5 Things to do to stop stressing about money.
- Mithil Ajmera
- October 16, 2023
- 8:19 am
“Where’s my money going?” Arushi Agarwal, 26, a professional in Dubai, asks herself every month. As do thousands of young earners in the city who enjoy high salaries but are still barely scraping by.
“The more your money works for you, the less you have to work for money
.”- Idowu Koyenikan
Being financially stable can be a daunting task for a young person or household burdened by stressors like student loan debt, rising inflation, and a demanding housing market in both renting and buying sectors. Additionally, the temptations of the ‘Dubai-life’ leave many in debt and without any savings to advance themselves — or even to just get by. It almost feels like a quarter-life crisis. This is why it becomes important to find answer for how to save money?
“Sometimes, it is not the money in your bank account that solves your problem, but the wisdom in your head”
– Michael Bassey Johnson
However, there are practical and insightful ways to liberate yourself from this burden and free yourself of money-stress once and for all:
1. Face the Numbers: Begin by confronting your financial reality. Gather all your financial data and analyze it honestly. Understanding your income, expenses, and debt is the crucial first step towards crafting a strategic plan.
2. Set Realistic Goals: Determine what financial freedom means to you. Establish clear, achievable goals and create a roadmap to get there. Visualizing your aspirations will motivate you to make positive changes.
3. Embrace Budgeting: Think of budgeting as your financial compass. Create a detailed budget that accounts for essentials, savings, and discretionary spending. Budgeting as a tool will not only help you track your progress but also enable you to make informed choices.
4. Build an Emergency Fund: Life is unpredictable, and emergencies happen. Establishing an emergency fund equivalent to three to six months’ worth of living expenses will shield you from unforeseen setbacks.
5. Mindful Spending: Reflect on your spending habits and differentiate between wants and needs. Practicing mindful spending ensures that every purchase aligns with your values and long-term goals. Sustainable spending can help you save money
6. Educate and Empower: Expand your financial knowledge through books, podcasts, or workshops to save smartly. Empower yourself with valuable insights on investments, taxes, and money management.
By following these strategies, you can embrace a newfound sense of control over your financial destiny. Embrace the savings journey, stay committed to your goals, and remember that financial freedom is possible if you start now. Let the stress melt away as you embark on a path of financial empowerment.
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