The number one way to control your financial destiny is to achieve a high level of success in a carefully selected career field. However, this is not always an option for everyone. Many people encounter roadblocks on the path to financial freedom. Opportunities do not always materialize, life intervenes, the economy shifts, and priorities do not always align with high paycheques.
When you are not earning significantly more than you need to spend, the experience can be anxiety inducing. Many people wish they could earn enough to cover monthly expenses while still saving toward major goals such as buying a first home, purchasing a better car, or building a secure nest egg.
While it is not possible to remove every hurdle between you and financial freedom, there are practical steps that can help you feel more in control of your finances. Regaining some control can reduce the stress money often causes. Below are several ways to stay in charge of your financial situation.
1. Do Not Take Risks
Understand what your money needs to accomplish and commit to that plan. Spend on what is essential first and ensure you are meeting your financial goals. Core priorities include rent, utilities, food, transportation, and savings. Discretionary spending should come only after these needs are met.
2. Learn About Budgeting
Budgeting involves tracking what you earn each month, subtracting what you spend, and adjusting until income exceeds expenses. This process removes uncertainty from personal finances. When you clearly understand your financial position, it becomes easier to feel in control of your money.
3. Try Automatic Payments
Most banks allow you to set up automatic bill payments through online banking or mobile apps. Rent, utilities, internet services, and credit cards can be paid on fixed dates each month with minimal effort.
Automatic payments reduce the stress of remembering due dates and prevent late fees. Since payments happen in the background, they feel less overwhelming and reduce the mental burden of managing bills.
4. Pay Yourself First
Saving money can feel intimidating, especially when finances are tight, but it is still important to set something aside. Choose an amount you can consistently save each month. This amount does not need to be large. Even small contributions, such as ten dollars per month, can build positive financial habits.
Automating savings transfers can help remove the temptation to skip saving. Small amounts add up over time and reinforce the habit of prioritizing your future financial security.
5. Cheap Thrills and Side Gigs
Enjoyment does not have to be expensive. Free or low cost activities can replace costly entertainment when money is limited. If additional income is needed, short term freelance or side work can help supplement earnings.
While these choices may not feel ideal, they can provide temporary relief during financially challenging periods. Simple adjustments can make a meaningful difference.
6. Talk to Someone
If financial stress feels overwhelming or confusing, it is important to talk to someone. A financial adviser at your bank can provide professional guidance. Friends and family can also offer emotional support, reassurance, and encouragement, even if they are not financial experts.
Acknowledging financial stress and seeking support is a positive step toward regaining control.
Luke Miles | Contributing Writer
