Use money wisely
One of the areas where people do suffer from a lot of stress and anxiety is that of not having enough money. This can be avoided as a stress factor if we know money is just a tool and use it wisely in all areas. This is indeed possible if we understand all its dimensions and manifestations. Most of all, we should never give it so much control that it controls us but ensure it listens to us in all areas.
This is indeed possible, but only if we follow the right steps. We now explore the aspects that could make it a tool that is given to us for proper use and perhaps even earn good karma by using it to help those who need it more than us. We need to be grateful for receiving this tool and use it to create peace and abundance in this chaotic world that is full of false aspirations and dreams. Wisdom shall come only when combined with the right principles, values and direction. This sometimes takes a lifetime of work and sometimes comes naturally. What is certain, however, is that it can destroy our equilibrium and mental peace in just a minute if we allow it to run amok in our minds and lives. This is why this aspect should be learnt by all to know both its strengths and dangers.
Using money wisely can significantly contribute to mental peace by reducing financial stress, fostering security, and aligning spending with your values
1. Budget Mindfully
Prioritize needs (rent, groceries, bills) over wants (luxuries, impulse buys).
2.Build an Emergency Fund
Save 3–6 months’ worth of expenses to handle unexpected setbacks (medical bills, job loss).
3. Avoid Debt Traps
Limit high-interest debt (credit cards, payday loans) that cause long-term stress.
Pay off existing debt systematically (e.g., snowball or avalanche method).
4. Spend on What Truly Matters
Invest in experiences (e.g., travel, hobbies) over material items—they often bring longer-lasting joy.
Allocate funds for mental well-being (therapy, gym memberships, books, courses).
5. Practice Delayed Gratification
Pause before making non-essential purchases. Ask:
"Will this add value to my life, or just temporary happiness?"
Very often, we shall avoid debt traps by practicing this simple principle.
6. Invest in Your Future
Contribute to retirement accounts (e.g., 401(k), IRA) for long-term security.
Learn about low-risk investments (index funds, ETFs) to grow wealth passively.
7. Give Generously (Within Means)
Donating or helping others can boost happiness—just ensure it fits your budget.
Practice gratitude for what you have; this reduces the urge to overspend.
8. Limit Comparisons
Focus on your financial goals, not others’ lifestyles.
9. Automate Finances
Use technology to set up automation in finances to avoid late fees and stress.
10. Reflect Regularly
Review finances weekly/monthly to stay on track.
Adjust budgets as life changes (new job, family needs).
Ultimately, money is a tool—not a source of happiness, but wise management of it can remove stressors that disrupt mental peace. Align spending with your priorities, plan, and practice contentment.
By Jamuna Rangachari
