Parenting, August 2006
Ease Your Money Worries
8 simple ways to get a better handle on your finances
by Teri Cettina
1. Make a list of what's bugging you. Sometimes we don't really know why we're worried about money; it's just a vague, uncomfortable feeling that sits with us. Confront your anxiety by writing it down: Are you concerned about paying bills late? Spending more than you tell your spouse? Deciding whether you can afford to quit work and stay home with the kids? Sometimes just seeing your worries on paper can make them seem more manageable. You don’t need to ponder solutions yet. Just write down what's bothering you.
2. Set a "worry appointment." Ellie Kay, mom of five and author of The Debt Diet, says she’s learned to fit money worries into her busy schedule without letting them take over. "My grandmother taught me to pick a specific day and time to worry. If I was anxious about how we were going to afford the next baby, for instance, I'd tell myself: I'm going to worry about that on Tuesday at 10 a.m.," she says. "Of course, that exercise often helped set aside my worry. But if it was still nagging at me, I'd use that hour to do some research or talk to friends about the problem."…
3. Reduce Surprise Expenses. We're talking about budget-busters like big winter heating bills or unexpected car repairs.
Shannon Plate, a mom of two, professional budget counselor, and author of Degunking Your Personal Finances, has an easy solution: Estimate any expenses that could pop up periodically throughout the year—gifts for holidays and birthdays, summer camp for your kids, and car and household repairs. "Divide these annual expenses by 12. That's what you should plan to save every month to cover your costs. You can start a separate savings account for this money or categorize it separately in your checking account, if you're careful about it," she says….
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