Stop worrying about money—because practically everyone does! From women and men to even kids living in modern-day civilization, money worries are a universal concern.
To clear your misconceptions, trust me, even millionaires and billionaires worldwide worry about money. However, everyone has a different set of worries about money than the other.
There are only two kinds of folks that have no worries: tribals and monks living detached from our civilization including those on East Sentinel Island off the coast of India or God Almighty, if you believe in one.
Else, all of us, regardless of age, gender, and nationality are always worrying about money most of the time.
There’s no empirical data on how many hours an ordinary adult human spends worrying about money. However, we have to realize that human thoughts work at three levels: unconscious, subconscious, and conscious.
Unconscious thoughts are those buried deep within and don’t usually surface. Subconscious thoughts are those of which you’re aware but aren’t concerned. They’re somewhat dormant. Conscious thoughts are the present ones, of which we’re all aware and alive to respond.
Usually, a normal human gets between 5,000 and 7,000 thoughts in a span of 24 hours, the median being 6,000 thoughts. Sadly, 85 percent of these thoughts tend to be negative and some of these include worries about money.
Now, let’s get this clear: worrying about money isn’t bad altogether. As a matter of fact, it’s healthy and indicates that you’re concerned about your financial wellness, which is as important as physical wellness. However, too much worrying about money also impacts directly, your physical and mental wellbeing.
This means we all need to stop worrying about money. That’s not entirely possible, as I mentioned earlier. Even billionaires are worried about money and have issues such as planning their next investment or reduction of liabilities and growing wealth. A poorer person or one with modest means would have an entirely different set of worries including how to save more or get hold of more cash.
To begin with, let me tell you that worrying about money is perfectly normal. It affects everyone in the modern world. However, undue worries can be a cause for concern and I will discuss that later in this article.
Let’s begin, therefore, by exploring some of the primary reasons we worry about money. That would help you identify some of the worries. Also, I will be speaking of how to stop worrying about money or at least, let such worries stop bothering and affecting you.
If that’s what you desire, continue reading.
Table of Contents
Reasons We Worry about Money
Let’s explore some of the main reasons we all worry about money. I’m confident that you will identify with at least one of these causative factors for your worries over money. This is important if we’re to learn how to stop worrying about money.
Here we go:
Low Income
Surely, having a low income and living below the poverty line and even on its threshold can be a major reason for worries about money. Your income might be grossly insufficient to meet household or even personal needs, let alone wants and luxuries. This is the main cause of worry- low income.
About 37.9 million Americans or close to 12 percent of the US population lives below poverty line. In 2022, the poverty threshold for a family of four was $29,678 in the US, though clear figures on a number of people on this mark isn’t available.
High Debt
Another significant reason for worrying about money is high debts. Sadly, Americans love credit card spending. Owning and using a credit card isn’t bad. In fact, its good because you can build a credit score. But getting into a credit card debt trap is an altogether different story.
The interest keeps growing on unpaid dues. Add to that other debt such as a home mortgage or vehicle finance or personal loan. Often, debt servicing takes a large chunk of our income. This causes worries about money.
Insufficient Retirement Funds
The third and yet another significant reason for worrying about money is not having sufficient retirement funds. A recent poll by CBS News indicates that 56 percent of Americans are worried they don’t have adequate money to retire.
A larger number believe their current savings and plans would be grossly insufficient to last their lifetime. This figure includes both women and men and mainly, the population below 60. They also worry about job retainment after 60 years of age and beyond to earn a living.
Addictions
Persons with substance addictions, including drugs, alcohol, and food or non-substance addictions such as sex and social media, among others, always worry about money. That’s because whatever money they get or earn in any manner is spent on satisfying their cravings, instead of constructive purposes.
They find solace in indulging in their addictions and are aware that a shortage of money can disrupt their pleasure cycles due to the inability to afford them. These people, therefore, worry a lot about money.
Medical Conditions
It's common for persons with chronic medical conditions including diabetes, cardiac disease, or kidney problems, among others, to keep worrying about money. Understandably, we can’t blame these people. They need money for expensive medication and healthcare-related expenses.
It is estimated that on average, an American with a chronic medical condition can spend as much as $1,100 in out-of-pocket expenses on medicines and healthcare services. This is an inevitable expense and causes financial worries to the victim.
Other than these, there’re several more reasons people worry about money. You could also be among these. Some of the common concerns and worries about money among Americans include but are not limited to:
- Educational expenses on kids.
- Alimony and childcare expenses after divorce.
- Low pay despite high qualifications, experience and skills but few opportunities.
- Owners of failed enterprises with business loans.
- Lawsuits and legal cases where attorneys cost a lot.
Unfortunately, a lot of people worry about money even when there’re no apparent causes. Such people are usually those who refuse or will not take any initiative to enrich themselves by taking any risks.
How to Stop Worrying About Money?
Since we’ve covered major areas, let’s explore how to stop worrying about money. Adopting these simple steps could help you overcome these worries and help enjoy a healthier life. As an adage goes: “Worry is the price you pay in advance for imagining problems that may never occur.” Similarly, some of us have worries about money due to our self-made issues or wild imagination.
Let’s see how to stop worrying about money, regardless of whether you’ve created the problem or it arose due to any circumstances.
Failure to Budget
Usually, people who fail to draw a budget and adhere to it strictly are worried about money. This occurs because such persons have no control over their expenses and are prone to spending at will. They don’t think of the dire consequences that empty pockets invariably cause.
Therefore, I suggest that you create a superb budget and stick to it. Never exceed your budget. To do so, calculate your monthly expenses, find out what’s eating your money, and stem the flow. Also, curb all unwanted expenses fully. Living within a budget is the surest way to stop worrying about money since you also have savings.
Also Read:
- Creating and Managing Budgets Using AI: A Guide for Women to Save and Track Expenses
- Best Budgeting Apps for Couples in 2024
Use Skills and Experience
Should you have a skill that others need or experience that could be of use to other individuals, use it to become a freelancer. Nearly 50 percent of the adult American population engages in some or the other freelance work. By freelancing, you’re making good use of surplus time, developing new skills while fine tuning existing ones, and expanding your sources of income.
You can also freelance as a trainer and teach your skills to newbies to earn extra cash. Using your skills and experience is easy and all you need is some extra effort during your spare time. This way, your extra income gives you a lot of financial security while you can stop worrying about money.
Also Read:
Side Gigs
Lots of people confuse between freelancing and side gigs. Generally, freelancing is long term and involves contracts or commitments. Side gigs on the other hand, are simple tasks that you can perform during the day or even for prolonged period.
For example, gig work such as helping people move home or delivering packages of groceries and food can earn you extra income whenever necessary.
Use apps such as Amazon Flex, Task Rabbit and Gigwalk, among others to find side-gigs. You can also use apps such as Rover and Woof to find gigs for walking and tending to pet canines and felines. These side gigs pay well and can help you stop worrying about money.
Also Read:
- 50 Best Fiverr Gigs & Jobs Ideas for Fiverr Sellers
- Looking for Side Gigs – 12 Best Micro Jobs to Make an Extra $500 a Month
Small Investments
The US has apps such as Acorns and Robinhood among others. They allow you to start your investments in stocks, exchange-traded funds, mutual funds, and cryptocurrencies for as low as $5. They provide tips on what stocks to invest in and you can select those.
Investing in small amounts of stocks daily or regularly helps build a superb portfolio of investments over a span of time. This portfolio can prove useful for retirement or even during any emergencies when you require cash urgently. These apps also reward you for making investments. Hence, you can try them safely. They’re legit.
Also Read:
Emergency Fund
Most Americans do not create an emergency fund. It's very simple. All you have to do is stash away a small sum of money every day or even every week or month. Save it in a separate account at a bank or credit union of your choice. Over a period of time, such an amount grows to a large sum, unless you withdraw.
If you continue saving in this emergency fund, it will be large enough to help you sail past rough financial weather. A large number of Americans now have realized the significance and importance of an emergency fund, after the Covid-19 pandemic and are saving money now.
You can also save all the coins and change you get and watch it grow to a big and considerable amount over months or years. Having enough money using your efforts and investing in the right way can help you stop worrying about money.
Also Read: How to Build an Emergency Fund: Strategies for Financial Safety
Cost of Worrying Over Money
Worrying over money also costs your pocket. That’s right. I am sure none of you would like to suffer due to worrying about money. Here’s a list of some of the dreadful things that could afflict you by worrying over money.
- Stress
- Anxiety
- Depression
- Lack of Sleep
- Lack of Appetite
- Anemia
- Undernourishment
- High or low blood pressure
- Diabetes
- Overall lack of interest in life
Therefore, I suggest that you try some or all of my ways to stop worrying about money. Having more money won’t solve the problem. You should have more money and make it work hard for you and grow if you’re serious about cessation of worries due to money.
Also Read: How to Deal with Financial Stress? A Complete Guide
Wrap Up
There’s an ancient Greek formula used in the Homeopathy field of medicine. Translated, it means ‘poison kills poison.’ Similarly, only money and discipline with money can help you stop worrying about money. I will repeat, the key doesn’t lie in making or having more money.
Instead, the key to stopping worrying about money lies in the proper use of money through astute money management and marshaling your investments. Taking the services of a financial advisor can also help you to stop worrying about money.
Ashwin (Win) Honawar is an accomplished journalist and poignant author with 33 years of experience. He is renowned for his daredevil journalism and engaging narratives that explore various facts of human life and the resilience of the human spirit.
