Do you find it hard to stop worrying about money? Yeah, I think we all do.
As Americans, money is one of the biggest things that we worry about, sometimes even more so than our jobs, family, or health.
I will admit that the last one is true for me. I won’t go to the doctor unless I am dying because I don’t want to pay even the co-pay. I hate going to the dentist because part of me worries that they are just going to tell me I need this and that done to try to get an extra dollar out of me.
What can I say: I’m frugal…
The crazy thing that I and so many other Americans forget about is that worrying about money directly impacts our well-being in all areas of our life.
Don’t get me wrong, having little money is just as stressful as being overly frugal with your money. There needs to be a balance – a balance that allows us to stress less, but also one that allows us to take care of our health.
So again, if you can’t stop worrying about money, just know that you’re not alone.
How Do You Stop Worrying About Money?
It’s impossible to not have any worries about money. I mean, it’s such a big part of our lives. It buys us the life we are living today… literally.
But here are some things that I am trying to focus on to help me stop worrying about money as much as I sometimes tend to do, and tips that I think may help you as well.
1. Focus on the facts
I tend to hold on to every dollar because I always fear the worst.
What happens if I lose my job? How will I provide for myself if something happens and I’m not able to work? Do I feel I deserve to buy this, or is this something that I should continue to save for?
When it comes to money (and fear in general), focus on the facts. The likelihood of you or I losing our jobs isn’t high. In fact, even during this economic recession, 11.1% of Americans are jobless. Now, that’s 11.1% more than it should be, but that’s still only about 1 in 10. You have a 90% chance of not having to worry about losing your job. Those are pretty good odds.
2. Start saving right now.
If that little voice inside your head still won’t shut off and you still have the fear of losing your job, start saving money now. Give yourself a security blanket so that if you are one of the 11.1% of Americans who find themselves jobless, you will at least have a security blanket to fall back on.
For me, I created a nest egg of about six months of my expenses. That means that if I were to lose my job, I would be able to maintain my current lifestyle for six months just on my savings alone.
Is this a fix that’s going to help you to stop worrying about money? No, but in my case, it has helped.
3. Create a plan.
Let’s say something happens and you have to rely solely on your savings. What would you do next? What’s the next best thing that you can do for yourself?
Unfortunately, this is something that many of us don’t think about until it’s too late.
If I were to lose my job, I could tell you exactly what I would do next. First, I would pay off my car completely with the money that I have saved up over the years. Next, I would drive for Shipt as much as I could and deliver groceries every single day to still make a decent income.
In my spare time, I would apply to as many positions as I possibly could. I have my resume updated and ready to go so that if something does happen, I would just have to make a few minor adjustments and would then be able to send it out to every open position I could find.
Again, losing my job isn’t something I am worried about, but it doesn’t help to be prepared.
4. Get cracking on your debt.
If you are blessed enough to have a job and make decent money now, get cracking on your debt so that you can stop worrying about money later.
Recent studies show that 80% of Americans have debt. Debt is such a large contributor to stress, so why not start paying it sooner rather than later so that the stress of debt is off your plate should worse come to worse.
This doesn’t mean you need to stop having fun in life. Just scale it back a little bit. Stop spending money on meaningless things that you’re going to forget about in a week. Spend money on only what you need or things that are going to create memories that will last a lifetime. Buying new shoes when you don’t need them isn’t that.
What’s The Next Best Thing You Can Do?
How are you going to use this advice? What changes are you going to start making in your life to help you to stop worrying about money?
Maybe you are going to start getting your finances in order, or maybe you are just going to read this advice and do nothing with it.
Either way, just know that all choices have consequences. Any time you say yes to one thing, you are saying no to a million others. So ask yourself what’s the next best thing you can do for you and your life, and just know that whatever choice you make will directly impact your future for better or for worse.