MyMoney Online, The Personal Finance series with Warren Ingram, Evergreen Content

5 ways to stop losing sleep over money and the economy (no drugs needed!)

The economy is toast.

Ray White (in for Bruce Whitfield on The Money Show) asked Galileo Capital Personal Financial Advisor Warren Ingram to give advice on how to not lose sleep over money.

Watch less news.

Watching the news is stressful.

We live in a world of news that never ends.

There is always a news story and something to focus on around the world.

Limit your news consumption to a set time in the day.

Your life won’t change if you catch up on something that happened a few hours later.

Build an emergency fund.

“Stuff” happens.

Having an emergency fund will assist you when you have an unexpected expense that you cannot usually afford.

Emergency funds are great for eliminating worries about these expenses.

Keep three to six months’ worth of monthly expenses in this fund.

Ask yourself “why”.

If you are lying awake at night worrying about money, get up and start an interrogation!

Why are you worrying?

Your first answer to the question is likely to be too superficial.

Keep asking yourself until you get to the cause of your concern.

Once you have identified the cause, write down a few steps that you are going to take to start resolving this concern.

Take concrete action to get started.

Draw up a budget.

A budget is merely a slightly more elaborate plan for your money.

Once you have a reasonable budget and you start working on achieving your budgeted goals, you will find the stress evaporating.

We don’t need to reach our goals for the stress to reduce; we merely need to start working on them.

Take action and stop procrastinating!

This is a huge cause of financial stress.

Once you review your financial issues, you often find that they are not that huge and you can do something about them.

The known problem is much less scary than the unknown.

For more detail listen to the interview in the audio below.

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