Stress can often lead from finances, in fact according to the AMP’s Financial Wellness Workplace Report, nearly 2.5 million Australians say they feel moderately to severely financially stressed. This is being felt across a number of industries, income levels and roles.

Research has also found that those who have been financially stressed in the past where often able to recover through changes to their behaviour and mindset;

Create a budget

Splitting your budget into three categories – what money you have coming in, what cash is required for the mandatory items (mortgage, rates, utility bills etc.) and anything you have left over was found to have curb unnecessary spending and identify where there’s room for movement.

Consider rolling your debts into one

If your once small debts have multiplied and grown into bigger debts, you could look to roll them into a single loan and reduced what you pay in fees and interest.

Save more regular

Setting up automatic transfers into savings and accounts you can’t touch, even a small amount each pay check can go a long way towards a saving goal.

Set aside emergency cash

Research identified an emergency fund of between $4,000 and $5,000 is generally enough to cushion the general working Aussie when it come to unexpected expenses. An emergency stash can be a simple as putting aside $20 into a high interest account each time you’re pay check comes in.

Talk about money with your partner

One in two Aussie couples admit to arguing about money. It’s not the easiest conversation to have but discussing finances with your other half can ensure you’re on the same page when it comes to expenses and savings.

Shop around

You more than likely have several service and product providers, be sure to get quotes and compare your options that suit you and your lifestyle best. The potential savings could make a big difference.

Don’t be afraid to seek financial assistance

You may have the option to seek assistance from your providers by claiming financial hardship if you are struggling to make payments.

The best way to minimise stress and make the most of your income is to be proactive and to have a plan in place. Contact the team at Morris Finance today on 03 5223 3453 to see how we can help you.

“Morris Finance, Investing in you.”