One of the most common causes of stress and worry is almost certainly money. Whether you’re concerned about mounting debts, worried because your income has dropped or you don’t know how you’ll ever afford to retire, your finances can be a huge strain, but you know what? That doesn’t have to be the case. It is possible to stop worrying about money by taking control of your finances once and for all…
Plan for Ups and Downs
Most of us will experience financial ups and downs from time to time. Sometimes we’ll have more money coming in, sometimes less. So, it makes sense to plan for these eventualities so that we don’t have to worry about them. When you have more coming in, save a bit more, so that when you have less coming in, you’ll have some cash set aside to help you along until things get better.
It’s also a good idea to set long and short-term financial goals such as paying down debts or investing for your retirement, which you can keep working towards as and when it is possible.
Work Out Your Minimum Amount
Some people find it helpful to work out the absolute minimum amount of money they need to survive and meet their essential commitments. That way, when money gets a bit tight, they can remember that foundation amount and remind themselves that they’ll be able to survive on less if they really need to.
Build an Emergency Fund
Building an emergency fund of around 6 months’ salary is an excellent way of giving yourself some breathing space and ensuring that, should you be without an income for a while, you will still be able to meet your financial obligations and keep a roof over your head, as well as food in your belly.
Plan for All Eventualities
If you want to stop worrying about money, you need to plan for all eventualities. That means taking out medical and life insurance policies, auto and pet insurance, and potentially talking to a probate attorney amongst other things. The more of life’s more troublesome situations you can plan for, the less you will need to think about them from day to day, and thus your worries will be, if not eliminated, at least eased somewhat.
Stop Getting Into Debt
If you can get by without using your credit card or taking out loans, that is what you should do. Debt brings with it a burden and you really don’t need burdens. If you’re already in debt, work out a budget that allows you to make larger payments, so you can get out of it faster, and you’ll start to feel better almost immediately.
Stop Chasing Money
If you’re never happy with how much you have, even when it is enough to meet your needs, you’ll never stop worrying, so try to adopt an attitude of gratitude and appreciate the things you have instead of chasing evermore amounts of money to buy what you don’t have. You’ll be amazed by how transformative it can be.
Time to stop worrying about money!