By Richard Barrington
Dec 5, 2015
It might be the incessant nagging of an unpaid bill or a stomach-churning plunge in the stock market. Chances are, there are things that occur periodically that make you worry about money.
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Even having a decent nest egg of savings and a solid financial plan is no cure for money worries because the more you know about personal finance, the more you understand how fragile any plan and any investment program can be.
Read more: Get your finances in order with this 30-day plan
Still, a collection of habits and attitudes may help you worry less about money.
Here are six things that can help you worry less about money:
1. A spouse or partner who shares your financial outlook
Very often, financial pressure comes from within the household. If two people aspire to different financial goals, or if one is much more of a spender than another, it can cause tension within a marriage. It's good to have a spouse who shares many of the same attitudes you have toward money and lifestyle, and a key to having that kind of harmony is communication. Once a relationship starts becoming serious, having open discussions about how you handle money and what your financial goals are can help you make sure each person’s thoughts on these matters are compatible. As time goes on, continued communication makes sure each person understands where the household stands financially, and what expectations to have.
Read more: Pay off student loan debt or save for retirement?
2. Early savings
Start saving as soon as possible! Many don't think about long-term goals like retirement or buying a house in your early 20s, but it's important to build your savings account as a buffer against the unexpected. Once you know you have a little money set aside to cushion against some financial shocks, the less time you can spend worrying about those shocks.
Read more: Over 40 with no retirement savings? Take these 6 steps
3. A debt-free lifestyle
There is nothing wrong with borrowing money for long-term purchases. Over the years, people have home mortgages and car loans, which are appropriate. But being in debt shouldn't be a constant condition. Try to keep loans as short-term as possible and pay them off early. You're more likely to be happier when you don’t have outstanding financial obligations. The side benefit is that over the years, you'll save thousands of dollars in interest charges by minimizing borrowing.
4. Modest tastes
As you might expect, being intent on saving money and minimizing debt requires some financial sacrifices. But the truth is, you're probably not missing out on much. Appreciate small luxuries so that you'll be less inclined to yearn for the really expensive ones. Another element is self-knowledge — Many people cannot truly enjoy a purchase unless they can afford it easily, so oftentimes, not spending on something makes people happier than the spending would.
Read more: How frugal folks can save even more
5. Multiple sources of income
Maybe you're a full-time worker with a side gig. Maybe you balance multiple part-time jobs. It helps to have projects from a variety of different sources, and it often seems that one source will pick up just when another slows down. Working full time may be more steady, but some worry less about job security when they know they have work coming from more than one source.
Read more: Top-rated side jobs to make extra cash
