I believe all of us have stressed about money before. Because of this stress, we will be angry with our love ones. Matter of a fact, a lot of divorces ended because of money problem. I’m going to share with you how to stop worrying about money.
Focus on the solution
Firstly, understand that worrying about the problem does not help us solve the problem. We may think that thinking about the worst-case scenario may make us be more prepared for what’s to come. Once we realized that worrying is the problem and not the solution, you will gain control of the situation. When you feel stress about money, take at least 5 mins of a breather. Find a quiet place to regain your focus.
Have at least 6 months of your pay/salary as an emergency fund
Emergency funds create a financial buffer to help you stay afloat in times of need. We have to STOP relying on your credit cards or going to the pawnshop as a means to stay afloat. These facilities may be convenient but has a high-interest rate of up to 24% per year which will make the matter worst.
Pay down all your debts, except for your mortgage
Debts actually cause a lot of stress. Most of the things that we buy using loan does not increase in value and does not generate income. Thus, in my opinion, it is not necessary. Unlike having a mortgage loan, the price of the property might go up or you can rent out the place as a side income.
Find a secondary source of income
Be it doing food delivery or a landlord, it does not matter as long as you have an additional source of income. Having a side income does not only help you reach your financial goal faster but also give you invaluable work experience as well.
I hope these tips help you worry less about money, and instead focus on what you can do.