Stress-Busting Money Management Tips
Stress is a known trigger for cold sore outbreaksi, and financial worries are the number one cause of stress among Americans – far more so than personal relationships or workii. Stress and cold sores can go hand-in-hand. Get more control over your finances, and reduce the risk of a stress-related cold sore, with these simple money management tips. Not only will you enjoy more financial stability, you’ll also help ward off future cold sore outbreaks with lower stress levels.
9 essential money management tips to lower stress
Create a Budget and Stick To It
One of the best tips on money management skills is to create a monthly budget. That way, you can see all your financial commitments at a glance. Enter your income and expenditure into a spreadsheet or use a budget template for Microsoft® Word or Excel. Remember to include annual or semi-annual payments, too – you might need to put aside a certain amount each month to go towards these. If your expenses exceed your income, look for ways to cut back.
Make a Note of Every Dollar Spent
Any advice or tips on how to manage your money better start with this. It’s the first step in anyone’s plan to organize their finances. If you don’t know your outgoings each month, you can’t plan expenditures or work out how much you can save. Writing down every single dollar spent is the essential first step to gaining control over your finances.
Give Every Dollar a Purpose
It’s easy to fritter away your income each month when you see it as a lump sum. Assigning a purpose to each dollar you earn, however, puts you firmly in control of your money. When creating your budget, account for every dollar you have coming in and assign it a destination, such as groceries, shopping, utilities, rent and so on. If there’s anything left after you’ve assigned all your usual outgoings, assign the rest to savings, debt repayments or ‘treats’.
Follow the 50/30/20 Rule
This is a common money management tip. Of all your monthly income, 50 percent should be allocated to fixed expenses (rent, insurance, groceries, utilities and so on), 30 percent towards lifestyle expenses (dining out, travel, entertainment, non-food shopping) and if you still have money left over, that 20 percent can go towards savings or paying off debt.
Budget for Wants, Not Just Needs
Tips on money management skills may not always cover this important aspect of successful budgeting: you need to take into account your wants as well as your needs. Of course, to save money you may need to cut back on the things you don’t need but only want, but if you don’t allocate any of your budget for treats and indulgences, you probably won’t stick to it in the long term.
Be Realistic When Allocating Spending
Be realistic when creating your monthly budget. Being overly strict or allowing yourself too much leeway will make your budget difficult to control. If you overspend little and often – for example, when grocery shopping – then be stricter with other areas of spending, such as not grabbing that extra coffee. The idea is to make your budget workable, but not so restrictive that it’s impossible to stick to.
Allow for Miscellaneous Expenditure
Sticking to a budget becomes even harder if you have a ‘just the one’ splurge or you face a sudden expenditure. There’s a sense that because you’ve missed your budget for the month, why bother sticking to it? Avoid this happening by factoring in a certain amount of money each month for miscellaneous expenditure, such as $50-$100. That way, you’ll be covered should the unexpected happen and you can still stick to your budget.
Keep Topping Up That Loose Change Jar
Of all the simple money management tips, this one is the easiest to follow. It’s amazing how much you can save just by putting away spare change in a loose change jar or similar. Make a habit of keeping spare change in a jar and use it to pay for treats and extras.
Review Your Budget
If you’re not making any headway and still feel like your finances aren’t under control, take another look at your budget. Perhaps you’ve been too lenient on spending in areas such as entertainment, cosmetics or travel. Can you readjust to get more control? Similarly, you may need to adjust your budget because of a one-off event such as a wedding, a trip abroad or a graduation. A budget shouldn’t be set in stone – it will need changing up every now and again.
Money Management Tips – Next Steps
Keep stress under wraps by taking control of your finances. Plan a workable, realistic budget and then stick to it. But if stress still triggers that telltale tingling from an oncoming cold sore, reach for Abreva® Cream cold sore treatment to help relieve your cold sore symptoms so you can focus on living your life with confidence.
When applied at the first sign, Abreva® is clinically proven to heal a cold sore in as little as 2½ days*, compared with 8 to 10 days with no treatment. It contains the only non-prescription cold sore treatment the FDA has approved to shorten healing time.
*Median healing time 4.1 days. 25 percent of users healed within 2½ days.
i. What causes recurrent cold sores? Medical News Today. https://www.medicalnewstoday.com/articles/324707.php. Accessed 11/08/19. Referenced text is highlighted in source PDF.
ii. Planning & Progress Study 2018. Northwestern Mutual. https://news.northwesternmutual.com/planning-and-progress-2018. Accessed 11/08/19. Referenced text is highlighted in source PDF.