I deal with finances all the time. I handle our family’s finances, I write about personal finances, and I help friends and family deal with their finances. And while I’m not officially a financial expert, at times, I get just plain sick and tired of hearing about money issues.
Often it seems like every time we get a little bit ahead, some big cost rears its ugly head and knocks us back down again. But this doesn’t mean I’m just going to throw my hands up in the air and walk away from trying to handle our family finances. And it’s at times like this that I employ certain tactics to help me avoid a financial breakdown.
A vacation from finances
Sometimes taking a break from our personal finances can give us a little breather from our responsibilities in this area. And what better way to get this break than when on vacation. Now I’m not saying that this is the time to throw caution completely to the wind and go crazy. Personally, I still budget while on vacation; and yes, I even still track expenses, but I don’t limit my spending as much, which makes this time seem more relaxing.
Budgeting and tracking costs while on vacation can help maintain responsible spending during a time when costs can get a bit out of hand. At the same time though, giving ourselves a little leeway in just how hard we push in this area can help too.
Building some padding into the budget
Cutting it too close on the old family budget time after time can get old. And just missing making budget regularly can become frustrating and be a motivational killer when it comes to our finances.
To guard against such frustration though, I build a little padding into our monthly budget. By factoring in a small “reserve” line of just $100 or so, we can avoid getting hit with those unexpected costs that can push us over budget and eventually lead to a financial breakdown.
Reducing financial stress
Financial stress can take its toll, and with all the debt, bills, and identity theft out there these days, such stress can be quite prevalent. And stressful factors can build over time, eventually leading to a financial breakdown.
There are certain things that can be done to reduce this financial stress though. Some of the steps that we have taken involve making extra payments toward debt so that we could become debt free, thereby eliminating the stress that comes from financial obligation to others. We also do things like updating account balances regularly, balancing our check book to ensure accuracy, and conducting regular credit checks to ensure there are no outstanding balances or issues.
Conducting this preventative maintenance helps keep larger issues to a minimum and keeps us from experiencing a financial breakdown.
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The author is not a licensed financial professional. This article is for informational purposes only and does not constitute advice of any kind. Any action taken by the reader due to the information provided in this article is solely at the reader’s discretion.