Sometimes it’s all about how you look at things. When it comes to achieving financial peace of mind, often a few tweaks to your current situation can make you feel more in control and less stressed. Taking an honest look at your household’s income and expenses can help you decide whether to save more, invest differently or keep a closer eye on spending. Here are some tips to regain control of your finances and move to stress-free management:
Determine priorities
The first thing you should do is figure out what is important to you. Is it early retirement? Do you want to help your kids pay for college? Fix up your house? Use simple financial calculators to see your progress. Determine your goals and then set up financial plans to meet them.
Reduce debt
Reducing and eliminating debt can be a big factor in giving you financial peace of mind. If you have high interest credit cards, look at consolidating to a card with a more attractive rate. Pay down your highest interest debt first. Reassess how you use credit cards to figure out how to spend within your means.
Emergency fund
Knowing that you have a small nest egg tucked away to help you get through tough times can be a great source of peace. Especially in these uncertain times, when a job loss, illness or other emergency arises, knowing that you can pay for an unexpected expense can help you sleep better at night. Set up a regular contribution from your checking to your savings account to put money away painlessly.
Track spending
Knowing how much you spend and where your dollars are going is a major step in organizing your finances. When you are in control, you feel more confident and less anxious. Track your income and spending with a simple budget.
Organize
Clutter can make you feel unorganized and overwhelmed. Set up a system to file your bills, investment statements, bank statements and important financial papers. If you get paper statements, use a small file cabinet and folders. If your accounts are paperless, use a password manager to file away your usernames and passwords in case you are incapacitated and a family member needs to access your accounts.
Make a will
Everyone needs a will. Making a will and creating an estate plan ensures the money and property you worked for will be distributed as you wish after your passing. If you have had multiple marriages or children from a previous marriage, a will can also take care of your loved ones in the manner that you choose.
It is important to remember that achieving financial peace of mind is not a one-size-fit-all solution. That is why Ameris Bank works hands-on with each customer at a personal level to ensure seamless, catered results. Every account at Ameris Bank is our most important account, and whatever financial peace of mind means to you, is what we aim to achieve.
Julie Landry Laviolette is a freelance writer who specializes in personal finance, health and living well. Find her on Twitter at @JulieLavio.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Ameris Bank is not affiliated with nor endorses any of the companies featured in this article.