Plenty of people feel like their finances are out of control, and according to recent research, it’s young women who feel it most. Millennials reportedly feel more overwhelmed by their financial situations than other generations, but it’s getting to the women more, half of millennial women report feeling overwhelmed by money, compared to just 29% of millennial men.
But there’s an easy fix. “Taking control of money is as simple as being proactive with it,” explains financial planner Mitchell C. Hockenbury. And these steps can help you feel more in control of your finances.
- Acknowledge your money issue — and realize it’s most likely fixable. Hockenbury says, “Money is just a math problem and a simple one at that.” And if you don’t know how to fix it, there are plenty of people who can. The National Foundation for Credit Counseling can help and this list of resources can too.
- Spend the day being mindful of your spending. Pay close attention to your purchases so you really consider the amount you spend on lattes, lunches, and drinks.
- Create a budget this afternoon. There are all kinds of online budgeting tools that can help you reach that goal, from com, Pocket Guard, and You Need a Budget.com
- Can’t pay all your bills? Pay these first. When you can’t get to everything, you’ve got to prioritize. Essentials come first, so that’s food, a roof over your head, and transportation. Check out this resource to help figure out which bills are most important before paying any.