VIP Planners Financial Articles

​Did you know that money management and financial challenges are one of the biggest sources of stress for many Americans?

Regardless of your net worth, it seems like there's always something to worry about.

While some things can't be controlled, other stressful triggers can be kept in line with a little bit of thought and planning.

Here are six steps that can help you achieve greater financial peace of mind:

• Know your value.  Are you optimally employed?  Has it been a while since you received a raise?  Do some research and start negotiating if you find you're not being compensated fairly (or consider looking for a new job altogether).
• Keep track of your daily and monthly expenses.  Knowing where you spend (or waste) money helps you gain control of your finances.  Once your essential bills are paid, challenge yourself to earmark at least 5% of your monthly salary toward your retirement.
• Build your emergency fund.  Having a cash reserve of at least three months' salary helps with financial anxiety.
• List your debts and create a plan to address them.  Remember, you didn't accrue debt overnight, so paying it off will take time, too.
• Find a community that shares similar money stresses.  Whether you're anxious about debt, caring for an aging parent or planning for retirement, connecting with like-minded people can help.
• Don't forget the big picture.  Staying informed of broad trends can help you prepare for any potential challenges.  If a harsh winter is forecasted, then you hay have higher natural gas bills.  If a recession is looming, it's even more important to have plenty of savings and a budget that works for you.