Practical Tips to Ease Financial Pressure at Home

Even in the best of circumstances, managing household finances is often a challenge. If you’re struggling to make ends meet or manage your debts, you may be feeling even more stress and anxiety. Ironically, the pressure to get your finances under control often makes it difficult to get started.

Fortunately, you can take meaningful steps today to get your financial life back on track, even if you’re feeling overwhelmed. The following approaches may ease financial pressure at home and help you feel more in control of your money.

Tackle your debts

Sometimes, debts may feel like a shadow hanging over your life. If you’ve been making only the minimum required payments or ignoring your mounting bills altogether, taking small, intentional actions to overcome your debts can help ease some of the financial pressure.

If you’ve fallen behind on your payments, your priority should be getting your accounts current. If you can’t afford to catch up, contact the lender to see if you have any options for adjusting your repayment terms.

Debt consolidation loans may also help you achieve more manageable payments and streamline your monthly bills. Just consider the terms carefully and make sure they work for your budget.

Automate your payments

Missed payments for your credit card, phone bill or utilities may quickly snowball, leaving you overwhelmed. Fortunately, many lenders and vendors help you stay on top of your bills by setting up automatic payments, which pull the necessary cash from your linked bank account whenever your bill is due.

While autopay may make paying your bills on time easier, resist the urge to “set it and forget it.” If you lose track of your payment dates and amounts, you risk overdrawing your linked account. Instead, mark your payment withdrawal dates on a calendar or planner and check in a few times a month to make sure you’ve got enough in your account for your upcoming bills.

Discuss household finances regularly

Miscommunications about money are often a major source of anxiety. If you share financial responsibilities with your family members, a partner or a roommate, it’s important to have an open line of communication.

Monthly or weekly financial meetings offer a regular opportunity to talk about bills, savings goals, major purchases and upcoming financial decisions. You might also set aside time each meeting to discuss your current financial challenges and recent victories. If you have children, consider involving them in your financial meetings so you can model healthy financial conversations and even empower them to participate.

Thoughtful financial meetings can help you resolve little snags before they become major problems and defuse misunderstandings before they turn into conflicts.

Celebrate small wins

If you’ve dealt with financial hardships before, talking and thinking about money may be painful. Big financial goals — like buying a home or paying off all your debts — might seem daunting, especially when you’re just starting out. Recognizing your smaller financial accomplishments can help you stay motivated and develop a more positive attitude about money. The following modest milestones may pave the way for major financial goals:

• Sticking to your budget for three months in a row
• Paying off a personal loan
• Reducing your grocery costs by a certain amount
• Increasing your emergency savings by $100
• Resolving a financial dilemma with your partner
• Boosting your credit score by a few points

While you might celebrate by buying a small treat—like a fancy milkshake or a movie ticket—not all rewards need to be monetary. Some other ways to celebrate might include taking a walk in your favorite park, sleeping in an extra hour or two or listening to your favorite playlist.

Ask for help

You don’t have to face financial pressures alone. If you feel like you’re in over your head, reach out for help. A trusted friend or family member may be able to help you navigate tricky financial circumstances. But sometimes, you might need professional support.

If you’re struggling to manage debt, a nonprofit credit counselor may be able to help you come up with a strategy to repay what you owe. Or, if you’re looking for guidance in developing your budget and creating a longer-term plan, a financial advisor may be a better fit.

Managing your household finances isn’t always easy. There’s no shame in asking for help.

The bottom line

Financial pressure at home can take a toll on your mental health, making it even more difficult to ease and overcome challenges with money. Give yourself grace and remember that you don’t have to solve all of your problems all at once. By taking small steps and reaching out for help when you need it, you can tackle your financial obstacles with more confidence and feel better prepared to achieve your goals.

Notice: Information provided in this article is for information purposes only and does not necessarily reflect the views of cosmobc.com or its employees. Please be sure to consult your financial advisor about your financial circumstances and options. This site may receive compensation from advertisers for links to third-party websites.