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Money worries are more common than most people think. While it's easy to look around and assume that everyone is in a better financial position than you, the truth is that most of the population is struggling with a limited income, high bills, and increasing debts. Not only do money problems restrict your spending power and make it harder to access the things you want, but they can have a significant impact on your wellbeing too. The more time you spend stressing about money, the more your health is likely to suffer. We've put together simple strategies for reducing financial stress. 

Deal With Your Debts

While money worries can stem from a lot of different situations, often people feel the most stress when dealing with debt. The more debt you build up, the more interest you'll need to pay each month, leaving you with less cash to spend on the things you really need. The best way to address this issue is to pay off your debts as quickly as possible. Sometimes, this means starting with restructuring your debt situation. If you're currently paying expensive costs for your student loans, you could consider using student loan consolidation or refinancing to cut down your fees, and make your loans more manageable. You'll be able to find guides online to walk you through each option.

Take a Proactive Approach to Finance Management

Another excellent way to reduce your money worries is to be more proactive about how you manage your cash and your budget. Rather than waiting until your statement arrives once a month to figure out how to save more and how much you've actually been spending, use your mobile banking or online bank app to monitor your spending habits, and pay attention to any issues. You can set up spending alerts with some apps that let you know when you're going over your limits in certain areas. Plus, you can use budgeting apps to create strategies for how you want to save and distribute your money. This can help you to take a more intelligent approach to everyday spending.

Increase Your Earning Potential

Finally, sometimes no matter how careful you are with your budget, you still won't make enough money overall to pay for all your bills. If this is the case for you, the best option could be to look for ways to increase your earning potential. Speak to your boss about promotion and pay rise opportunities or consider looking into side gigs you can use to increase your income. 

While you're boosting your earning potential, you can also think about how you might be able to cut your spending in certain areas, so you'll be more likely to live within your means. You might move into a smaller home, sell your car, and use public transport, or switch utility providers.

Get Your Financial Stress Under Control

Worries about money can have a serious impact on your mental health and overall wellbeing. However, there are ways you can get them under control. The tips above can ensure you can get your financial health, and your overall quality of life back on track.