Submitted by Naomi M on Tue, 10/02/2007 - 16:47.
Are you among the 30 million workers in America [that’s one in four people!] who are stressed out over your debt and finances and running hard just to keep your head above water?
This statistic is the conclusion of a report I read that was put together by leading academic scholars and business experts in personal finance. The report revealed that people are also dissatisfied with their financial situation and worry about money, debt, bills and having enough to live on once they retire.
Yes, both employees and employers are suffering because of overwhelming debt and financial concerns. How so?
The report explains that many workers who struggle with money matters are less productive at the job. 30% to 50% of financially distressed workers spend time at work worrying about their debt and dealing with these issues instead of working.
Of those who are financially distressed, 40% to 50%, report that their health is directly affected by their worries and problems. Health problems, in turn, cost employers big money.
What’s the solution?
Follow the 16 tips outlined in this artilce to reduce your debt and reduce your stress.
#1 Stop spending so much
You’ve got to make a household budget to live within your means and stick to it! For example, can you cut down on your shopping for clothing and electronic gadets? Instead of eating out 3 times a week, how about just once or twice a week? Can you enjoy a regular cup of coffee instead of a $3 one at Starbucks? Can you take your lunch to work instead of eating out at a restaurant? Really brainstorm this prescription.
#2 Increase your income to pay off the debts
Ask for a raise (hopefully you deserve to get one) or find a 2nd job. Start a home-based business you can do on the weekends or develop an online business with your website or blog or an eBay store.
#3 Decrease your expenses
For example, I had past real estate clients turn in their vehicle for a less expensive one to reduce their monthly lease payment. Can you do the same or cut the cost on your cell phone bill or DSL bill, etc to a plan that costs less?
#4 Rainy day money
You’ve got to learn to save some of the money you make. Americans have the worst savings habits in the world. Experts advise paying yourself first out of each paycheck. In other words, take 5, 10, 15, 20% of your take home pay and save it. In fact, put the money in a separate account and forget about it. When an unexpected expense comes up, you’ll have savings to use instead of your credit card.
#5 Pay more than the minimum payment
on credit cards, car notes, or your mortgage. You'll save a ton of interest expense and rapidly reduce the term.
#6 Sell assets
You may have to swallow hard for this one You may have valuable assets that can be sold to raise the money to pay off the debts. See what you have like collectables, an extra car, jewelry that sits in your drawer, etc.
#7 Tap into your stocks, bonds, mutual funds or other investments
The money you’ll save on credit card interest expense will likely outweigh the return you’re making on your investments. So pay off the debt.
#8 Borrow from your whole life insurance policy
If you have cash value in a life insurance policy, you can usually borrow from these funds at a very low interest rate. Best of all, you don't have to repay the loan. Your insurance benefit will be reduced by the amount you borrow but it’s better to be debt-free and stress-free.
Continue to the next debt relief tips
Overwhelmed by Debt and Stressed Out? Follow These Tips For Help | Tips 1 to 7
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Yes, both employees and employers are suffering because of overwhelming debt and financial concerns. How so?
The report explains that many workers who struggle with money matters are less productive at the job. 30% to 50% of financially distressed workers spend time at work worrying about their debt and dealing with these issues instead of working.
Of those who are financially distressed, 40% to 50%, report that their health is directly affected by their worries and problems. Health problems, in turn, cost employers big money.
What’s the solution?
Follow the 16 tips outlined in this artilce to reduce your debt and reduce your stress.
#1 Stop spending so much
You’ve got to make a household budget to live within your means and stick to it! For example, can you cut down on your shopping for clothing and electronic gadets? Instead of eating out 3 times a week, how about just once or twice a week? Can you enjoy a regular cup of coffee instead of a $3 one at Starbucks? Can you take your lunch to work instead of eating out at a restaurant? Really brainstorm this prescription.
#2 Increase your income to pay off the debts
Ask for a raise (hopefully you deserve to get one) or find a 2nd job. Start a home-based business you can do on the weekends or develop an online business with your website or blog or an eBay store.
#3 Decrease your expenses
For example, I had past real estate clients turn in their vehicle for a less expensive one to reduce their monthly lease payment. Can you do the same or cut the cost on your cell phone bill or DSL bill, etc to a plan that costs less?
#4 Rainy day money
You’ve got to learn to save some of the money you make. Americans have the worst savings habits in the world. Experts advise paying yourself first out of each paycheck. In other words, take 5, 10, 15, 20% of your take home pay and save it. In fact, put the money in a separate account and forget about it. When an unexpected expense comes up, you’ll have savings to use instead of your credit card.
#5 Pay more than the minimum payment
on credit cards, car notes, or your mortgage. You'll save a ton of interest expense and rapidly reduce the term.
#6 Sell assets
You may have to swallow hard for this one You may have valuable assets that can be sold to raise the money to pay off the debts. See what you have like collectables, an extra car, jewelry that sits in your drawer, etc.
#7 Tap into your stocks, bonds, mutual funds or other investments
The money you’ll save on credit card interest expense will likely outweigh the return you’re making on your investments. So pay off the debt.
#8 Borrow from your whole life insurance policy
If you have cash value in a life insurance policy, you can usually borrow from these funds at a very low interest rate. Best of all, you don't have to repay the loan. Your insurance benefit will be reduced by the amount you borrow but it’s better to be debt-free and stress-free.
Continue to the next debt relief tips
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