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Your financial health has far-reaching impacts, and financial concerns can add excessive stress to
your life. In fact, surveys show that financial stress has consistently been voted as a frequent
stressor in people’s lives, leading to conditions like anxiety, migraines, high blood pressure,
depression, and digestive distress. Thankfully, there are simple ways to help get yourself back on
track. Personal and professional coach Joanne Maloney explains how.
1. Create a Budget
Creating a budget is one of the easiest ways to keep track of your finances. Plus, it can be good
for your health, because it reduces stress and makes you feel more in control. When creating
your budget, take inventory of all your expenses and streams of revenue so you know exactly
what you’re making and what you’re spending. Don’t forget to include irregular expenses, such as
licence renewal fees, holiday spending, tax costs, and entertainment. In the end, you'll be able to
visualise your habits and make adjustments to meet your goals.
Using a spreadsheet program like Excel can be a great way to create your personal budget and
keep track of it. You can even link to important documents such as your digital bank statements
within the sheet. You can import a PDF by embedding it in your Excel file with a few simple
clicks. Doing this every month is a great method for keeping a close eye on your expenses.
Knowledge is power when it comes to your finances.
2. Maintain Your Credit Score
Your credit score is an indication of your financial health. It is used for anything that involves a
lender, such as buying a car, getting a good rate on your mortgage, or landing a small business
loan. While it won’t provide your current credit score, a free report from the Irish Central Credit
Register will provide what credit information is available on you. You can then work to fix any
errors that may be lowering your score..
3. Start a Side Hustle
Need a little extra income? Turn what you love into a side hustle. This way, you have multiple
sources of income. Some of the most profitable hobbies include drawing, writing, gaming,
photography, music, and crafts. Now, creatives can use a variety of online platforms to generate
their fanbase.
4. Switch Careers
Maybe your current career path isn’t working for you. It might seem scary to start over, but
online degree programs have the flexibility to allow you to balance work, life, and school. There
are online programs, for example, that can help you learn about all things technology. When
you’re ready to start looking for an online school, make sure it’s accredited and offers affordable
tuition.
5. Consolidate Debt
If you have multiple debts with varying interest rates, it might help to consolidate your payments
into one. However, you should only do this if you can afford the monthly payment and the
interest rate on your consolidated loan will be lower than your other debts. The better your score
is, the more affordable your rate could be and the more money you could save in the long run.
6. Refinance Your Home
Refinancing your home can be a great way to save money. By shopping around for a new
mortgage loan and taking advantage of lower interest rates, you can significantly reduce your
monthly payments. You may also be able to shorten the term of your loan, which can save you
thousands of dollars in interest over the life of the loan. In addition, refinancing can give you the
opportunity to access equity in your home and use it for home improvements or other expenses.
The cost to refinance your home can vary depending on the terms and type of loan you choose.
You’ll likely also pay closing costs, so factor this into your totals when shopping for a loan.
7. Implement Self-Care
Sometimes, all it takes to improve your financial health is a shift in perspective. If you’re not too
worried about it, it won’t feel like such a daunting task. Self-care can be as simple as getting
enough sleep, eating healthy, staying active, and keeping a journal of things you’re grateful for so
that you’re always focusing on the positive.
Although financial stress can be overwhelming, you can regain control by budgeting, readjusting
your career, refinancing your home, and including self-care techniques in your routine. Once you
destress, handling finances becomes much easier.
If you find yourself at a crossroads in life or in business, contact Joanne Maloney for
coaching today!
Article contributed by Emma Grace Brown.
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