Money, Money, Money…

How much money is enough? What expectations do we have regarding our income and how does it impact our self-esteem?

No matter how rich or poor we may be, the importance of money is a factor we cannot ignore. Our thoughts, beliefs, and experiences of money affect not only our past and our present but also our future.

As children with no pocket money or having to work for pocket money or receiving it as gifts, we learned about its influence from an early age. Likewise, the peace of mind that having enough money may bring from our very first bank account, job, loan, rent or mortgage ties us as adults to its constant power. Apple pay, bank transfer, and contactless card payments are now common as cash is growing less evident in a society where physical notes and coins are less used but numbers in and numbers out of balances checked on phones matter more and more.

Although the Beatles’ lyrics of “Money can't buy me love.” may or may not be true, nevertheless, the crushing question about where money is going to come from and will it be enough to cover the bills, satisfy the family or even pay for life’s luxuries may take over your life.

Yet how much is enough? Lottery winners of millions are notorious for profligate spending. Celebrities with huge bank balances still suffer from poor mental health and unhappiness. Food banks and donation drop-offs in shops are now common to support those in need. Town centres sometimes seem to flourish with more charity shops than ever now and who doesn’t love a bargain?

The pandemic has caused many job losses and exhaustion of those still at work. It has led to many going off sick and losing out on their regular income. Although there seems to be a corresponding increase in job vacancies, salaries may be lower, expectations higher, and morale at rock bottom. Money is often the underlying source of stress. For some this winter, a real source of anxiety may well be in deciding whether to eat or pay for the heat.

If money is your number one worry yet knowing others may be worse off than you could offer some comfort and perspective. Facing financial stress and planning for your personal situation could help you budget and find a way to manage your stress. Rather than ignoring a problem that will keep popping into mind try facing it and perhaps seeking professional help may set money worries into its true and more manageable scale. Although the Beatles sang “I don't care too much for money” and they had plenty, nevertheless it is a factor to face and a challenge to manage. We may not love it, but we need it and taking control of it will help us in the long run.