“Oh, my family never talks about money.”
Whenever you hear somebody use that phrase, they either have far more money than they need, or they’re in denial about their lack of money.
Meanwhile, the people in between do have conversations about money. They also understand money is just one part of their lives. While they are well aware of its relevance to their existence, they don’t let it guide the way they live. And, this is the best attitude for avoiding money-related stress.
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Understand Debt Has Become Common
There was a time when “salt of the earth” types would refuse to buy anything they couldn’t afford to purchase outright. Debt was a huge taboo. Today however, financial obligations have become a fact of life for most Americans.
According to the Pew Charitable Trust, 80 percent of U.S. households are carrying some form of debt. Worries over money have come right along with that statistic, so don’t feel bad if you’re stressed — you’re not alone.
Take Control of the Situation
It’s easier to feel better about a problem when you can see a way out. Developing a plan for eliminating your debt helps you feel more in control. It also gives you a yardstick by which you can measure your progress toward that goal.
Of course, this means looking your circumstance dead in the eye so you can see where you are and figure out what you need to do about it. Denial will only make the situation go on longer and grow more troublesome. Face your fear, take stock of your finances and create a plan for the elimination of your debt.
Automate the Process
Thanks to advances in personal computing, it’s easier than ever to put bill payments and saving on auto pilot. Even better, setting up automatic payments will ensure you don’t get hit with late fees and interest rate increases. Further, many creditors offer monetary incentives to customers for going with paperless billing and automatic payments.
After reviewing your finances and determining what you can afford to pay each month, set up those amounts for automatic disbursement before their due dates. If creating a spending plan feels like an overwhelming task, consult a professional credit counselor to help you.
In more extreme situations, a debt settlement firm might be an even better choice. Companies like these can often negotiate fee reductions and lower interest rates to make your monthly payments easier to handle. Before choosing one, go over some background information like these Freedom Debt Relief reviews to be certain you’re selecting a capable organization.
Look at the Bright Side
People tend to focus on what they don’t have — while enjoying a standard of living far superior to that of the vast majority of the world’s population. Yes, it sounds cliché, but you really do need to stop and appreciate the nature of your life.
Yes, popular culture promotes the belief that a lack of money is an indication of failure. However, nothing could be farther from the truth. While it’s true more money increases your access to life’s luxuries, there are many ways to live well without spending excessively.
You’ll also want to avoid getting caught up in comparing your life to those who appear to be doing better than you. After all, the person you’re admiring with the expensive cars, watches, clothes and vacations may well be up to their eyeballs in debt.