How to Worry Less About Money

"How to Worry Less About Money" by John Armstrong is another book in the School of Life series.  It is a really great (and short) book which gave me a completely different perspective on money, my thoughts about it and what I spend it on.  The author offers a very refreshing and honest insight into his own money worries and how he has learnt to process them constructively.  In his own words, the book is about

"how we can bring imagination, self-knowledge, emotional maturity, and our big ideas about life and society, into the way we engage with money."

Armstrong kicks off by explaining that money worries aren't the same as money troubles (i.e. not being able to pay your bills).  He says worries are connected to imagination and the emotions, not just to what is happening here and now. Instead of simply asking how can I get more money or manage with less money, we should be asking how much money do we need and what do we need it for.

He argues that money worries are just other worries disguised as money worries, and urges us to think more deeply about the underlying cause of our worries. He illustrates this by talking about his car, which makes him feel anxious about money. He's worried that it's starting to get a bit rough round the edges, needs various repairs, isn't as fancy as other people's cars at the tennis club, and he can't afford to replace it. He digs into this a bit deeper and concedes that what he's really worried about not taking care of things properly. He's worried about his character, and buying a new car isn't going to change this, it will not make him better at looking after it.

Although I don't worry about financial security I do think about money a lot, mostly because I worry about the prices of things and I generally feel guilty if I spend a lot of money on something. I should probably spend some time thinking about what it is that I'm really worried about...

Armstrong makes some great comments about worrying (which I know I do quite a lot):

"Worry is a name for mental effort: ideally one wants to worry more insightfully and more purposefully. The aim of adult life, one might say, is to worry well. We worry about things that matter; worry implies care."

He talks about money as a medium of exchange and reminds us that almost anything can be turned into money, and money can be turned into anything.  We need to think about how we make money, and what possessions and activities we turn our money into. It's a mistake to think that the means are the ends, and that the medium of exchange is a "real thing". He argues we should think about money's relationship with flourishing (rather than happiness).

"Money brings about good consequences - helps us live valuable lives - only when joined with 'virtues'. Virtues are good abilities of mind and character."

I found his thoughts on Need versus Want really interesting.  He argues that needs are not necessarily just basic food, shelter, or the cheapest thing.  What we view as a "need" depends on what's important to us.  This is what he says:

"Need is deeper - bound up with the serious narrative of one's life. 'Do I need this?' is a way of asking: how important is this thing, how central is it to my becoming a good version of myself; what is it actually for in my life? This interrogation is designed to distinguish needs from mere wants."

He gives as an example a fine violinist who needs a very expensive bow, because this bow has a central role to play in this person's life.

He also looks at price versus value, and he says something here that made me think of the pursuit of material things that I talked about in the Status Anxiety post recently.  He talks about something inexpensive that he bought and collected over time, that he said he gets "a reliable, everyday thrill from using."

The pleasure we get from our possessions can be very real - I asked my husband to list his favourite things and he said our collection of photos and art, his guitar, and his surfboards.

When I was early in my career living in London I lusted after, and then after some encouragement from my flatmate Suzanne, eventually bought, a gold trench coat. It was GBP250 and the most expensive item of clothing I had ever bought. I loved wearing it so much, I used to joke to Suzanne that wearing it made me feel like a better person.  I have photos from a girls' weekend in Paris of me wearing that coat and it makes me so happy to see it (and remember the weekend of course).  The flip side of clothes shopping (which I do much less nowadays, and enjoy it far less than I did when I was younger), is impulse buying, bargain shopping (especially on the internet), basically buying for the sake of it. Most of the time this gives me a very short lived shopper's high, then a week later I forget I've even bought it. I hate this type of shopping and I want to try to cut it out.  

After reading this book, I want to spend money in a more mindful way, buy things that we'll treasure, that will last, that will give us a reliable, everyday thrill or allow us to flourish.  As Armstrong says, we have to look into ourselves and think what money means to us, not simply try to maximise the amount we have.