- Personal Finance
Money Worries? No Worries.
We All Have Money Worries
- Worries we are going to lose our job
- Worries we are going to lose our house if we lose our job because we can’t keep up with mortgage payments
- Worries that we won’t be able to find another job quickly if we lose our current job
- Worries that we can’t pay the bills on time
- Worries that we can’t adequately provide for our baby when it arrives
- Worries of not having enough to provide our family with all the essentials or a comfortable lifestyle
- Worries we can’t afford to buy Christmas presents this year
- Worries that a boyfriend/girlfriend is only interested in us because of our money (or our parent’s money)
- Worries what our friends will say if we are unable to socialize with them on a regular basis (or if we are unable to shout them a beer at the pub)
- Worries we don’t have enough saved in our retirement fund and that we’ll have to keep working longer
- Worries that we might have to ask for assistance from other family members or charities if things get too tough.
What Happens When You Worry About Money
When times get tough, all of a sudden we sometimes put money high up on our list of important items, often above spending time with family and even our own health and wellbeing. We work longer hours in an attempt to demonstrate our loyalty to the company in a bid to secure our jobs. When this happens we become tired and stressed. Arguments occur. In bad cases, this eventually leads to the breakdown of marriages. Some people have killed themselves (and sometimes their families with them, so they wouldn't be stuck with burial costs) because they could not see any way out of their financial problems. The outlook is always bleak in these cases.
The more negative thoughts you have, the more your mind looks for ways to confirm to you that you are right. Think about that for a minute. There are good things and bad things in this world and both exist concurrently. Stop focussing on the bad 100% of the time. Try to create a light out of the darkness and start looking for ways to turn it all around. Opportunities present themselves daily and in ways you couldn't plan or expect. If you focus on the positive, it will enable you to see opportunities as they arise and allow you to take action towards a better financial life. Yes, it can be as simple as that.
How You Can Start Eliminating Money Worries
1) Live within your means.
Don't get designer clothing or expensive cars to show off. Never compare yourself to other people or try to outdo each other (although a little competition can be healthy to keep you motivated to succeed). People in the world have survived on less than you earn. You don't need the latest iPhone! Teach your kids to share and to start appreciating the value of money from an early age.
2) Look for opportunities to save money.
Do this in all areas of life. See what I do to save money. The only thing I suggest is when it comes to food and health, don't be too cheap. With clothing, you can be.
3) Stop impulse buying.
Have you heard people tell you never to go food shopping on an empty stomach? That way you end up with a few extra chocolates and chips that you weren't going to buy in the first place. Impulse buying other goods such as some nice shoes or a dvd can be therapeutic in certain instances, but in most cases is unnecessary. Plan what you want to buy and budget for it. Stop and think whether what you want to buy is needed or simply wanted.
4) Learn more about yourself.
Learn more about yourself. Observe how you react to money and your emotions around money. Once you realize that certain emotions are influencing your monetary decision making, then you can step forward in starting to make better decisions. People generally want to experience the pleasure that comes from spending now rather than the immediately less gratifying emotion associated with saving money.
5) You must have a goal...
...but more importantly you must take action towards that goal. If you hop in a car and start driving from Sydney to the Gold Coast then you will end up in the Gold Coast. If you get in your car and start driving without knowing where you are going, you may end up in Perth on the other side of the continent! Similar thing with money. If you want to have money for a holiday, then you need to make a plan and start putting money toward it now so that when the time comes you will have achieved what you wanted and can go on that holiday.
We all worry about money, but sometimes we worry about it unnecessarily. If you're smart about it and stop to think of the big picture you can put things in place that will ensure you move forward financially over time. The trick is to recognize that starting earlier (ie now) can make a big difference to the end result - time is moving forward whether you make the most of it or not!