4 Ways to Alleviate Your Financial Stress
If putting food on the table for your family every night is on your mind for the majority of your day, then you are not alone. Millions of working-class citizens all over the world are having the same problems.
The real reason for this is that there are many reasons.
A family might not have access to a bank account and therefore have to frequent check-cashing companies that take exuberant amounts of their paycheck every week. Providing health insurance for an entire family can be extremely expensive because the workplace doesn’t include benefits.
While any one of these possible scenarios is certainly not a one-step fix, there are things that you can do to get your life back on track and alleviate some of the stress caused by financial problems.
1. Outline Your Expenses & Income
This is absolutely the #1 step that you need to take first. If you don’t have a clear outline of what you are making and what you are spending it on, you will never be able to get out of the slump that you are currently in.
You may think you know roughly what your bills are going to be in your head every month, but that’s not the point. The point is being able to write it all out so that you can visualize it and start picking out the things you don’t need.
Better yet, see if you can pay less for some of the things you’re currently paying for.
This could be cutting out extra activities or “treat-yourself” items you’ve been frequenting, or it could simply mean substituting them for something more affordable.
For example, I love coconut water. It is absolutely the one thing that I will continuously pay for when I go to the supermarket. Unfortunately, it’s so expensive. So instead of buying the one brand of coconut water that I like best, I only buy coconut water at all when it is BOGO. No matter what the brand is, I’ll stock up on coconut water whenever they go on sale and I end up getting it for about 60% of what I would normally pay.
Car insurance is also a big one.
People overpay for car insurance all the time. There’s a lot of ways to get discounts on your car insurance with a variety of providers, you just have to call and talk to a sales rep. Most will provide some sort of discount for things like having good grades if you’re in school, driving short distances to work every day versus long commutes, and a wide variety of other things.
2. Use a Budgeting Tactic
Once you have written out your income and expenses (and hopefully cut out a few things), you can start to implement a budgeting tactic. One budgeting tactic that we love is the 50/20/30 rule.
The spending breakdown goes like this:
- Essential Costs: 50%
- Savings: 20%
- Personal Costs: 30%
These are going to include the absolute necessities for living. Things like your groceries, rent or mortgage, car payments, etc. Basically, anything that you cannot possibly be living without. Any minimum payments on past due credit cards or loans would also be included here as well. It is very important that you can pay these types of things off as quickly as possible so that you are not paying excess interest on them.
This is category should obviously be as high of a percentage that you can make it with 20% being a great goal. If you can only save 10% of your income currently, then that is a good place to start. You should always be saving to have your money for a rainy day if you need it, but you should also be saving your money to invest in something down the line. When I say invest, this could mean that you are saving money to one day start your own business or it could be that you’re funding a 401K to invest in your retirement. Either way, it is very important that you are constantly thinking about the future and not just about what you need and want right now.
30% is actually quite high in my opinion, but most Americans are really at about 50% Essential and 50% Personal with 0% Savings so we’ll say 30% here is a good starting point. Expenses that fall into this bucket are essentially anything that is non-essential. Eating out, the cable bill, and excessive new clothes buying all fall into this category. Hopefully, after you wrote out your expenses, you saw a few patterns here that you can now nip in the bud.
If you’re now looking at this method of budgeting and realizing that your Essential Costs are making up more like 80% of your budget, then this next section is for you.
3. Find Ways to Create Extra Income
Easier said than done, right? Well, it might not be just as hard as you think. Fortunately for all of us, this day and age offers a plethora of tools at our disposal that our ancestors were not blessed with. On the subject of making extra money, here are 3 ways that you can make money with ORU specifically.
1. Sell Something in the Marketplace
There are 2 things that make the ORU Marketplace so extraordinary when it comes to buying and selling online. The first being that whenever you sell something, 100% of that revenue goes to you. There are absolutely 0 transaction fees for selling on the ORU Marketplace. Any other online marketplace such as eBay, Amazon, or Etsy is going to take a huge commission out of your sale, leaving you with barely more than your expenses covered.
The second outstanding feature of the ORU Marketplace is that you don’t have to sell just products, you can post services as well. So if you spend some of your extra hours house-cleaning or mowing lawns, for example, you can post that on the Marketplace.
2. Use ORU
Yes, you heard me right. You can get rewarded, by simply using the platform.
How is this possible?
Well, it’s based on your Score.
Every day, when you are logging into ORU to do anything, you are participating in the network. When you participate, you essentially gain a rank in the ORU community that is based on a point system every week. At the end of every week, you are given what is called a participation reward.
This could be something small or it could be something larger, it all depends on your level of participation. So, it is up to you how high you want your score to be and how much you will get rewarded each week.
3. Share ORU with a Friend
Sharing is caring!
The ORU sharing program is so extensive that you get rewarded when someone signs up under your sharing code as well as when someone signs up under the sharing code of that person.
On top of that, you’ll also get paid a residual reward every month for each of those people that you’ve signed up.
When you love something, it’s easy to tell others about it!
4. Set Realistic Goals
Of course, it would be amazing to wake up tomorrow morning and have won the Powerball.
That’s just not real life.
Instead, you should be putting your focus on more small wins. These are great for keeping your head in the game and counting the things you have to be thankful for. It may sound like a cliche, but a positive attitude really does change everything.
Focus on taking those small steps first so that you can eventually win the marathon, and it will be well worth the effort.
It’s important to have a plan and look at things objectively. Try not to be too emotional about the decisions that you make when it comes to spending your money on things that are personal, or otherwise. Work hard and focus on keeping your mental health strong so that you always feel like you can accomplish anything, and you will.
Look for those ways to make extra income and it will almost always pan out in the end. You just need to create those mini-wins that keep you trudging in the right direction!
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