Do money fears keep you up at night? Do your finances seem elusive and like something that is too big for you to take control over? A lot of people feel that way and it can lead to mistakes and even more heavy costs to their bank accounts.
There are some simple ways to turn that thinking around and easily fix some common mistakes that people make. By taking these steps you can save yourself a fortune in fees and lost money.
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You may hate looking over your bank or credit card statements every month because they are too overwhelming. By not checking these every single month, you could be paying for fraudulent charges or be over paying for something. You also need to know exactly how much is in your bank account so that you don’t overdraw. Overdraft fees are on average about $30 now so that can easily add up.
The Fix: Sit down once a month with all of your financial statements. You can have a spouse or friend keep you company so they can be there for support or help explain things you may be confused about. Afterwards, go do something fun so that you will associate the task with something you enjoy.
Investing can be very overwhelming for most people, myself included. You may not know where to start or which stocks, bonds, or mutual funds are right for you. This can end up costing you big time in the long run. If you don’t start planning today, you may not have enough saved up when it is time for you to retire.
The Fix: Sign up for your employer’s 401K plan if they offer one, if not look into setting up a Roth IRA. If you are looking for a very simple way to start investing, check out Betterment. There’s no researching which investments you need to purchase or at what percentage for each. Betterment does this for you automatically. This makes investing easy for beginners.
I’m not good at math, I hate budgeting
I’m not a math expert, it was my worst subject in school, but you don’t have to be good at it to keep your finances in order. All you need is a calculator and seeing where all of your money is going so you know what you need to cut back on.
The Fix: Use a budgeting program like Personal Capital. It is free and very easy to use. You just link all of your accounts and it puts together a report of where all your money is going. They even help you keep track of any investments and offer a retirement calculator.
Asking for a Raise
Asking for a raise is never easy, even if you deserve it. You may be shy or think that they will just say no but you will never know until you ask. This is a bigger problem among women. Men tend to ask for raises more often. By not asking for what you are worth, you may end up making less at your next job and that will really cost you big time throughout your entire career.
The Fix: Practice asking for a raise with your spouse or a friend. Make a list of all of your achievements and how you have helped the company, and maybe even saved them money. For even more tips, you can check out this article.
Tackle these money fears one step at a time and you will feel more secure about your financial health and future. Even if your spouse or partner deals with the finances, you need to be involved and know what is going on so that you can step in and take charge if the need ever arises.