Learn a simple way to relieve stress and anxiety about money

By Michelle Fox-

The idea of ​​budgeting can be stressful.

If we add to this our partner and possibly our children, we may want to run away.

But it does not have to be like that.

A budget can help you eliminate anxiety in your life, both financial and otherwise.

"Money causes a lot of stress and a lot of fights in couples," says Misty Lynch, director of financial planning for the Beck Bode company, based in Dedham, Massachusetts.

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"Having a budget, even if it is not dollar for dollar, can be really helpful and eliminate some stress when money is tight or when there is some additional income that will come in the future to know what to do with it ahead of time," he said. Lynch.

Having a clear picture of your expenses can help you plan for the future.boonchai wedmakawand / Getty Images

In short, planning allows you to control the money that comes out of the bank account, the expenses, and the money that comes in, the income.

Without a plan, making financial decisions is difficult, says Abbey Henderson, CEO of Concord, Massachusetts-based Abaris Financial Group.

Once you have the necessary information, you can decide where you want to make changes to your finances.

And it will also help you align your money with your personal values ​​and priorities.

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"I'm not the one who has to tell them not to spend too much on treats if that's what they like and they want to eat peanut butter and jelly to finance it," Henderson said.

Here are four strategies for creating and maintaining a budget:

Understand your situation 

Make a list of all your expenses and your income to get an idea of ​​the big picture. 

The key is simplicity and automation, Henderson says.

The expert suggests that you sign up for a budgeting app, like Quicken or Mint, which can help you assess expenses and even organize them into categories so you can see where cuts can be made. 

Reach agreements 

Have a conversation about it with your partner without making it awkward.

Instead, make sure everyone's thoughts and ideas are valued.

"Start by looking at what the two of you really want to do, what matters most to you," Lynch said.

That can be a home, vacations, education, or dining out, for example.

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It's also important to realize that people have different stories with money, which could be influencing their underlying behavior.

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"Once you understand that, it's easier to have some empathy with the other person's point of view if you don't agree with their perspective," Henderson added.

If you have children, agree on spending on their needs.

Plan budgets for birthdays and holidays in advance.

Organization is the key 

Check your credit card and mortgage balances and interest rates.

Also check out automatic payments, like streaming subscriptions, to see what you're no longer using, Lynch suggested.

You can also save money by buying auto or home insurance instead of automatically renewing it every year.

Follow up 

It is important to be aware of your budget and understand that it can be fluid.

"It's something alive, it breathes," says Henderson, "it's going to evolve."

Personal finance apps can help you control your spending by linking your credit cards and bank accounts.

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“Once the system has been established, you have to review it at least quarterly and see if you are on the right track,” he added, “you have to review it often enough to be able to correct course, but not so often as to become obsessed with it ”.

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