The news lately is filled with articles about money worries and the impact this is having on workplace performance, health and happiness.
- If you can’t do your work in the office, your money worries will worsen–you could lose your job.
- If you can’t sleep, take care of yourself, or have fallen into a depression, your money worries will grow. This is because ultimately you will spend money on medical care that you cannot afford.
So, what’s the prescription for your money worries? It could be that a peer-to-peer loan is a perfect remedy.
First of all, let’s take a look at what the reports are saying.
A Lot of Americans are Dealing with Money Worries
A May 15, 2018, Forbes article says that money worries are creating stress in the workplace. The article cites a 2017 study by Willis Tower Watson which found that roughly 48% of Americans are worried about their current financial condition. The Global Benefits Attitude survey found that approximately 59% of Americans are worried about their future financial health. It seems that a lot of people are either worrying about today or stressing out about tomorrow.
Even more alarming, a 2017 report entitled “DNA of Financial Wellbeing,” found that 74% of employees aged 34 or younger are dealing with the impact of money worries.
Peace of mind is priceless. Money worries will rob you of your peace of mind. And the irony is that your money worries will cost you more money. But, it’s not a terminal condition. There are easy things you can do, starting today, to kick your money worries out the door.
One of the primary causes of money worries is that you have absolutely no idea what is going on with your money. How many times do you apply for a new credit card or take out a loan without reading all the terms? Do you know the interest rate, how long introductory rates last or other hidden details that are never brought to your attention? How much do you know about tax savings or investment strategies?
The easiest way to lessen your money worries is to become financially literate. Take the time to read all the background information on every account that you have, including your cell phone and internet services. Some employers are beginning to offer financial literacy courses or workshops. Take advantage of these. There are many courses at community colleges too, or online that will help you to become financially smart.
Automate Your Way out of Money Worries
A low credit score can give you money worries, especially if you want to purchase a car or secure financing. Even renting an apartment can be negatively impacted by a low credit score.
Many credit score problems are due to missing payments or consistently paying late. If paying bills is not your favorite thing to do, then you should automate everything. Automate all your bills, loan and credit card payments so that the money comes out from your bank account on time. This simple act of establishing an excellent record of paying bills on time will improve your credit score.
You can also automate your savings program. It can be easy to forget or overlook the important task of putting money aside for emergencies, retirement and your financial goals. There are a number of fintech apps that will help you automate your budgeting and savings.
Peer-to-Peer Debt Consolidation
Now that we’ve taken care of the easier things, like being financially literate and automating your savings and payments, let’s talk about debt consolidation. The most significant percentage of consumer debt today is credit card debt. Student loans also cause a lot of money worries.
If you have reached the stage where you are drowning in credit card debt, then probably you are not sleeping so well, and maybe not doing the best job in the office either. Your credit card debt compounds your credit score issues. Basically, you are in an endless cycle of financial stress.
A P2P debt consolidation loan will bring you that peace of mind that you need for your health. With all of your credit card debt folded into one payment that is automatically deducted from your bank account, you can stop worrying and start planning for the future. Your credit score will improve due to the on-time payments.
There are a number of other things that can give you money worries. For instance: your wedding. Wedding season is about to start. You may have read our previous articles about how to save money on your wedding, and you put together a realistic budget and did everything right. But, you can still find yourself facing bills or vendors who want to be paid now and you don’t have the money.
You shouldn’t have money worries on your wedding day (or the day after). A P2P wedding loan can help you cover these expenses so that you have nothing but happiness going into your wedding.
We also see from numerous news reports that many consumers are putting off medical procedures or not filling prescriptions because of their financial situation. A P2P medical loan can help you cover those uncovered or out-of-pocket medical expenses so that you can take care of your health.
There are many ways that a peer-to-peer loan can help you get rid of your money worries. Check in with us today.