It’s a sad fact that millions of people in the UK have just £100 in savings, with the US not far ahead only having $500 in savings. Living without the stability of having emergency savings (typically advised by financial experts as needing to be six months worth of living costs) can have a huge psychological impact. Anxiety, depression and stress can all be symptoms of being financially insecure.
Although budgeting may be a scary prospect considering the state of most people’s savings the alternative is much worse. What if you lost your job? Would you have enough savings to support yourself and possibly your children whilst you look for another?
Effective budgeting can make these daily stressors a thing of the past, enabling you to create a level of financial security most aspire to. Moreover, with careful planning, you could even make your life goals possible to achieve, helping to create the life you long for!
With this in mind I felt it important to feature effective budgeting as a hot topic, not merely because it makes achieving goals possible, but also, because it eliminates unnecessary stress and anxiety. In truth budgeting is an incredibly empowering experience. The feeling of being in control of your finances and having the funds to achieve your most important life goals can be a huge source of excitement and happiness. No matter what you earn, I am here to tell you this sense of empowerment and security is within your reach too.
Have you suffered from anxiety, depression or stress which related to finances? Have you already taken back control of your finances and if so how did this psychologically impact you? Do you agree that effective budgeting is empowering? Please share your thoughts in the comments below to gain encouragement, insight and support from our community, we’d love to hear from you.