I am a worry wart. I’ve always been this way. I embrace it because I’m not changing. I’ve *tried* to change and the best thing I can do is accept it and deal with it in a positive way.
Now David at MoneyNing has a great post about How Not to Worry About Money. (Hat tip to JD for pointing it out.) He’s got a few good coping strategies, but here’s my take.
1. Save money for nothing. By doing that, you have freedom to deal with an emergency that would create stress and worry. I say ‘nothing’ because it’s money you’re socking away that could be for a splurge or emergency. Either way, saving is a great way to alleviate worries. There’s a study that says people who have $500 saved sleep better at night.
2. Budget and figure out what you’re spending. Having control of your expenses will make you feel like you can handle anything that comes your way when prices fluctuate. Controlling what you can control instead of what you can’t, focuses your energy in a positive way. Spending is a choice and making better choices will help you feel more confident.
3. Live Below Your Means. This isn’t just the obvious statement of spending less than you earn. It also means increasing your means too. Maximize your income by doing what you need to do, whether it’s taking classes or forcing yourself to network even if you’re preternaturally shy.
4. Have a plan. The time to plan for an emergency is when you’re not having one. The combines with #1 and #2. If you can forecast what your expenses are and shift things around when you need it. A plan in place will help you handle a crisis when it happens. You’ll just make a small adjustment rather than drastically alter your life.
5. Enjoy your money. This is kind of hard for me. I am agonizing over getting a new car. I can’t just spend my money without thinking about it. But avoid analysis paralysis and realize that you *can* buy happiness if something makes you joyful. It just helps if you can pay cash for it upfront rather than think about it every month when you send a check out.
So those are the 5 things that help me worry less and enjoy more. From a die-hard worry wart, that’s pretty good advice.
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Great post. I still worry about money but not nearly as bad as I used to when I had more debt.