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Stress-Free Summer: Beat the Heat of Financial Debt

Learn how to stop worrying about money and lessen your financial stress with these tips

Summer Fun with Less Financial Stress 

Summer is that time of year when you want life to slow down and to have a little less stress than the rest of the year. We dream of taking vacations, spending time at the pool, BBQing in the backyard and hanging out with family.

If you have school-age children, the summer months are an important time for your entire family to decompress and take a mental health reset. Unfortunately, relaxing during the summer can seem impossible due to already existing financial stress.

If you are stressed about debt or being short on cash and want to find ways to reduce your worries and enjoy the summertime, keep reading! With the following information, you can learn how to eliminate your stress through debt reduction, responsible spending, and strategic savings.

Do you have an immediate need for a short-term cash solution to help eliminate your stress from debt? At LendNation, we offer a variety of financial services, including payday loans, title loans, lines of credit, and installment loans. Apply now to find out if we offer services for borrowers in your state!

Stress Less While Staying Focused on Debt Reduction

If you are trying to not stress from debt, we understand it can be difficult. Especially when all you really want to do is have some summer fun. But you don’t have to let the stress and anxiety about money overwhelm you.

While financial stress is far too common and often unavoidable, there are a variety of methods and strategies to keep in mind to help you still enjoy the summer. It is possible to break free from debt this year. These tips can help you reduce stress from debt.

Tips for Reducing Financial Stress

Get familiar with your debt. The best thing to do with any challenge is face it head on, and debt is no different. Make sure you have a clear idea of ALL debt you have. Listing your debt out all together will be the best way to start to understand what you are up against.

Get organized. One of the most important steps to reducing your stress about debt is creating a budget that you can stick to. Knowing what you owe along with what monthly costs you have will start to help. Be sure to allow room for savings and, if you can, plan to pay more than the minimum monthly payment on your high-interest debt. This can mean big savings over time and greatly shorten the timeline of repayment.

Consolidate debt. If you have multiple debt payments every month, why not consolidate them under one monthly payment? Be sure to compare interest rates and continue overpaying the minimum amount due. With one monthly payment, you may be able to save more cash each month.

Consider following the 50/30/20 Rule. The 50/30/20 rule says you should spend half your money on living expenses, and 30% on things you want while putting 20% into savings. If you are trying to dig out of debt, you could even aim for 30% into savings while trimming your “wants” down to 20%. As you build savings and get out of debt, you can start spending more of your paycheck on “fun” things.

Embrace financial literacy. While April has been designated as Financial Literacy Month, in our minds, every month is a great time to become more knowledgeable about your finances and focused on achieving your money goals. To learn more about the concept of financial literacy, start here!

As you start turning your financial situation around and practicing the tips that work for you, you can spend a little less time worrying about your finances and more time enjoying the summer.

Maintaining Financial Peace of Mind Over the Summer

As you head into the summer months, there are a few things to keep in mind to make sure you maintain your financial plans set in place.

Keep Debt Reduction in Mind

A key to maintaining peace of mind and avoiding financial stress is discipline. You must plan and do your best to stick to that plan. Remind yourself each day what you are working toward and spend time visualizing a brighter future. Just because you want a slower paced summer with a little bit of fun doesn’t mean you can’t still chip away at your debt.

Don’t Add Debt

While that luxurious vacation sure looks amazing, maybe it’s more realistic to make that your future summer plan once you have managed to pay down the debt you currently have. This will help you not compound more debt on what you are already working to pay back.

Understand Repaying Debt Takes Time

It’s important to remember that while you have a goal of paying off debt, not all your money can go toward that. You still have all your monthly incidentals and will need to make choices about what you spend your money on to stick to your repayment plan. Also remember, it’s important to set aside money for unexpected emergencies.

How to Create a Debt-Free Summer Plan

While it may be challenging to know you don’t have the money you need to do all the things you want during the summer, it’s still possible to have some summer fun and relaxation.

Set a summer budget – Include all you want to do along with camp fees, summer memberships, vacation plans (even if they are small) and additional childcare expenses. Creating a budget for summer can help you understand what you can spend.

Track your expenses weekly or biweekly – With all the extra activities that happen over the summer, you can quickly lose track of your money!

Plan activities that don’t cost a lot – Summer doesn’t have to be a snooze with a smaller budget!

Research your city to see what you can do for free or nearly free. From outdoor festivals, no-cost museum and zoo days and picnics to camping, bike riding and taking short day trips, you’ll have plenty of fun.

LendNation’s Role in Your Financial Journey 

We know that even the best plans can fall apart when emergencies and unexpected costs happen.

Whether you need a short-term cash loan to help you with a shortage of cash or want to apply for a line of credit for long-term peace of mind, LendNation is here for you. We also have a list of common questions customers ask about LendNation loans.

Are you ready to find out if LendNation offers money solutions for borrowers in your state? Go ahead and apply now so we can learn more about your eligibility and qualifications!

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