5 tips to help reduce stress around financial planning and debt reduction

It's almost midterms, we are financially in the 4th quarter, and holidays are around the corner. Financial planning this time of year can become hectic and stressful. Below are some quick ways you can organize your thoughts and reduce stress when planning your finances for the rest of the year.

1. List all of your necessities (food, utilities, personal needs, savings).

· Be sure to include items that cater to your mental health (i.e., working out,

Netflix/Hulu, books, walking, etc.). You will want to include savings as a necessity

because it is helpful to have an emergency fund. Any contribution is useful.

2. Create a list of your fluctuating expenses. These are necessities whose cost fluctuates month to month (food, gas, clothing, etc.).

· Once you have your list, circle the fluctuating expenses you feel you can adjust for

the next month.

3. Create a spending goal for the fluctuating expenses you circled and find an accountability method.

· To hold yourself accountable, you can use cash only, connect financials to an app and

track your spending, the envelope method, or write in a journal (or your phone) every

time you spend your money and the amount you spend.

4. Try your spending goal for 1 month and calculate your extra funds at the end of the month.

5. If you have extra at the end of the month, apply your additional funds to any form of debt you have. If you couldn’t stick to your goal, reflect, adjust, and try again.

If you need help implementing this, or just want an accountability partner, My Wealthy Wellness LLC. can help. Let us know if you feel this was helpful or if you would like us to help you with this process. Remember, consistency is key, and change takes time. Stay healthy, stay smart, and stay financially well!!