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Friday, February 23, 2024

These Are the 4 Most Stressful Money Problems — and How to Fix Them

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Many people are experiencing financial stress currently due to the unstable and uncertain times we are living in. Recent surveys have confirmed that a significant number of Americans are also going through the same situation.

According to a survey conducted by the National Endowment for Financial Education, an overwhelming 90% of Americans are experiencing financial stress due to the COVID-19 crisis. The majority of them are concerned about not having sufficient savings or being unable to pay their bills.

According to a survey by John Hancock Financial, almost 25% of Americans have used their emergency savings during the pandemic. Our strategies can help address the primary causes of financial stress identified by these surveys.

1. Fear of the Uncertain Future

Do you feel apprehensive about the possibility of losing your job or uncertain about what the future holds? It is essential to have an emergency fund as a safety net in case of unforeseen circumstances.

Saving an emergency fund means keeping aside a readily available amount of money that equals your three to six months’ salary. This fund comes in handy when you lose your job unexpectedly. With millions of people losing their jobs in 2020, having such a fund can be highly beneficial.

2. Fear of Falling Behind on Credit Card Debt

Due to the pandemic and resulting shutdowns and job losses, many Americans rely on credit cards to pay bills and necessary expenses such as food. This has caused significant stress for those who are still struggling to manage their credit card debt.

Are you tired of being burdened with credit card debt? Imagine waking up debt-free! Well, you don’t have just to imagine anymore. Fiona, a website, can help you eliminate your credit card debt quickly and effectively, so you can finally have peace of mind.

You will be paired with a low-interest rate loan specifically for paying off all your credit card balances. This has the advantage of reducing your payments to just one monthly bill, and with a lower interest rate, you can become debt-free much faster. Also, you won’t need to make a credit card payment for this month.

Fiona can assist you in getting an unsecured loan with fixed rates ranging from 5.99% and terms that vary from 6 to 144 months, up to $250,000, as long as your credit score is above 620.

It’s free to check online if you qualify for Fiona’s services which can help you get rid of your credit card debt and its associated anxiety. You won’t have to stand in line or call a bank, and the online check takes only two minutes. This could save you thousands of dollars, so it’s definitely worth checking out. Plus, you could be debt-free as early as tomorrow.

3. Fear of Death and Leaving Your Family in a Bind

Due to the pandemic, many Americans are realizing the importance of having life insurance, leading to a significant increase in purchases. In 2020, there was a 10% increase in life insurance policies bought compared to the previous year – the largest increase in almost 20 years.

An increasing number of individuals opt for no-exam life insurance because they do not wish to visit a doctor’s office for an in-person exam. Organizations such as Bestow employ algorithms to assess applicants rather than medical exams.

Get a free quote from Bestow for fast life insurance rates starting at just $20 a month. You could leave your family up to $1.5 million* and have the priceless peace of mind that they will be taken care of. This offer is available to anyone under the age of 54 who wants to receive a quote from the comfort of their own home.

4. One More Way Not to Leave Your Family in a Bind

Investing is a great way to take care of your family financially and build generational wealth. Don’t worry if you don’t think you have enough money to get started because you can start with very little. You can also find opportunities to receive free stocks if you know where to look.

Robinhood allows users to start investing with as little as $5 and up to $800. It is a popular app among beginners and professionals due to its commission-free trading and easy-to-use platform. Users can buy and sell stocks without any restrictions or fees.

Is it better to download the app and fund your account to receive a free stock from Robinhood? The process takes only a few minutes, but the value of the stock you receive will be random. Nevertheless, it’s a great way to boost your investment portfolio.

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