind you that you are not alone in your feelings.
Over time, you’ll see that devoting 15 to 20 minutes daily or weekly to your money-related worries does help you manage your finances better.
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This article originally appeared on GOBankingRates.com: The 20-Minute Money Trick That Helps You Manage Your Finances Better
