Top 4 tips on how to make money less important to you.

Do you find yourself constantly obsessing over money? Do you end up being really stressed by constant thoughts of debt and budgeting? Do you worry about whether or not you have enough money? Do you worry about whether or not you have enough stuff?

Studies have shown that one of the biggest sources of stress and anxiety is money. And people worry about all kinds of things when it comes to money: do I have enough money right now? Will I ever have enough money? Can I buy as many things as I want? And some people even worry about whether or not they actually deserve the money that they do have.

However, worrying constantly about money is not healthy and it can lead to actual anxiety and panic disorders, can exacerbate physical conditions, and can help contribute to depression. While it obviously is not wise to stop thinking about money entirely and just letting things go as they will, you can take steps to ensure that money is less important to you and your anxiety related to money is not as overwhelming.

1. Pay down your debt. Pay down especially your credit cards.

Debt is one of the biggest sources of stress that is out there. So take care of your debt right now. Make a list of all of your sources of debt. For most people, the biggest source of debt is their credit cards. Include next to the debt amounts the interest rates on your different debts.

Now it’s time to come up with a debt payment game plant. Choose the source of debt with the highest interest rate. You will pay off the minimum amount on all other debt, and put most of your money towards this particular card or other source. Once you finish paying it off, roll that money over to your next highest interest rate card. Do this with each card until you have paid off all of them.

2. Set up automatic bill payment.

It’s a good idea for a lot of people who have trouble paying their bills on time to set up automatic bill payment. Most banks will set up automatic bill payment without any charge at all. A number of different companies, like credit card companies and utilities, will also automatically deduct your bills from your bank account. However, make sure that you remember how much your bills are going to be and how much money will end up coming out of your account. Otherwise you will end up spending your bill money and will have to worry about money even more.

3. Pay yourself every month.

When people are paying off all of their bills and buying all of their toys, one of the things that they forget to pay is their own savings account. Pay yourself a set amount of money every single week, or a set percentage of every single paycheck. Don’t vary this amount. Make sure that you can afford it and then don’t avoid paying it. This will provide a cushion for retirement or a serious financial emergency.

4. Reprioritize.

While it seems like material possessions are really important, and there are lots of things that you are want, reevaluate your life. What are really the most valuable things for you? Is it your friends and your associations with them? Is it art? Sports? Family? Keep things in perspective by remembering that ultimately your boat, while it’s fun now, is going to break down. Your TV will have to be replaced. Focus your attention on longer lasting things that are more emotionally fulfilling. Instead of thinking about everything that you don’t have, think about what you do have and how it makes you happy.

by DF