How to Stop Thinking About Lost Money?
Written by: Ankita Kathad MA – (Clinical Psychology)
Last updated date : February 27, 2023
Aaron was a hotel manager two years ago. Now the scenario is different. He is merely a home-based writer. This pandemic made him lose his business and he suffered heavy losses. He lost his clients, his staff and his investors. This pandemic and the subsequent lockdown have been hard on most of us. We have lost jobs, our loved ones anda lot of money. In this article, we explore how to stop thinking about lost money and how to forget about losing money.
What Are the Implications of Losing Money?
We feel sad after losing money because money has a lot of value. It is not just a piece of paper that we have lost. Losing money implies that we will not be able to buy things. Money gives us the power to live the life that we want. Losing money is painful and sad because when we lose it, we lose the power of purchasing. Let us look at some major implications of losing money:
Loss of money, specifically large sums of money can impact a person’s sense of peace. So to say, they will keep thinking about the things they could do with the lost money. People who come from low socio-economic societies can feel very sad about losing money because it will add to their hardships. Moreover, people who have worked very hard for money can feel let down and defeated.
For Large Companies and Organizations
For company owners and managers, loss of money does not just impact them but also impacts others. The staff has to suffer. Additionally, the associated workers like delivery partners will have to suffer. They may have to go through job losses and layoffs. Company managers will spend years repaying their loans. This is a very sad condition which can lead to suicide and intense poverty.
For the Government and the Country
When a country loses money, all the sections of the nation get affected. Government has to reduce social schemes and its spending. There can be a recession and civil war-like conditions. The common man will suffer from poverty, lack of facilities and rising crimes.
The Health-Wealth Connection. Why Do We Keep Thinking About Lost Money?
Earning money requires a lot of time and patience. It demands hard work, talent, and luck. Money can buy us luxuries and good services. When we are sick, we need money to get good treatment. Similarly, with money, we can go on good holidays, go to a good college and eat at a good cafe. Our health and happiness are closely associated with money.
When we lose money, it can cause trauma. Particularly If it affects the family and our loved ones. For example, when we are nearing retirement, loss of money can bring stress. This is because we may no longer have the strength to work and earn. If our job loss affects children’s education, it can be traumatic. Therefore, it is said that money and health are linked.
Although, losing money can impact us mentally, having a strong mindset and resilience has proven to have an effect on our ability to cope with financial loss. When we are prepared mentally for a loss, we can deal with it better. Here are some ways how we can stop thinking about money.
How to Stop Thinking About Lost Money?
It is certainly stressful to lose money. Losing money can bring sorrow and worries. It can be frustrating. We can follow these steps on how to forget about losing money. These steps can help us stop thinking about losing money and manage better to be able to save money.
Take Responsibility, Don’t Make Big Decisions Now.
Financial loss is a period of turmoil and uncertainty. Do not take any big decisions now. Think calmly. Any big decision can lead to bigger losses. Talk to close friends and family for a second perspective before taking any call with regards to money. Talk it out. Speak to them about the loss. They can help you re-evaluate the situation. To forget about losing money, it is important to pour out your feelings about the loss to close ones instead of suppressing them.
It is natural to have a tendency to overspend in order to cope with earlier losses. You may be desperate to fix things. This is why you may make more bad financial decisions. This is the time to pause and assess the entire situation again.
Limit Spending and Save
For time being, the biggest priority should be to stop spending as you did earlier. It is important to cut back on unnecessary spending. It is time to think rationally and measure your resources. Make a list of items where you can cut spending. It could involve letting go of luxuries for time being. If you want to forget about losing money then it is important to save what you have. Try to list down what you will need to rebuild. Try to assess the loss practically. This way you will have a clear mind to think of the next best action.
Generate New Sources of Income
Try to look for new options to generate income. Work double shifts or at two places. There are additional sources of income. In order to forget about losing money, it is important to generate new money. Thanks to the internet we have an access to several job opportunities. When we work at newer places, we can stop thinking about the lost money.
There are other ways to generate more money by investing smartly. It is important to have a money plan in place. We can invest in safe monetary schemes. Having multiple sources of income also reduces the risk of becoming broke.
Think of Ways to Avoid Such Financial Losses
Failures are the greatest and wise teachers. Moreover, failure helps us avoid bigger mistakes in life. When you think of how to stop thinking about lost money, think of what you can do to not lose money in future. Distance yourself from the mental stress and analyst what led to such a disaster.
Was it a bad investment? It could be so that you miscalculated the risks. There are also chances that you were too ignorant of the advice of your colleagues or subordinates. There can be many reasons.
What is gone is gone. What is left can be prevented from getting lost. Take measures to avoid such losses. Additionally, talk to a financial planner to manage your finances and rescue plan better.
For financial help from banks. Take a personal loan to refinance. Moreover, make sure to take it from a trusted bank with a low-interest rate. Talk to a financial investor for better savings options.
In order to forget about losing money , we have to understand that money is not permanent. It has a tendency to come and go. When we look at the biggest problem with a rational and calm mind, any problem can be solved. In terms of financial investing, taking help from an expert financial planner is always beneficial. To deal with the psychological stress of losing money, it is important to take emotional help . At Epsychonline you can find courses and articles to deal with the motional of losing money. These courses are curated by experts in the field. Do check them out.