by Lina Martinez

Many of us have money worries. Even more so at this time of year when we’ve just spent a lot on Christmas presents and treats. You might have even had to take some unpaid time off work for the holidays, and many of us are also spending more money than usual on heating and other utilities. It’s also a time of year when most of us face a little time off work through sickness, which can lead to new financial concerns.

Even those of us that are usually good with money and have savings find that January can be tight. But, for those of us with vast debts, mortgages to pay and nothing set aside to cover Christmas gifts and the extra expenses of winter, it can seem impossible.

A little mild concern about your finances is entirely normal. Even those of us with more than enough set aside have the occasional worry when we know that we’ve got an expensive month coming up. Or we might still think twice about a significant expense. But, for some of us, it’s much more than the occasional worry or second thought.

Money worries can become much more severe. Worrying about money can lead to sleepless nights and a loss of appetite. It can start to have a worrying effect on your mood and may even lead to depression. For some, money worries completely take over. It’s all that people can think of, it affects every area of their lives and ruins their quality of life. But, it doesn’t have to be like this. You should let your money make you blue. Here are some of the ways that you can reduce your money worries and improve your financial mood massively.

Learn Everything About Your Finances

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So many of us haven’t got a clue what is going on in our bank accounts. Many of us have current accounts, savings accounts, loans, credit cards, and store cards. We’ve got credit and debt all over the place out only the vaguest idea of what they all add up to or how much we’ve got to spend.

The first step to getting out of the financial blues is getting to know your finances. Look at all of your statements, printing them out offline in necessary. Look at what you’ve got and what you owe, on utilities as well as cards and accounts. Look at your income and what you are spending. Learn everything that you can about your money.

Take a Look at Investment Options

Investing can be scary if you’ve never done it before. But, it’s a great way to make your money work for you. Instead of letting it sit there in your probably incredibly low-interest current account, move it. Put it in a better savings account. Start using apps to save. Or, make investments.

If you haven’t got much spare cash, you might not think investing is worth it. But, it is, and you’ve always got options. Speak to an adviser or broker for help if you need to, but first, find out more about what to do when things don’t quite go to plan so that you are prepared for everything.

Make a Debt Repayment Plan

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Investments and savings are fabulous and undoubtedly better than just leaving your money to do nothing. Investments can make you rich. But, not if you’ve got debts. If you’ve got debts, it’s still a good idea to have a little set aside for emergencies and holidays. To avoid getting into more debt. But, there’s no point in investing more when you’ve got debt. It’s worthless when your investments are unlikely to make as much as your debts cost.

Look at your debts and what they cost you. Make a plan to pay them back as fast as you can. This might mean a consolidation loan. It might mean a balance transfer card. Or it might mean paying off the debt that’s costing you the most first. How you repay will depend on your financial situation and what is available to you. Learning about your finances will help.

Don’t Just Ignore Your Financial Issues

One of the main reasons that we get into a funk about our finances is that we feel out of control. We know that we’re in trouble, but we ignore our issues and avoid opening statements.

Stop. If you want to feel better, don’t ignore your issues. Speak to an adviser, take control by making a household budget and get on the right path. Even when you think you’ve got no options, you have. You might just need a little help to find them.