What Is Killing You Financially?

Identify what is killing you financially and see how to cure your financial woes.

Everyone has stress in their life, and usually everyone has at least some financial stress in their life. The difference between the people that suffer only from acute financial stress and those that struggle from chronic financial stress is the approach that each takes to these stressors.

People that are able to keep their financial worries to temporary situations identify the cause of their problems and resolve these issues, while those that suffer chronically fromfinancial problems fail to either identify the cause of their problems or they fail to resolve the causes. Below are four tips that will help you figure out what is killing you financially so you can improve your situation.

Do You Have Too Much Debt?

The most logically place to start your financial problem assessment is debt.
Gather all of your bills together and create a single spreadsheet that highlights each source of debt you have and how much each debt is worth. Tally all your debts and really examine that figure. Could this be why you are under so much stress each month?

Do You Have a Financial Cushion?

Another source of financial debt is a lack of a financial cushion to fall back on when cash flow is slow. Do you have a savings account? If so, what is its balance? Is this enough to cover your expenses for 1, 3, 6 or 12 months? A failure to have a safety net leaves you vulnerable to financial problems, even when you are doing okay. Remember, that most people are only one or two paychecks away from homelessness.

Are You in the Red or Black at the End of Each Month?

Another source of financial stress is not having enough income to balance normal monthly costs. To figure out if this is your source of financial stress, then compare your income to your monthly bills. If you have more expenses than income then your budget is out of balance.

Do You Have an Upcoming Major Expense?

Another big source of financial stress is having a large expense looming on the horizon. This expense can be a wedding, a college education for your kids, a medical procedure, a major home repair or retirement. These expenses are not inherently good or bad, but they still put a lot of stress on you.

So What Now?

Once you have identified the things that are killing you financially, your next step is to find solutions to these problems or concerns. If you cannot cure the cause of your financial stress, then find ways to mediate thestress.

Guest Author Byline: Meeka Samuel has been writing about personal finances for 18 years. Her articles have been published on multiple websites.

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