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Ways to Reduce Financial Stress

No matter how financially responsible you are, there are times when life’s curveballs can throw a wrench into the works. In these moments when money is a tad tighter than usual, it’s important to face challenges proactively. We’ve compiled a helpful list of some easy ways you can reduce financial stress to get you back on your feet in no time.

Communicate

Talking about money may be uncomfortable, but it’s important to have transparent discussions about finances with your family, roommates, or anyone else you may share expenses with.

Automate

Technology makes it easier than ever to organize your money. By splitting up direct deposits between two separate accounts, you can automatically set a portion of your earnings aside for savings.

Similarly, setting up automatic payments for bills can help you avoid late fees because you’ll never forget to send a check on time.

Prevent Debt and Cut Down on Interest

Avoid overspending. It’s easy to think of your credit card limit as the amount of money available to you—but you should never spend more on your credit card than you have in your bank account.

If you do need to dip into the short-term savings that credit cards provide, be sure to pay off the debt in a timely manner to avoid racking up interest fees.

Take Security Measures

It’s no use saving money if you allow thieves to gain access to it. One of the most common ways that money is stolen is through online transactions. Take some time to learn about cyber theft and fraud, so you can find out how to protect yourself.

Evaluate Spending Habits

Downloading a mobile banking app for your bank account makes it easier to monitor your expenses right from your phone. By checking your account activity regularly, you can begin to notice areas you can improve on. For example, if you find that you’ve been spending a lot at restaurants, try cooking at home more often instead of dining out.

Pay close attention to any subscription payments—such as music or movie streaming services. Eliminate any subscriptions that you don’t frequently use and make sure you’re covering essential payments before spending on entertainment.

Increase Your Income

If asking for a raise or finding a higher paying job aren’t options for you, you may want to look into finding a second form of income. Taking a temporary part-time job can get you back on track.

Talk to a Personal Banker

If you’re feeling overwhelmed, you can always ask for help from someone who knows the ins and outs of the industry. A personal banker from UCB can help you figure out where you stand, set realistic goals, and figure out how to reach those goals.

 

Of course we understand that financial strain can cause stress. But sometimes, all it takes is a few small lifestyle adjustments to get back on track. From checking on your account balance more frequently to cutting out some unneeded expenses, every little bit helps. If you can commit to having the tough conversations with anyone who you share bills with and learn how to prioritize your spending, you’ll be well on your way to reducing financial stress in no time.

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