Christmas cash flow confidence

You don’t have to go far to find people who are stressed about money, especially in the lead up to Christmas.

But the even bigger stress for most of us is right now: how to juggle bills, pay this and that, and keep it all together.

So how do you get on top of it all?

While the obvious answer is to earn more, that is not always an option. So, with what you have, here are some ways to mentally get around the challenge of money-related stress and focus on more positive areas of your life.

• Start thinking about what you can do differently. Obviously, the big bills have to be paid to live, but what about things you don’t have to spend money on? For example, this year for Christmas agree not to give gifts to the adults and just buy for the kids. None of us needs anything, and it is a big saving not to spend money on gifts. Focus on being together and making merry. Having these conversations with family can do wonders for lowering your stress.

• Understand your true situation. Exactly how much debt do you have? What are all your monthly payments? Then you can do a true assessment of your financial situation. Many of us don’t know the true figure, as we are not taking into account bills that arrive quarterly and things that are bought annually (like presents). Take everything into account — you can use a budget calculator. This gives you the power to make decisions about your life beyond 2021. Can you live somewhere less expensive? Take public transport? Whatever the decision, at least you have the power to make them and lower your stress by being informed and thinking of a plan, instead of just worrying.

• Invest time relooking at what you own. What don’t you need anymore? What can you sell that could give you cash in hand? Taking care of some bills, or even better, stockpiling a nest egg can really make you feel less pressure knowing that you have some safety net if things get harder.
• Being mindful can help — and for a good reason. If you take five minutes each day to focus on clearing your mind of stress and worries, it can certainly help you take that attitude into your day. Money stress is debilitating, and when you are in it, sometimes it’s hard to get out. So take the time to find ways to stay calm.

Carrick Aland’s Wealth Planning team can also help. For an initial consultation with us please book an appointment on our new phone number 1300 466 998 or contact us via our website.

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