There is big group of people, an astounding 20% of all Americans who are living paycheck to paycheck.
Meanwhile, a further 18% say that they could miss only one paycheck before their bills become unaffordable.
As a result, 30% of the nation told Bankrate that they’re constantly stressed about money.
Stress has a significant impact on one’s quality of life as it can cause headaches, fatigue, and muscle tension. But maybe this problem is more psychological.
Thankfully, according to some coaches, this stress can be eradicated by just changing the way you think about money and you can be both happier and healthier.
3 Ways To Change Your Attitude Towards Money And Be Happier:
1. Increase your financial literacy understanding.
Being financially literate means that you understand multiple financial aspects, including managing your personal finances, saving, and investing.
This then allows you to make informed financial decisions. Despite its importance, a FINRA study found that almost two thirds of Americans would fail a basic financial literacy test.
Yet, a study in the CPA Journal highlights that individuals with higher financial literacy scores are happier than those with lower scores.
So, it’s time to take action and improve your understanding of all things to do with money.
Forbes advises that by simply reading finance articles, getting expert advice, and using financial management tools, you can instantly improve your financial literacy.
2. Let debt clear itself.
One in five individuals says that their biggest concern is being in debt. Meanwhile, one in ten finds their credit card debt stressful.
However, rather than dwelling on this debt and letting the stress and worry build up, it’s best to deal with it and put it to bed once and for all.
Start by taking some time to review your existing finances. Once you’ve got the numbers in front of you, consider consolidating them all as this will mean you’ll only have one monthly repayment to make.
From there, set up a monthly standing order to cover the repayments. With this in place, you’ll never have to worry about paying back what you owe again.
This will provide you with instant relief and will allow you to focus on building a brighter future for yourself.
3. Focus on the money that you have.
Astounding 71% of Americans feel stressed about their financial situation because they don’t have a three month emergency fund.
But, rather than dwelling on what you don’t have, you should put all your focus on what you do have.
Start telling yourself that you do have enough cash to get by and you’ll trick your mind into believing it.
Once you’re in this frame of mind, it’s much easier to grasp that you can achieve greater financial success and that building your wealth is achievable.
By doing this, you’re much less likely to splurge on purchases, stress about your cash flow, or worry about what the future holds.
Changing the way you think about money is the key to combating money related stress. By working to increase your financial literacy, taking steps so that your debt dwindles quietly, and being positive about the money you do have, you’ll benefit from a brighter financial outlook and a healthier frame of mind.