How much money is enough for you to live comfortably? Once you get that amount of money coming in will you stop stressing about your financial situation? How you handle your finances can make the difference between if and when. Will your money stress really go away when you make a certain amount of money? We have answers!
Many people have dreams and goals they put off by saying they would go for it, if only they had the money. How much money is enough to go for your dreams? Can you put a dollar amount on it? Budgeting, saving, and increasing income are just part of alleviating money stress. We’ve got a few different ideas below for you to consider when you are ready to make your move to achieve financial security.
Don’t Just Dream of Getting rid of Money Stress, Make it Happen!
What Do You Want?
Do you find yourself having daydreams or fantasies of the things you would do “if only” you had the money? How much money is enough for you to feel confident in reaching for your dreams? Want a new house? Want to change careers? Or do you simply want to be “comfortable” enough to pay all of your bills and still be able to go out to a nice dinner or for a vacation? No matter what you want, the answer to achieve those goals is within you!
Stop Saying “If Only”
Are you one of those people who thinks that with enough money all the stress in your life will disappear? Sure, money or financial security can make your life much easier, but the stress of day to day life tends to be a constant.
What you can do to remedy financial stress is stop dreaming of ‘one day’ or when you think you will have enough money.
The time is now!
Stop saying “if only” and say “when”. This simple change in attitude is enough to propel you towards real change and financial stability as long as you take action to go along with it.
Make a Plan
Whether you need to change your career or want to save for a special event you need a plan, and you need to take steps to meet that goal. Let’s say your goal is to surprise your spouse with a cruise next year for your anniversary. What do you have to do to make that happen?
Budget your income, ask for overtime, cut unnecessary expenses and save, save, save. You can also start shopping around now for the best rates and packages so that you can put a dollar amount on your goal.
Is It Enough Money?
So, once you’ve saved enough for your cruise by cutting out a lot of extras, how are you equipped to pay the bills when you take your actual vacation? Do you have money set aside to cover your mortgage, utility bills, and other household bills while you are gone, and when you return, until you get your next paycheck?
The concept of having enough money is relative. You may have enough for your cruise but do you still have enough to maintain your regular life? You might have enough money for a new home, but once you are paying that mortgage will you have enough money for your car payment? When do you have enough money, when will you stop having financial stress?
Make More, Spend More
It’s a sad fact that most people when in a position to earn more money will also spend more money. Perhaps they need a certain type of car to match their high class career or maybe they need new clothing to be dressed appropriately for their job.
On the other hand maybe they just have struggled to have enough money for so long that they splurge on personal shopping and entertainment. As long as you are living within your budget, and are saving for a rainy day then you have “enough” money.
When you choose to change your budget and have high dollar expenses you are spending more money so therefore you need more coming in. Knowing the difference between wanting something and needing something is the key to managing your income at any level.
So does money stress go away after you make “enough” money? It depends on what you consider enough and whether you keep your “wants” in check.
There is a big difference between what you need (food, shelter, transportation) and what you want (manicures, new iPhone, concert tickets).
This isn’t to say that you can’t ever treat yourself, but when making your monthly budget, try to stick to needs, and once you have added to your savings take a little from the budget leftovers to treat yourself to something fun.
If you can set a financial goal and meet it while maintaining your basic living standards then it will not be stressful and you will be able to enjoy some luxuries and still pay the bills. If you get a raise at work and immediately splurge on this or that you won’t save any and the extra money won’t provide a comfortable cushion for your day-to-day expenses.