Money may not be able to buy happiness, but there are ways we can find peace with our financial lives and improve our overall well-being. Four people who've achieved a state of money Zen shared their tips with Yahoo Finance, and their advice suggests that keeping it simple is the best path to stress-free finances.
- Know where your money goes. Track your spending to target any money leaks.
- Know what you want your money to do. Focus on goals and set timelines, then break the goals into smaller steps to make them more manageable. Having your own objectives will keep you from falling into the trap of competing with the Joneses.
- Don't carry revolving debt, or have a specific plan to pay it down. Maximize your repayment plan. Adding just another $20 to your monthly payments can make a big difference in the time it takes to pay off your debt.
- Invest in your job skills, and don't expand your lifestyle as fast as your salary. Improve your marketability and live below your means.