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5 Smart Ways to Eliminate Financial Stress

Eliminate financial stress

Are you stressed about money? You’re not alone! So, here’s how to eliminate financial stress and live a happier life.

Eliminating your financial stress

Sixty-percent of the LGBTQ respondents to a recent study admitted to worrying about their money weekly. On this Queer Money®, we share five tips to eliminate financial stress and the anxiety that comes with it.

We start by encouraging the LGBTQ community to take advantage of basic financial tools and sharing our simple strategy to build an emergency savings account—$5 at a time.

We also offer insight on having the courage to say no, giving examples of how we’ve turned down invitations for big trips and expensive events. Finally, we share some of our own tools to help find extra money and get on a budget that actually works, i.e., it isn’t just about telling you “no.” Listen in for creative ideas on increasing your income streams and learn how setting up a budget can eliminate financial stress!

Topics covered to stop financial stress 

1. Use basic financial tools

  • Easy to set up checking or savings account
  • No fees for check cashing, money orders
  • Capital One 360 Checking Account
  • Capital One 360 Money Market Account

2. Build an emergency savings account

  • Put away $5 from each paycheck
  • Build up to 3 to 6 months of living expenses
  • Commit to only using for true emergencies

3. Have the courage to say NO

  • Explain financial goals to friends + family
  • Reconsider spending on gifts, cards, birthdays and other celebrations

4. Increase your income streams

  • Take advantage of the gig economy
    • Try blogging, freelancing, etc.
  • Do overtime at work – could mean being paid time and a half
  • Get a part-time job
  • Eliminate debt – it’s costly!
  • Increase your W4 allowance – confirm with your accountant first

5. Establish a budget

Resources to help make financial stress disappear 

 

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