“Money won’t make you happy, but everybody wants to find out for themselves.” —Zig Ziglar
Looking inside the numbers, we get a glimpse as to why the percentage is so high: 76% of households live paycheck-to-paycheck and credit card debt continues to grow. No doubt, these statistics contribute to the problem.
But money-related stress is not entirely a matter of simple dollars and numbers. When 71% of respondents cite money as a cause, the problem clearly extends across socio-economonic classes. Money-related stress is not just about a shortage of dollars. It is more than that.
Instead, the stress stems from the way we think about and interact with money and the solution is not as simple as “just add more.” This may mask the symptoms temporarily, but the anxiety always returns.
Instead, the solution may be as simple (and as difficult) as changing the way we think about money entirely.
If you struggle with financial-related stress, begin thinking different about money by adopting a few of these stress-reducing thoughts. They have each worked for me.
9 Stress-Reducing Truths About Money
1. You need less than you think. Most of the things we think we can’t live without are considered luxuries to most of the world—or even our grandparents. Think: cell phones, microwaves, cars, matching shoes, larger closets, just to name a few. The commercialization of our society has worked hard to stir discontent in our hearts. They have won. They have caused us to redefine their factory-produced items as legitimate needs. And have caused great stress in our lives because of it. Meanwhile, there are wonderful benefits for those who choose to own less.
2. Money won’t make you happy. It is simply an illusion that money will bring you happiness—study after study confirms it, so does experience. Some of the most joyful people I know are far from wealthy and some of the wealthiest people I know are far from joy. Now, certainly, there is a measure of stability and security that arises from having our most basic financial needs met. But we need so much less than we think we need. And the sooner we stop assuming more money will make us happy tomorrow, the sooner we can start finding happiness today.
3. Money is not the greatest goal of your work. Financial compensation does not succeed as a long-term motivator and the association between salary and job satisfaction is routinely shown to be very weak. In other words, a larger paycheck will not improve your satisfaction at work. There is a significant amount of work-related stress that can be removed by simply deciding to be content with your pay (assuming it is fair). Don’t work for the paycheck alone. Work for the sake of contribution and benefit to others. This approach is idealistic, but it is also fulfilling and stress-reducing.
4. Wealth has its own troubles. There are troubles associated with poverty, few of us would debate that fact. But there are also troubles associated with wealth. Unfortunately, we give little thought to them. As a result, we think the presence of money is always good, always a blessing. And we desire it. But money brings troubles of its own: it clouds moral judgement, it distorts empathy, it promotes pride and arrogance, it can become an addiction. Fears of the wealthy include isolation, anxiety, and raising well-adjusted children. In other words, if you are thinking money will solve your troubles, you are mistaken. And once we change our thinking on this, we can stop searching for answers in the wrong places.
5. The desire for riches robs us of life. We have heard the love of money is the root of all evil. But often times, the mere desire for more of it robs us of life as well. The desire for money consumes our time, wastes our energy, compromises our values, and limits our potential. It is wise to remove its desire from our affections. This would reduce our stress. But even better, it would allow true life-giving pursuits to emerge.
6. Boundaries are life-giving. Orson Welles once said, “The enemy of art is the absence of limitations.” I agree. And the enemy of life is the absence of boundaries. Whether they be social, financial, or moral, boundaries provide structure and a framework for life. They promote discovery, invention, and ingenuity. Boundaries motivate us to discover happiness in our present circumstance. This is one reason a personal spending plan (budget) is such a helpful tool—the financial boundary forms a helpful framework for life. It allows us to recognize we don’t have to spend more money than we earn to be happy. There is no joy in living beyond your means—only stress. Live within the boundaries of your income. And find more life because of it.
7. There is joy in giving money away. Generosity has wonderful benefits. Generous people are happier, healthier, more admired, more satisfied with life, and have deeper relationships with others. Their lives are filled with less stress. It is important to change our thinking on this topic. One of the most stress-reducing things you can ever do with your money is give some of it away. And generosity is completely achievable today regardless of our current situation.
8. The security found in money/possessions is fleeting at best. Too many of us believe security can be adequately found in possessions. As a result, many of us pursue and collect large stockpiles of possessions in the name of security or happiness. We work long hours to purchase them. We build bigger houses to store them. We spend large amounts of energy maintaining them. The burden of accumulating and maintaining slowly becomes the main focus of our lives. Meanwhile, we lose community, freedom, happiness, and passion. We exchange some of the most basic elements of life for mere possessions. Our search for security and life and joy is essential to being human—we just need to start looking for it in the right places.
9. Money, at its core, is only a tool. At its heart, money is nothing more than a tool to expedite trade. It saves us from making our own clothes, tools, and furniture. Because of money, I spend my days doing what I love and am good at. In exchange, I receive money to trade with someone else who uses their giftedness to create something different than me. That’s it. That is its purpose. And if we have enough to meet our needs, we shouldn’t live in stress trying desperately to acquire more.
Stress has some terrible affects on our bodies. It results in irratability, fatigue, and nervousness. Unfortunately, money consistently ranks as one of the greatest causes of it. But that doesn’t need to be true of us.
Let’s change the way we think about it. And start to enjoy our lives a little more instead.