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How to Stop Worrying About Money

how to stop worrying about moneyLooking for how to stop worrying about money? Here are five simple ways to kick those money worries to the curb and take charge of your finances!

We’ve all had those nights where the thought of bills and bank balances keeps us tossing and turning. According to a study by consumer watchdog Which?, it turns out women tend to worry about money more than men.

Surprisingly, almost half of men rate their finances as good, while only a third of women do.

Now, it’s no secret that women excel in the worry department—it’s practically an Olympic event for us. But all that fretting can really take a toll, leading to stress, health issues, and even serious anxiety down the road.

So, why do women worry more about money? Well, we often face unique financial challenges compared to our male counterparts. Here are a few reasons why women tend to worry about money more than men:

1. Women tend to stress more about their financial future.

Did you know that women often have smaller pension savings compared to men? Yep, according to the TUC, on average, women have around £69,000 saved up in their pension pots, while men have about £205,000.

Why the gap? Well, taking breaks from work to care for kids and facing barriers in career advancement play a big part.

This means women have less chance to beef up their pension savings, leaving us with more worries about how we’ll manage financially in our golden years.

But hey, don’t sweat it!

We’ve got your back with some awesome personal finance books recommendations to help you start taking charge of your money game here.

2. Women are stepping into the role of household CFOs (Chief Financial Officers).

No doubt about it, women’s roles in households have shifted big time over the years.

According to a study by the Department for Work and Pensions (DWP), when it comes to money matters at home, women are taking charge.

In many dual-income households, it’s the ladies who are bringing home the bacon.

They’re calling the shots on big purchases like cars and houses, deciding where to splurge on vacations, and handling the nitty-gritty of saving and investing. Plus, they’re often the ones managing the day-to-day budget.

Phew, that’s a whole lot on our plates every single day!

3. Women face unfair biases in both unemployment and flexible working opportunities.

When it comes to job losses and flexible work arrangements, women often bear the brunt. During recessions and times of austerity, cuts to public sector jobs and part-time positions—typically filled by women—have a direct impact on their earning potential.

Even as the UK started recovering from recession, female unemployment rates rose while male unemployment rates dropped.

On top of that, reductions in benefits and services aimed at supporting working mothers in balancing work and childcare responsibilities have further hurt women’s career opportunities.

4. Women are more often the ones taking on caregiving roles.

It’s often women who take on the bulk of caregiving responsibilities, whether it’s looking after kids or elderly family members. This can make it tough for them to work full-time, adding extra pressure on household finances and causing serious money worries.

5. Financial Instability

For women who earn less than their male partners, the fear of financial instability if their partner were to pass away or leave can be overwhelming, especially if the relationship isn’t solid and there are children in the picture.

It’s a heavy burden to carry. Sure, men have their own money concerns, but they might not be the same as what women worry about, especially when it comes to balancing caregiving responsibilities with work.

How to Stop Worrying About Money and Start Living

So, if you’re constantly fretting about money—or the lack thereof—take a moment to breathe and check out these five tips to help you stay calm and keep a grip on your finances

how to stop worrying about money 1. Boost Your Financial Knowledge

A lot of financial products and advice out there don’t really cater to women’s needs. Plus, there’s an overload of debt-related stuff aimed at women, which isn’t cool.

This leaves many women feeling unsure about where to invest or lacking confidence in their financial decisions.

Making sure your money is in good shape should be a top priority. That means taking the time to understand how money works if you want to be financially secure.

Set aside some time to learn more about money – think of it as your “get rich” time. Becoming financially savvy is a choice, so choose to invest time in learning how to manage your money better and take control of your wealth.

The benefits of knowing your way around money far outweigh the stress of worrying about it.

2. Set some SMART financial goals.

Let’s talk about setting some SMART financial goals.

First off, what does SMART mean? It stands for specific, measurable, actionable, realistic, and time- bound. So, when setting your financial goals, make sure they tick all these boxes. Then, create a plan to achieve them.

Think about what you need in both the short-term and long-term, and set yourself some exciting financial targets.

For example, maybe you want to save a certain amount in your emergency fund within six months, or you aim to buy a property within the next two years. And don’t forget about building up your pension for retirement!

Setting these goals and reviewing them regularly will keep you on track and focused on what really matters, rather than worrying about money all the time.

3. Get a Grip on Your Finances

If you want to stop worrying about money, understanding your finances is key to financial empowerment.

Sit down with a pen and paper, a spreadsheet, or even a finance app, and dive into the details of your money.

Start by listing all your sources of income and your expenses. Take a close look at your mortgage, rent, bank accounts, credit cards, utility bills, tax details—anything related to spending money.

It’s common for many of us to avoid facing our financial situation head-on, but this only fuels our worries.

Ignoring the problem won’t make it disappear; it’ll just make it worse. The unknown can be scary, but taking action is the antidote to fear.

Taking charge of your finances not only reduces stress but can also save you money in the long run.

By creating a spending plan that aligns with your goals and values, you’ll feel more in control and worry less about your financial future.

Ready to make your money dance to your tune? Check out this blog post on How to Budget and Save (Even on a Low Income).

4. Get Ready for the Unexpected

One of the major money worries women have is financially insecurity. According to a Which? survey, only 39% of Brits have savings to rely on in case of an emergency.

We stress about what might happen—like our car suddenly giving out or the roof needing repairs.

The best antidote to these worries? Having an emergency fund—a stash of cash set aside specifically for life’s unexpected curveballs.

5. Get Some Help If You Need It

Remember, you don’t have to figure this out all by yourself. If you’re feeling overwhelmed, reach out for support—from friends, family, or financial experts who know their stuff.

Not keen on teaching yourself? No problem! Consider seeking advice from a professional. Sometimes, an outside perspective can really help put your financial concerns into context.

There are loads of money experts and advisors ready to assist you with a personalised plan that fits your financial situation and lifestyle.

If you need help creating a personalised plan to hit your money goals, whether it’s paying off debt, or snagging that dream home book your free consultation and start making your financial goals a priority.

6. Invest and Save Up Before Splurging

Here’s a golden rule: save a chunk of your money before you start spending. If you can stick to this, you’ll shift from being a spender to a saver, which can really boost your financial standing.

The secret sauce for financial success? It’s as simple as paying yourself first. But what does that mean exactly?

Well, paying yourself first is all about prioritising your savings and investments.

As soon as you get your paycheck, stash away a set amount into your savings or investment account. Then, budget and live off what’s left.

Want an easy way to do this? Try automatic savings.

Set up a standing order to transfer some of your income into your savings or investment account as soon as it hits your bank. Then sit back and watch your savings grow while earning interest.

Easy peasy!

Feeling discouraged by dismal savings rates?

We get it. But even having a small savings stash can bring you peace of mind. It’s like having a safety net—it boosts your confidence and helps you feel more secure.

How to Get Started Investing: Easy as Pie!

With MoneyFarm you can kick off with a lumpsum of £500 and add a regular savings plan with as little as £100 through. MoneyFarm is a robo-advisor that helps to build diversified and tailored to personal needs investment portfolios.

Now, is MoneyFarm a safe bet? Absolutely! They’re authorised and regulated by the Financial Conduct Authority (FCA), just like those big-name banks. Plus, they’re covered by the Financial Services Compensation Scheme (FSCS). Click here to check it out.

So, here’s the scoop: turn those money worries into motivation! Take charge of your finances and remember to take a breather every now and then. You’ve got this!

Your Turn!

Money worries keeping you up at night? How do you keep them from taking over? Share your top tips with us! We’re all ears

ways to beat your money worries | how to stop worrying about money

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