Financial strain can manifest itself in many ways without you realising it. When you find yourself broke within the first week of the month and are always focused on your next salary date, your finances are stressed. Here are five signs you need to pay attention to and nurse your finances back to health.
You Live From One Pay Cheque To Another
Whether you are a single professional living alone or the sole breadwinner of your family, if you’re worrying about how to meet your expenses for half the month, every month, it’s time to take stock. Consider keeping a strict account of all your expenses to weed out unnecessary expenses and create a budget to adhere to. You can also consider changing jobs for a better salary or take help from a financial planner.
You Have Late Payments Charges On Every Bill And Statement
If you are often seeing late charges on your utility bills, credit card statements and loan statements, your finances are crying out for attention! Schedule your fixed payments at the beginning of the month around your salary date to get debt out of the way. Pay your overdue bills before you do anything else, and plan your monthly spends in advance.
You Feel Anxious About The Future
Worrying about upcoming expenses like the next semester’s fees, future medical bills, a family wedding, or repairing your vehicle is a sure giveaway that your financial life is in disarray. Put down your future goals and responsibilities on paper and start saving up towards them to feel at ease. Set up automatic transfers and consider tweaking your budget today to take care of tomorrow.
You Frequently Argue About Money
If you are frequently fighting with your parents, spouse, children or roommates about money, then you are in financially stressful situation. Instead of arguing, explain your financial limitations to your family and see if you can lighten the load by sharing expenses, creating a financial roadmap together, and investing smartly to meet your responsibilities.
You Make Unhealthy Choices To Reduce Costs
If you are putting off expenses that you know you should make, like paying your health insurance premium, it’s time for some self-analysis. In most cases you may be unwittingly worried about the cost, so you need to have a honest conversation with yourself. Get your priorities in order and spend more on things that matter rather than things that don’t.
Spot financial stress as early as possible and nip it in the bud for a financially healthier lifestyle that can positively affect your mental and physical health too.
The writer is CEO, BankBazaar.
BankBazaar.com is a leading online marketplace in India that helps consumers compare and apply for credit card, personal loan, home loan, car loan, and insurance.