Guest article from MINES’ Trainer and Financial Coaching Partner Michelle Vullo
Often your sleep suffers when your finances weigh heavy on your mind. To reduce the financial stress that keeps you up at night, you can take small steps to take control of your money and reduce your financial stress.
- Create a budget and stick to it. Once you understand the numbers behind your income and outgo, you can keep an eye on how you’re doing. Although ignorance can be bliss in some areas of your life, when it comes to money management, not knowing where you stand can create anxiety and keep you up at night. A money coach can help you put together a realistic budget that you can live with.
- Prepare for emergencies. The more prepared you feel, the better you can sleep. Depending on your situation, fund your emergency fund until you have approximately six months’ worth of expenses saved in an easy-to-access account.
- Pay down balances to less than 30% of your credit card limits. When your credit card balances creep past 30% of your limit, your credit score starts to go down and can increase the price you pay for insurance and other expenses. Prioritize paying down your credit cards and sleep more soundly knowing you are taking control of your finances.
- Spend money intentionally. List the things, people, and experiences that you value most. Set priorities for your spending by cutting out those expenses that don’t make the list. If having coffee with a friend gives you joy, don’t cut coffee out. Instead, find something that provides less enjoyment to cut back on. Your days will become filled with positive, memorable experiences.
- Practice self-care around finances. Taking control of your finances can be powerful. Commit to spending just 10 minutes a day addressing your finances such as checking account balances, shopping for a lower credit card rate or a higher interest rate savings account, tracking your expenses, or even shopping for a less expensive internet provider. Listen to your favorite music and journal about your finances, learn one new thing a day by researching a term that you hear often but don’t quite understand, or even sign up for a personal finance class just for fun.
- Celebrate your wins. What’s measured improves. If your first priority is to pay your credit card off, put it in writing and/or tell your friends about your goal. You can even write your balance on a large piece of paper and post it on your refrigerator and every time you make a payment, take pleasure in your progress by crossing out the old balance and writing in the new, lower balance. Your thoughts and stress levels around finances will improve along with your quality of sleep!
- Seek help. Utilize MINES’ Employee Assistance Program (EAP) financial counseling benefits for free assistance. Your EAP can connect you with a financial counselor to help you reduce your financial stress.
Improving your financial situation can help improve your sleep. If you would like assistance, contact MINES for free financial coaching.
To Your Wellbeing,
The MINES Team
Michelle Vullo, is an Accredited Financial Counselor with Enrich Finance. She provides free financial counseling sessions for employees eligible for MINES and Associates’ EAP services.