In the "YOU: Being Beautiful" book, Dr. Oz has a chapter entitled, "The Worry War: Solve Your Most Troubling Job and Money Issues". In his Real Age email newsletter he has a piece this week about finances and stress. The higher your money woes, the more likely you have health problems.
Humans are wired to live for today and not for tomorrow. That's where many of us fall into trouble because we want to gratify our present needs without realizing that some short-term pain can lead to long-term gain.
Some tips from Dr. Oz:
Every time you get paid, take 10 percent of the check and put it into an emergency account. Not for retirement, not for bills and not for an impulsive purchase. That money can come in useful if your roof leaks, your car dies or you need another major expenditure.
Best way to avoid getting into serious debt or even bankruptcy is to treat your financial matters with the same respect and regard as your physical health.
Have open and honest discussions about money with your significant other. One of the top reasons couples split up is over money issues that build up. You need to have financial check-ins with each other every now and then about short and long term goals, emergency plans and financial strategies to keep your bank account and marriage intact.
Write down all your expenditures whether they are a few cents or many dollars over the course of the month to track your spending. After a month, review your financial diary and decide if there are some things you can do without or cut back on.
As a parent who is saving for my childrens' university, paying for braces and living the life of a busy family with typical expenditures from clothing to food to entertainment to household expenses, car maintenance and gas......I know first hand the realities of keeping things in balance.
As a former single parent, I put off vacations abroad and house renos so I could concentrate on paying my mortgage down. As part of a blended family, I still ask myself before I make a purchase, do I really need this or is this a whim "want" purchase.
Perhaps I am an anomaly but my car serves strictly as transportation so I don't need to worry about status quo. Luckily as a teacher, I don't need corporate attire on a daily basis and I brown bag. I don't wear make up and I don't have my ears pierced nor am I a bling type of woman.
I do have my spending side too. I like to eat out twice a week to give myself a break from being a slave in the kitchen. I treat myself to a few new fashion accessories or articles of clothing every season although I strive to find timeless pieces that will be around for awhile.
Financial style is like one's personal fashion style. It says a lot about one's personality, occupation and philosophy of life.
There is no right or wrong way to managing one's finances. If your credit line is growing exponentially and your assets are being whittled away, it's time to get credit counselling help. If you can sleep at night without creditors at your doorstep and feel confident that you are meeting your financial goals, you are on the right track.
Practical ideas when put into action can bring you peace of mind which in turn reaps benefits for your overall health.
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