Effective Tips to Reduce Your Financial Stress

Effective Tips to Reduce Your Financial Stress

Financial stress can lead to poor physical health, as well as delayed healthcare. It can also lead to mental health issues like depression and anxiety. These are all because of the challenges that you are constantly trying to overcome when it comes to your finances. In this case, the tips below may prove to be beneficial in helping you reduce your financial stress.

Evaluate Your Spending Habits

One of the primary things that you can do to reduce your financial stress is to evaluate your spending habits. This means that you need to have a good idea of where your money goes by tracking your expenses. In this case, it will help if you list down the amount that you spend and the item that you bought each time you make a purchase. Alongside this, also keep track of the other things that you spend money on such as your utilities, as well as your debt payments.

Set Realistic Financial Goals

Once you have a good insight into where your money goes, the next thing that you can do to reduce your financial stress is to set realistic financial goals. For instance, if you have several debts that you need to pay off, then you need to set a specific timeline on when you intend to complete your repayment, depending on the amount of money that you can set aside for payments each month. This also means that you need to allocate a specific amount that you can save and stick to constantly.

Create a Budget

One of the best tools that you can use to be on top of your financial situation is a budget or a financial plan. In doing so, make sure that you prioritize your immediate needs as you are working towards your savings. This means that if you acquired an instant online title loan, then make sure that its repayment is part of your budget. This is also true for the other debts that you have such as your mortgage payments. Once you come up with a budget, make sure that you exert the extra effort to stick to it to minimize or potentially eliminate overspending.

Seek Extra Sources of Income

If you feel like there is too much load when it comes to dealing with your finances, perhaps what you need is another income stream. In this case, look for avenues where you will be able to create a passive income, such as investing in the stock market. Numerous online sources can help you generate a decent sum such as online selling or taking part in paid surveys. Otherwise, turn your hobbies into something profitable, such as selling the pastries that you love to bake. But remember that the extra income you generate should be directed to paying off your debts or going into your savings rather than on unnecessary expenses.

Start an Emergency Fund

As soon as you have a budget, as well as an additional income source, then make sure that you start an emergency fund. This will help you eliminate the need to resort to borrowing money in case of emergencies or immediate needs. Ideally, your emergency fund should be able to cover you for at least three months in case your main income stream is cut.

Get Support

Always remember that you are not alone in any of your troubles, including financial stress. There are always people that you can turn to for help and support. This means that if you are in a tight financial situation, make sure to involve all your family members so that each one will be able to help out in making ends meet. There is also the option for you to reach out to your relatives and friends who are willing to lend you the money that you need to pay for your debts without putting any interest on the amount that you have borrowed. In this case, make sure to pay them back responsibly.

Monitor Your Progress

Finally, make sure to monitor your progress when it comes to your financial situation. You will not be able to appreciate how far along you have come or which areas you can still improve without keeping track of your progress.

The tips above are only some of the things that you can do to relieve yourself from financial stress. Although you are not going to realize the effects of your efforts instantly, with consistent practice, you will soon attain financial freedom that will also steer you clear of the stress that financial trouble brings. Just bear in mind that you can do this.

14 Smart Techniques to Reduce Shopping Cart Abandonment

14 Smart Techniques to Reduce Shopping Cart Abandonment

Losing a customer late in the shopping cycle can be frustrating. Customers have gone through the full call-to-action process, filled their carts and are all set to check out, and then they vanish, leaving you asking yourself what went wrong.

Is there confusion about next steps? Did something on the page spook them? Did they lack confidence in the site’s security, or did they feel like you were asking for too much information?

To find out, 14 members from YEC share how to decrease online shopping cart abandonment late in the purchase cycle. Here’s what they had to say:

1. Set Shopper Expectations Early in the Purchase Cycle

A shopper cares about what they are buying, how much they are spending, how long it’ll take to get the product, how safe they are and what information they need to disclose. Make the process as frictionless and informative as possible. For example, don’t surprise them with shipping costs, out-of-stock items and forced account creation late in the process. It dramatically increases abandonment.

Erik Bullen, MageMail

2. Focus on Performance

Slow shopping carts lead to cart abandonment, and that goes double for mobile. Before you start split testing and tweaking your shopping cart experience, get the fundamentals right: Make sure the back-end and front-end performance is where it should be.

Justin Blanchard, ServerMania Inc.

3. Use Social Sign-Ons

Registration is a valuable source of data for e-commerce retailers, but the registration process is a major cause of abandoned shopping carts. No one likes being asked to fill out forms, especially on mobile. Social sign-in services like Facebook Login allow users to steam through the registration process and provides retailers with a valid identity and useful data.

Vik Patel, Future Hosting

4. Look Professional

Would you buy (insert any name) product/service from someone who looked like they had just crawled out of a sewer? Likewise, I’ve personally bailed on many websites because their checkout forms or processes just looked sketchy, which raised questions about security and reliability, etc. So if you want to close sales, your checkout form has to instill confidence, and looks play an important part in doing that.

Nicolas Gremion, Free-eBooks.net

5. Clearly Communicate Shipping Costs

People abandon their carts when there are surprises. One surprise commonly found in shopping carts? Unexpected shipping costs. Amazon does an extraordinary job of clearly communicating shipping costs throughout the customer shopping experience. E-commerce store owners should take note, and attempt to show customers what their final cost will be before reaching a cart page.

Brett Farmiloe, Markitors

6. Use Cart Abandonment Popup and Recovery Emails

A cart abandonment popup, combined with a recovery email system, can significantly reduce your shopping cart abandonment late in the purchase cycle. This technique is proven to work and can significantly add to the bottom line of any e-commerce business. We use it on all of our e-commerce properties.

Syed Balkhi, OptinMonster

7. Have an Autofill Form

People hate re-entering their information, so having an autofill form for them helps keep them there to finish. Integrate with Google and other technology so you can opt for that type of information storage and auto-entry when they are a new customer.

Angela Ruth, Due

8. Don’t Offer a Coupon Field

We have found that a lot of our cart abandonments happen because customers go looking for coupons. This was a result of us prominently displaying a coupon field in our checkout. Because our customers realized that there must be a coupon in existence, they dropped their carts in search of coupons online. As soon as we removed our coupon field (and coupons altogether) we saw a drop in abandonments.

Diego Orjuela, Cables & Sensors

9. Have a Live Chat to Answer Immediate Questions

If a customer is on the cart page and sees something they have a question about, such as higher prices or shipping, they will likely be frustrated. If there is a live chat customer service agent available to answer their questions, they are much more likely to complete the checkout. There is a reason retail stores have people there to help you. Why should an online store be any different?

Scott Kacmarski, Reps Direct

10. Don’t Ask for Too Much Information

While more information is always nicer to have than less, it’s not always worth the risk of losing customers. Adding unnecessary form fields in the final moments of checkout is a great way to make a customer stop and think about what they’re doing or second-guess handing their information to you. Take only what information you need and explain why you need it.

Andrew Saladino, Kitchen Cabinet Kings

11. Address Areas of Concern

Add some promise details to ensure customers feel comfortable with the purchase. This can be elements like your return policy, a badge stating you have a secure site, price guarantees, etc. Addressing potential areas of hesitation will help the user feel confident with the order, especially if they have never worked with you previously.

Travis Nagle, Stem

12. Streamline Your Checkout Process

Your checkout page should be just that: one page with only the necessary form fields. For physical storefronts, the age-old business practice was to make paying the easiest part of the shopping process — customers should be able to pay quickly and without a hint of a hindrance. Online shopping should be equally streamlined, as people should be able to make a purchase with as little effort as possible.

Bryce Welker, Crush The CPA Exam

13. Offer Multiple Payment Options

It is important to offer multiple payment options so that your customers have the flexibility of choosing how they pay. Offering multiple payment options minimizes a key reason a customer will abandon their online shopping cart. A single pay option will not only turn off customers but push them toward the competition. Customers are less inclined to make a purchase when they have limited options.

Jordan Edelson, Appetizer Mobile LLC

14. Don’t Force Commitment

Allow the shopper to edit the shopping bag or cart as much as they like until they’re officially ready to check out. A favorite online shoe retailer of mine actually allows online shoppers to “save” their shopping bag for later, in case shoppers have to leave the site. It’s exclusive to shoppers that are logged in, and when something in your bag is in limited supply, you receive a notification.

Cody McLain, SupportNinja

 

Reduce Shopping Cart Abandonment and Increase Earnings

Many businesses and brands are focusing their efforts on new ways to market their sales and increase online sales. However, if they were to simply spend more time on their shopping cart conversions and lowering their abandonment rate, they could be seeing a massive swing in conversions and profits. Implement as many of the shopping cart recommendations above into your existing ecommerce site and don’t forget to split test your results to see what improvements have been made.

To see more expert roundups like this one, be sure to view our previous articles on the next big trends in digital marketing and how to increase your site traffic on a small budget.