The 20-Minute Money Trick That Helps You Manage Your Finances Better

Core Insights - A recent survey by Northwestern Mutual indicates that 69% of Americans experience anxiety and depression due to financial uncertainties [1] Financial Management Strategies - Financial therapist Megan McCoy recommends dedicating 15 to 20 minutes daily or weekly to write down financial anxieties, which can include specific money amounts and lifestyle concerns [3] - It is suggested to categorize financial anxieties into two lists: what can be controlled and what cannot, aiding in transforming anxiety into actionable steps [3][4] - Individuals are encouraged to focus on controllable aspects, such as budgeting and reducing non-essential spending, to alleviate financial stress [5] Practical Steps for Improvement - Making small changes, like cutting down on non-essentials, can free up funds to help pay bills and manage debt [5] - Setting aside a specific amount each month in a vacation fund can help individuals afford desired vacations without incurring debt [6] - Engaging in discussions with trusted family or friends about financial concerns can provide emotional support and help manage feelings of anxiety [7]