It’s pretty common to worry about money. In particular, we become stressed about money during life transitions. However, these times don’t have to be a cause for terror. Instead, they can be a catalyst for growth. Utilize each of these times wisely to make the most of your finances.
One of the first times that you begin to worry about money is right around college. For some students, it’s at the start of college. That’s when you’re taking out loans, getting your first credit cards, and perhaps starting to pay for life yourself.
Other students have parental support all throughout college. As a result, they might not begin to worry about money until college comes to an end. Either way, right around college time is a smart time to start thinking about finances in a new way.
Consider yourself a student of money at this time. Furthermore, work to get an A in this class of life. Educate yourself about finances. Look for financial mentors. Ask questions and try to avoid money mistakes. Instead of worrying about money, consider this your first real life opportunity to set a good foundation for all of your future finances.
2. Getting Married
When you first get married, it’s very normal to worry about money. There are practical reasons for this, including the costs of paying for a wedding. However, most of the stress at this time is really emotional.
Learning to merge your finances is challenging. Moreover, you might not have a strong foundation for communicating well about money. Couples frequently fight about money, which causes a lot of stress.
Instead of worrying about how money will affect your relationship, get proactive. Consider premarital counseling with a therapist who has specific experience helping couples work through money challenges. The better you can learn to communicate early on, the less you’ll worry about money in your marriage in the years to come.
3. Having Children
Having children is one of the biggest life transitions in almost every way. It’s also one of the times you’re most likely to start to worry about money in new ways.
Your expenses go up. More than that, though, your priorities around money start to change. You have additional current costs and are also thinking a lot more about future costs. Therefore, this is a very stressful period.
However, it doesn’t help your kids for you to constantly worry about money. Instead, seize the opportunity to grow your money outlook. Whereas previously you only worried about yourself, now you’re worried about your whole family. That can be stressful, but it can also be extremely motivating. Let it motivate you.
4. Children Going to College
If you thought it was stressful to worry about money when you went to college, you’ll be surprised to discover that it can be even more stressful to be on the parenting side of the equation. As a parent, you might be earning a lot more than you were when you yourself were college age, but you’ve also got a lot more expenses. You might be dealing with helping out your aging parents while still assisting your near-adult children.
If you haven’t reached the financial goals that you expected by now, then that can be a cause for worry. But this can also be a great time to bring the whole family together. The problem of money isn’t just on your shoulders anymore. Your adult kids can be responsible for some of their own costs. Your parents might still have the ability to contribute to their own end of years. Think of solutions together so that you don’t have to worry about money alone.
Retirement is a very exciting time of life. However, it can also be really scary. You’ve probably spent decades thinking about how to earn money and invest money. Now you have to shift your thinking because it’s all going to be about smart spending. It can make you worry about money a lot. However, it can also be a grand opportunity to stop worrying about money and enjoy this time of life by focusing on the smaller things that give you joy.