For many of us, it truly feels like having more money is the answer to all of our problems. We spend a lot of time thinking, “If only I had more money, our lives would be perfect.” Yet, most of us also realize, on a deeper level, that money is not the cure-all for our problems. While having more money could make things a lot easier, it certainly is NOT a foolproof prescription for happiness.
The stress of being broke, not having enough money, and the constant struggle of “robbing Peter to pay Paul” is a familiar stress for many people. In fact, according to statistics, around 81% of the North American population wishes they had more monthly income and feels a massive amount of stress because they don’t have enough money. Suffice it to say, very few of us are living a life that resembles Donald Trump’s.
A report from the sociology department at the University of California states that only about 1% of the world’s population is considered wealthy, based on a calculation of net assets versus debts. In the United States, around 10% of the population lives far above the median level, while a vast majority of people (almost 49%) are classified as low-income. Essentially, being rich and having an exuberant amount of money is a pipe dream. While wealth is often portrayed in mainstream media, the truth is that in real life, it rarely happens. So, if you feel stressed because you are broke or don’t have enough money, you are definitely NOT alone.
Breaking the Cycle of Financial Stress
According to an expert from Money Magazine, it is not the lack of money that causes stress, but rather the lack of a solution to the problem of not having enough money that creates the stress.
In other words, we are not upset because we cannot pay our electric bill on time, but because we don’t know how to break the cycle. With most people living paycheck to paycheck, many are forced to think about how to spend their weekly stipends and are in a continuous cycle of financial stress. It is the cycle—the constant, nagging feeling of never having enough—that many sociologists believe accounts for the stress people feel. According to the iconic book Think and Grow Rich, it is these thoughts and frustrations that perpetuate our cycles of poverty.
To circumvent this stress, people are advised to take proactive measures to reduce their anxiety. The first—and perhaps most important—lesson to be learned from your anxiety about money is that, while you may not be able to control how much money you make every week or how much your bills are, you can most definitely control how you feel about it.
This may seem insane to some, but the theory is that, instead of fretting about your utility bill or car payment, try to find a way to be grateful for having it. Be thankful that you spent $200 on groceries to feed your family rather than resenting the fact that you couldn’t afford steaks. At the end of the week, when you wish you had more money, find a way to be thankful that you paid your bills, that the lights in your home are still on, and that you have food on the table and gas in the car. This helps develop a healthy respect for money and also helps people value living well. Sure, you may not have as much as your neighbor or your brother-in-law, but if you are making ends meet (no matter how creatively), you should learn to appreciate your efforts and be thankful for the money you do have.
The next step is to have a plan in place to help solve the seemingly never-ending money stress problem. Start a small weekly savings plan until you build up enough to really see a difference. Many people who say they cannot save any money often spend $5 a week on something menial or unnecessary. Look for ways to save money on your monthly bills and grocery expenses. Learn to coupon. Start a job search for a second job that you can do from home. See if you have any items that you can sell. Having a plan for those times when money seems to be your enemy can take some of the stress out of the situation. And, when you realize that you can craft solutions to your money problems as they arise, you’ll develop more fiscal confidence.
Additionally, take a look at your life and assess your needs versus wants. Are you meeting your basic needs? If so, then cut yourself some slack and try to lower your personal expectations. Sure, it would be great to take a vacation to Disneyland or purchase a new car. But if you are stressing about things that aren’t really necessities or precursors to happiness, you are wasting your time. There is nothing wrong with wanting more, but wanting more and feeling angry or stressed because it isn’t magically appearing at the snap of your fingers is an unhealthy and stressful way to live.
Sure, money can be an issue in our lives. The lack of it can—and often does—cause stress. For most regular folks, this is something that causes worry and frustration. However, the power to not let the stress over money take control is something that you and you alone can manage. Chances are, if you are reading this, you have much more going for you in your life than against you. And while more money may seem like the best solution to all your problems, chances are, even with more money, you would still have problems. The one thing you can choose every day—regardless of what’s going on—is happiness.
