Gettin’ Financially Zen
For Friday, an article on how to get some peace into your finances. As with most things, if you can set up the right factors, good things tend to flow out of them. Not all the time, life has a capacity to be capricious now and then. But here are some things you can change in your financial life to make everything come just that little bit easier.
What You Can Control
Financial worry is so often caused by feelings of helplessness, like a lot of different anxieties. We feel like our finances are out of control, so we do nothing to change them and end up getting further and further bogged down. So why not control the factors you can control, and stop worrying about the things you can’t? You can control your debt repayments, you can’t control what the interest rate will be in ten years. Financial peace of mind comes from being on top of your finances and being prepared for the unexpected. It can’t be found in watching the stock exchange as if that will magically alter the results.
Emergency Funds
I know I am a broken record, but nothing will keep you financially at peace like the knowledge that, should something go wrong, you will be able to cope. You cannot control someone in your family getting sick, but you can cope with it should you have an emergency fund. Your car breaks down stops being a question of groceries on the credit card, and becomes just one of life’s really annoying tricks.
Pay Your Bills That Day
A big part of peace, in everyday life and especially in our finances, is having routines that we don’t have to think about all the time. If you can get into good habits, then generally they will manifest as healthier finances. So, if you pay your bills the day they arrive as opposed to the day they are due, you’ll never get caught out over-drawing or forgetting that the money was being taken out of your account that afternoon. Nothing will keep you on-edge like the feeling of having a pending bill that you’re not sure you can find the money for. If you pay it as soon as you see it, you might find yourself a whole new world of relaxed.
Get Down On Debt
Debt is the destroyer of financial peace. Potentially not for everyone, but at least personally, I find it hard it to be financially peaceful when I have problems dealing with my debt. Instead of then getting on top of things, I put my head in the sand and let the whole thing spiral out of control. Regain your peace by putting together a debt elimination strategy and sticking to it.
Spend Slowly
Once you’re on top of things like bills and debt, financial peace can be about living simply. Know what you enjoy and invest your ‘luxury’ money on those activities. Other than the things in life you love, resist the urge to spend without thinking. You’ll only drain your finances on things you don’t want, and end up with a cluttered house and cluttered mental space. Choose slowly and wisely on how you spend your money. After all, there is no rush and you might find yourself feeling a lot happier about your financial situation once the default-panic is gone.
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