How to Save Manage & Handle Financial Stress?

When you are under stress financially, it could make saving extra challenging!
Many studies have shown that stress restricts your ability to make a good decision and directly connects to your bad decision-making habits. To save money effectively, first, you need to have a mitigation plan to prevent or reduce financial stress.

Here are some ways you can follow to help you reduce financial stress.

1. Make the most of your income 

Categorize your spending.

• By categorising your spending, it allows you to better identify which part of your spending improved or revised. 

Examine your spending patterns.

• Examining your spending pattern helps you to better understand the roots of your spending issue. Where you start a plan to resolve it or create a mitigation plan.

Prioritise goals that will help ease your overall financial stress.

• Noting down your main financial goals helps you better prioritise your finance.

2. Identify the top source of financial stress

Note down your biggest money challenges.

• Just like noting down your goals, noting down your biggest challenge help you to be more aware of the issue/problem that you need to address first.

Keep the list simple to feel less overwhelmed.

• Noting down your money challenges should be kept concise and simple so you don’t feel overwhelmed by the number of issues you want to target.  

Revisit your list as your circumstances change.

• As you check your list make sure to review it once in a while to ensure that the financial issue you have previously resolved doesn’t reappear.

3. Consider outside help 

Monitor your progress.

• Any changes made to remain long-term requires you to monitor it consistently, to ensure there is no slip back. 

Seek help if you’re struggling to keep up with minimum payments.

• If all else don’t work, make sure to get professional from financial advisors, friends or family. 

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About GEM COMM

We are an International Investor Relations firm (IR) based in Singapore. We specialize in Investor Relations, Public Relations, marketing, branding and messaging strategies for clients that include organizations of all sizes across Asia, Oceania and US.

GEM COMM advises and solves stakeholders’ issues, drive growth, repositions your business, improve your marketing and Public Relations (PR) or engage with investment community in your leadership or strategy story. We have a track record of helping clients reach these goals. We create and implement PR & media content, mitigate crisis and issues, establish and improve thought leadership & content marketing.

GEM COMM Engagement types include:

• IR/PR retainer program
• Crisis and issues projects;
• Content marketing (from research to lead generation) inclusive of Press Release drafting, Media Pitch, Website content, etc.

How to Save Money with Your Friends & Family

Let’s SAVE together!

If you’re more motivated when others do it together with you, here are some ways you can motivate yourself and your friends to save money.

1. Make plans for after the saving 

A fantastic way to keep someone motivated to save is to make plans with them. For example, if they’re saving to get a dog, talk and discuss everything they can do with the dog, create planning boards, create activities you could do after achieving the goals, and get them excited about it.

2. Be each other’s lending depository 

One of the best ways to save money with friends would be to borrow their possessions instead of buying your own. For example:

Things you can share/borrow:

• Clothes
• Books
• Subscriptions 
• Tools 
• Even rent if you plan on staying together 

3. Join a group saving app

The Tandan App: enables small groups of individuals to come together and save money for short term goals.

Function:

Friends or strangers can get together online and decide to contribute a fixed amount of money into a savings pot each month. Every month, one group member gets to take home the entire savings pot. It will continue until everyone in the group has had a chance to take the pool.

Twine: allows couples/ friends to pull money from their individual accounts into a single savings account as they work toward any number of savings goals.

Function:

The app permits you to keep it in cash for shorter-term goals. But if your goal is a little further off, you can invest the money. After saving $50, you can shift it into an investment account for an annual fee of 0.60%. There may also be fees associated with trades and specific investments.

4. Create saving goals 

Sometimes, it can be quite a struggle to find or decide the financial goals or stay within your set plans. When this happens is great to have friends or families that you can ask for help/ plan to save. Getting an opinion from a friend or family member could help you start saving or achieve your saving goals.
Furthermore, you can create saving goals for each other and turn it into a competition to encourage each other to keep or stay within the saving plans.

*Stay Updated with us on our Socials

About GEM COMM

We are an International Investor Relations firm (IR) based in Singapore. We specialize in Investor Relations, Public Relations, marketing, branding and messaging strategies for clients that include organizations of all sizes across Asia, Oceania and US.

GEM COMM advises and solves stakeholders’ issues, drive growth, repositions your business, improve your marketing and Public Relations (PR) or engage with investment community in your leadership or strategy story. We have a track record of helping clients reach these goals. We create and implement PR & media content, mitigate crisis and issues, establish and improve thought leadership & content marketing.

GEM COMM Engagement types include:

• IR/PR retainer program
• Crisis and issues projects;
• Content marketing (from research to lead generation) inclusive of Press Release drafting, Media Pitch, Website content, etc.