Labor Day is a time to get away from worries and rest. And we certainly hope that you did just that over the Labor Day holiday. However, we know and you know that whatever is troubling you is there when you return to regularly scheduled activities. So why not make an effort to find ways to tackle financial stress so that your next getaway will be even more relaxing?
GoBankingRates.com asked people in every state and the District of Columbia about what they saw as their biggest source of financial stress. People responding to the survey were given the following choices for their answer:
Paying off my debt (i.e. credit cards)
Not being able to retire
Not having enough money to fund an emergency
Wanting a nicer lifestyle
Paying for education
Lack of stable income
Paying my mortgage or rent
If you were answering that question, what would you say?
The overwhelming majority of the 7,000 people in the survey mostly had one answer: paying off debt. Paying one’s mortgage or rent was the answer chosen by the fewest number of people.
If you feel you have something in common with all those survey participants, think about what you can do to change that situation. Debt can get in the way of so many other things, including some of the answers survey participants chose less frequently such as lacking an emergency fund, worries over being able to retire, and paying for school.
There are many methods you can use to chip away at your debt, such as paying your smallest debt first to build morale as you go on the tackle larger debts.
Another way to prevent debt worries is to take on less debt. This is not always easy when you don’t have a financial plan for your life. You may find yourself spending money in unexpected ways when you don’t have goals in mind. A Fee-Only financial planner can help you outline your financial goals and plan for the future.