Money holds a lot of weight that affects all our lives, and sometimes it can carry a traumatic weight, whether from childhood or unexpectedly in adulthood. Many of us have emotional baggage around money, and these wounds can show up as anxiety, stress, and feelings of inadequacy, often stemming from past financial mistakes or societal pressures.
However, the good news is that healing these wounds doesn’t have to be a lengthy or complicated process. Unchecked, financial wounds can deeply affect various aspects of our lives. Money can become a source of tension and conflict in relationships, leading to breakdowns in communication and even separation.
According to Bankrate, more than 2 in 5 (43 percent) U.S. adults say money negatively affects their mental health, at least occasionally, causing anxiety, stress, worrisome thoughts, loss of sleep, depression, and other effects, according to Bankrate’s new Money and Mental Health Survey.
Still, with the right approach and support, you can find effective and meaningful ways to facilitate recovery and move toward a brighter financial outlook. By implementing a few practical strategies, you can begin to transform your relationship with money, leading to a more empowered and peaceful financial life. Here are some fast financial fixes to help you start on this journey toward healing.
Look for Autopay Discounts
The concept of autopay can be effective, but we know it can sometimes take your money at the worst times. During this time of year and leading into the new year, it can be a hectic hassle trying to figure out what payments are coming out of your account during the holidays. This time, you should look for what bills offer autopay discounts, from cell phones to insurance. This process can help you save a few dollars.
Start Shopping for Better Rates
As adults, we know what it’s like to sit around and vent about how certain bills are becoming a bit more stressful. Now is the time to see where you can switch certain providers and cut your bills in half. Contact your service providers annually to negotiate better rates. This is particularly effective for internet, phone, cable and insurance companies. Customer retention departments have the authority to offer discounts that new customer service representatives do not. The key is to ask for the “retention” or “cancellation” department instead of general customer service.
Flag Errors Immediately
It’s easy to overlook errors or mistakes on a bill, but now is the time to be strict about addressing any discrepancies. Current data reveals an alarming 80% of medical bills in the United States contain inaccuracies. It’s vital that you double and triple-check any bill errors and get them corrected immediately so they don’t become a problem later down the line.
Cancel Those Subscriptions
We’ve all probably been victims of committing to too many subscriptions that we never use. According to data, 40% people think they’re subscribed to too many services. Close to 50% of Gen Z and Millennials feel oversubscribed. Make sure when going into the new year, to really pinpoint what can be continued and what to cut off as soon as possible.