Anxious about Budgeting? Here are a Few Ways to Feel More Confident and Take Control

When you feel anxious about money, everything starts to become a bit overwhelming. This is particularly true right now, when the news about the economy and how much people are going to struggle in the months ahead is simply relentless. It can sometimes feel like everyone else has information and skills that you don’t. And when you feel like looking at your bank balance or your spending for the last couple of months sends a chill down your spine, you are going to lose track of where your money is going. It is understandable, but it is also how you can get yourself into some serious trouble.

One of the main things that is holding people back from taking control of their budgeting and making them feel anxious about it is shame. It feels like this is something that you should be able to do, and that if you can’t do it, then there must be something wrong. But you need to remember that so many people out there who are struggling with managing their finances. The good news is that there are plenty of simple, practical things that you can do to feel more confident. Here are just a few to help you to get started.

Start Small by Monitoring One Week

If you are feeling like budgeting in general is a huge area that you feel like you can’t get the hang of, then why not start small? Think about watching all of your spending for an entire week. Once you start paying attention, you may be surprised by how many times you are spending money throughout the day.

It can be easy to focus on, and get worked up about, those big expenses that come out of your account every month like your rent or mortgage, but it’s the little ones that can really add up. Things like paying for a cup of coffee, or that impulse purchase at the supermarket, can make a dent in your budget. It is important that you treat yourself every now and again, but if this week’s focus shows that you are spending more than you want to, you can start to cut back.

Sit Down with Your Online Banking

Once you have got the feel of what an average week looks like in terms of your regular spending, it is time to do a little more of a deep dive into your accounts. If you are anxious about money, you probably spend a lot of time trying to avoid looking at your bank balance. But as much as we wish it were not the case, the things that we are worried about do not go away if we ignore them.

So, set some time aside to log onto your online banking and go through the last several months. From the week above, you should have a good idea of what those small incidental costs are, as well as how much you are spending on things like transport and food shopping. Make a note of your large regular expenses and when they come out of your account. Remember that you may be able to change the due date on direct debits if they currently fall at a difficult time of the month.

Be Careful When You are Choosing Loans

Most of us hope that we do not find ourselves in a situation where we need to take out a short-term loan. Short term loans can be tricky, as they are generally used to cover an expense that is unexpected while you wait for money to come in. The problem comes when you are unable to pay back the loan or the interest because you are already at the limit of your budget. However, there are times when you simply cannot avoid taking a loan out, so when you do, it is crucial that you choose carefully. Remember to check what the interest rates are before you agree to anything. Some providers will be happy to offer you a big chunk of money because their interest rates are incredibly high. The second thing to check is the repayment schedule. If you do not think that you are going to be able to keep to their schedule, do not take the loan. The last thing that you want is to have to deal with a provider sending threatening letters.

If you are not sure where to start, use a payday loan broker that compares the different loans on offer for you. There may well be good short term loans out there for you, you just need to know where to look. Look at the short term loans at Sunny to see what the different offers are, and to learn more about what you need to know.

Start Using a Budgeting App

Sometimes people can suffer from a lack of confidence in their money because they find it hard to keep track of it, rather than feeling anxious about their competency levels. Organisation is crucial if you want to stay on top of where your money is going and keep your expenses as low as possible

One of the best ways that you can feel more in control of your admin is by using one of the many finance apps that are on offer. These apps will keep track of every single purchase that you make and can help you to understand patterns of spending. You can see which times of the month are particularly expensive, and you can also use them to set up limits if you are concerned about how much is going out of your account every month. Some people are a little apprehensive about sharing all of their financial details with a third party, but a lot of banks have their own apps these days if you want to limit your exposure.

Ask for Help

Asking for help is not always as easy as it sounds, but when if you are worried about your budgeting it could be the best way forward. If you have a friend or family member who is confident with their money management, ask them if they have any tips that could help you out. It may also be worth talking to a financial advisor or an accountant. This can be a more expensive way for you to get to grips with your money, but if you are thinking of starting a small business, for example, it is going to be important that you have someone who is keeping track of everything and telling you what you need to be doing. You can also talk to your bank if you need some help keeping on top of your financial responsibilities.

Finally, you should remember that worrying about money takes a huge toll on your mental health. It is one of the main causes of anxiety and depression, and it is something that everyone needs to be aware of as we head into what will be a difficult few months. If you find that this is keeping you up at night, then it may be time to talk to a professional. Your GP can help, or you can look for therapists in your area with expertise in these issues.