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Money is still one of the top stressors for adults, specifically millennials. A new study found that adulting is biting 21-37 year olds in the ass, hard. It’s for all of the reasons people know, and loathe. Young adults are spending too much money, and saving too little. They also aren’t taking advantages of available resources, from maximizing retirement plans at work to actively stashing funds in a regular savings account. There’s also that good ole paralysis of analysis. Folks know what they “should” do, but overthink every move so they don’t make any.

Money doesn’t have to be a constant source of stress in anyone’s life. Here are some easy ways to ensure you’re handling your financial business.

1 Hire a Financial Advisor

You don’t have to be rich to pay someone to give you tips and help you organize your funds. Find a certified financial planner in your area and pay a pro a small fee (think $200-1000) to help you get started. Make sure you have chemistry with your planner, and be honest about your spending habits and goals. You can touch bases quarterly, semi-annually or once a year to make sure you stay on track.

2 Automate It

If you’re not ready to meet with a financial planner but know you need to make some kind of move to put your money woes at ease, focus on an emergency fund. You’ve likely heard about these before, it’s a savings account with at least six months worth of living expenses. Every bank allows you to automate deposits—even if you don’t direct deposit a check. Decide exactly how much money you want to stack—10 percent of your take home pay is the suggested amount. A good way to start is commit to saving $1000 in an account and not touching it. Put your money in an account you can’t get to easily, like an online bank to avoid the temptation to transfer when you’re over budget.

3 Save Refunds and Bonuses

Sometimes a good kick start helps you feel motivated. If that’s the case, open a savings account with your refund, bonus or side hustle cash flow, then get on the automated plan. You can also commit to always putting a portion of those money funds aside as a way to bolster your bottom line in addition to a regular saving regimen.

4 Open Up to Your Mentor

A folks you know have good advice. If you have friends, family members or professional mentors making great financial moves ask them questions. You don’t have to tell all of your business upfront, but open to sharing enough to get meaningful advice.

 

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Cash Flow: How to Stress Less Over Money was originally published on cassiuslife.com

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