One of the most common stressors in many American’s lives is money. The poverty rate in the U.S. tends to hang around 12–14% of the population. This means that there are about 40 million people in any given year living in poverty. Considering that the bulk of financial stress can be attributed to not having enough money, a lot of people are worrying about money. In today’s blog here at Sanchez Garrison & Associates, LLP, in Baltimore, we give five helpful tips that you can use to help alleviate some of your financial stress. 

 

If your financial stress becomes to the point where it is unmanageable, then contact us at Sanchez Garrison & Associates, LLP, in Baltimore. We are a team of legal advice professionals that have years of experience helping people with bankruptcy law and more. 

 

Create a budget

Here at Sanchez Garrison & Associates, LLP, we believe that one of the most beneficial financial-stress relievers is a good budget. For those unfamiliar with how to budget, you need to write down or type up every source of income that you have on a regular basis. Whether it be from your job, social security, or however else you make steady money, it helps to document every penny so you know what you have to work with. 

 

Once you have calculated your monthly income, you need to calculate all of your monthly expenses. These include:

 

  • Electric bills
  • Gas bills
  • Phone bills
  • Car payments
  • Mortgage/rent
  • Groceries
  • Gas
  • Entertainment subscriptions
  • Anything else that costs you money on a regular basis

 

It can be difficult to calculate exactly what your utilities may be for the next month, or how much you spend on groceries since these costs can vary. For these kinds of expenses, it helps to average out what you pay over a few months.

 

Once you have sorted out the details of your monthly costs, you can identify where you are spending money that you shouldn’t be and other areas where you can cut down on monthly expenses. This will help you save more money for when you need it and make it so that you control your spending. When you know exactly how much you have to spend at the grocery store, for entertainment, and more, it is much easier to control your spending and create a healthy financial situation for yourself. 

 

For those who live in Baltimore or it’s surrounding areas and have a substantial amount of debt, contact us at Sanchez Garrison & Associates, LLP, today for a free consultation and legal advice about how to proceed with your situation. 

Ask for help

When it comes to financial stress, it’s okay to ask for help. You are not alone, and you don’t have to face debt and financial stress alone. Whether you know it or not, you likely have plenty of resources to help you out before your situation gets more serious. Though it may cost you a little pride, you can try turning to your parents, grandparents, or other family members in times of need. More times than not, your family is going to be willing to help you out no matter what. Asking for a little help can prevent your situation from going to stressful to out of control. There is no need to suffer by yourself. It’s better to reach out to family or a friend that put yourself in an insurmountable debt situation. 

 

Should your debt get to the out-of-control point where it is too much for family and friends to help you out, it might be time to reach out for legal advice. Our team of bankruptcy attorneys here at Sanchez Garrison & Associates, LLP, in Baltimore has the knowledge and experience to give you the legal advice you need for any financial situation. If you need financial help and you feel like you are running out of options, contact us today for a free consultation and legal advice. 

Cut unnecessary costs

When you are facing a financially stressful situation, it almost always helps to cut down on your unnecessary costs. While it may seem like the end of the world at first to end your Netflix subscription or start getting your hair done at a more affordable salon/barber, it all adds up in the long run. 

 

You may think to yourself, “It’s only $25 a month, it’s not really that much.” 

But, when you cut out $25 a month for a service that you don’t absolutely need, you can save upwards of $300 a year. Examples of unnecessary costs are: 

 

  • Subscriptions to streaming services like Netflix, Hulu, and HBO
  • Subscriptions to clothing and shoe stores
  • Monthly membership costs to places like Shopco or Sam’s Club
  • Choosing more expensive services like salons, barbers, massage parlors, nail parlors, Bark Box, Hello Fresh, and more

 

You can also try:

 

  • Shopping with coupons
  • Only buy the necessary foods instead of junk food
  • And much more. 

 

When it comes to cutting costs, every little bit adds up. To help control your financial stress and situation, cutting costs wherever you can really helps. It puts more money in your pocket that you can put toward the more important things like rent, mortgage, car payments, utilities, and more. 

Try not to worry about what you can’t control

This tip is a good one because it not only applies to budgets, but it applies to life overall. In life, there are certain things that are outside of your control. You can’t control when your kids need school supplies, you can’t control the weather denting your car, and you can’t control the future. Focus on the things in the here and now that you can do something about and do what you can. If you spend all your time worrying about what could be and about things that you have no power over, then you will be significantly more stressed out. Over-worrying isn’t great for anyone, take some deep breathes and focus on what you can do. 

 

Call a professional

One of the things you can do to improve your financial situation is to call us at Sanchez Garrison & Associates, LLP, in Baltimore for your free consultation. We are bankruptcy attorneys who are happy to give you legal advise on your situation and help you find the best avenue moving forward.