“Money won’t make you happy, but everybody wants to find out for themselves.” —Zig Ziglar
According to a recent survey, 71% of Americans identify money as a significant cause of stress in their lives. Of course, America is not alone in this regard.
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 money. And start to enjoy our lives a little more instead. (tweet that)
Vishnu says
Money won’t make you happy and it doesn’t necessarily make you rich either. A rich and abundant life could come through many different ways with money just being one of them. Doing meaningful work, helping others, living a stress-free life and having quality relationships are different ways to have abundance in our life minus the money.
I’m all for a healthier approach towards money – putting it in it’s place and not allowing it to be the sole focus of our lives.
Kathy @ SMART Living 365.com says
Great stuff as usual. But one I hadn’t really thought through before is the one about boundaries. You are absolutely correct in that creating and then living by a budget is critical to getting off debt and then living free from the stress–but most of the time we think about boundaries as a limitation rather than an help. When you think about it, a budget (boundary) is more like a nest where you can rest assuredly from outside influences. Thanks for that new thought! ~Kathy
Flor says
To me this post makes sense. Just like EVERYTHING in life its all about choice.
You will know it when you do not need to be a slave to money anymore.
It’s like spiritual awakening instead of looking at things in 3 dimensions now you see ten dimensions. You will see there is a bigger picture, and nothing will matter anymore.
Brett says
This article could not come at a better time for me. After getting our tax refund, I paid off a loan to my retirement fund. This made the option of another loan available. We decided we needed another vehicle, as we only have one. After stressing and figuring HOW to fit payments and mental juggling, I just let it go!!! I had to pause and ask IF I needed more stuff. I decided to ride my bike to work, take the bus some days. HUGE weight lifted off my shoulders. Money does cause trouble!!!!
Thank you for this article. This confirms what I already figured out.
Brett
Curtis D says
Minimalism has an affect because of the simplicity it attributes to your life, the less things you have to fix, replace, upgrade or pay off the more time you have to focus on the important things. We tend to view things as good, but if you really look at the time and energy that goes into attaining those things they are rarely worth the money. Great Post! I love living simply! I shared the link on my blog.
Curtis D
SimpleLifeHappyLife.com
Serena Travis says
It’s amazing to think that many of us live far richer than most of the world. In some countries, people are wondering how they will get their next meal. I am grateful to have every need met in abundance. Most of my struggles come from my “wants.”
cliff says
Never a truer word spoken.
Dougie G says
During my working days, I always had an addiction for spending – for investments – TFSA, RRSP, non-registered accounts. I just couldn’t spend enough. This excessive spending allowed me to retire at 54. I have since lost the addiction and am now able to enjoy the fruits of my investments without work getting in the way. What a great life!
Totoro says
I came to your site because I my desire to purge even more stuff is leaving me confused for some reason. I wondered if I was actually displaying controlling issues and it wasn’t about minimalism. After reading this I realized it is a little of both. The fact I am going against what society deems as being the norm has left me questioning my actions. I have to accept and embrace the fact I don’t care what the majority of people are doing (including my parents!) and do what I feel is right for me. Thank you for helping me to see this aspect of minimalism. I have been a minimalist for many years, but still learning. Especially about how it is mostly a decluttering of the mind.
Elizabeth Lee says
Firstly, I agree with everything written in this blog, and I would love to be able to live my life in this way…but….In the society we have to live in now….money is only important when we don’t have any. I would love to not have to think about money, but I have bills to pay. Yes I could reduce these bills if I changed my life style and go to live in an ashram somewhere….which, sometimes I would like to do….but life is not as easy as that. We have to deal with the life we have and get on with it….and that usually means having to work hard every day to earn just a reasonable standard of living. How do we become free of it?
Trunil says
It is really easy to not worry about money when one has enough money to pay essential bills, but what if one earns so little that its difficult to pay even for house rent and food. They simply are forced to live ‘frugally’.
Oliver says
I think true freedom is not having to think about money at all! And this freedom is not influenced by how wealthy we are, but rather by our attitude…
Another inspiring read, thanks for that!