Money can be empowering, but it can also become one of the most stressful elements in your life. Here are some tips to help you keep your cool when it comes to your finances:
- Predetermine your dollar limit for financially supporting family and friends. They may ask for financial assistance from time to time. If you have a significant other, this can be especially stressful since your finances might be co-mingled; you’re no longer giving just your own money. Decide with your partner ahead of time how much you’re willing to give. That way, you will know your limits in advance and you can keep the peace.
- Determine who can make financial decisions for you in case you aren’t able to make them yourself. It’s not a pleasant thought, but you never know if something may happen to you unexpectedly. You may want to think about having someone else pre-assigned to make these decisions on your behalf. Work with a lawyer to explore your options.
- Have a healthy emergency fund. A financial cushion can help with stress and anxiety when unexpected expenses inevitably pop-up.
With a good financial plan, there’s no need to feel stressed.
The information on this page is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.