How to overcome Financial Anxiety
One of the biggest hurdles that most people get anxious about is their finances. Just the stress alone could be debilitating, and it might even feel impossible to overcome. I have struggled with finances for a good chunk of my life, and for the longest time I blamed my guardians for not teaching me the right way – but now as I look back I realize that they too did not have the best grasp on it as well.
So, how can we cope will financial anxiety?
- Set a budget and check in with yourself regularly
A budget is one of the hardest things that you’ll have to do because you cannot lie to yourself here. You need to make sure that all coffees, muffins, hair appointments, etc. are captured. Once you have an understanding of your wants/needs, you will be able to prioritize what is important to you.
- Assess how you react to spending
Start paying attention to how you react whenever you (or your family) is spending money. Do you overspend to compensate for the discomfort? If you start to become aware of how you feel during each financial situation, you’ll be able to make better and logical decisions.
Most people feel as if they cannot save any money due to their debt. It doesn’t matter how big your debt is; people will still stress and over think about it because it’s a constant worry that you’re not saving enough or putting enough down. As long as you’re putting money down towards your debt, it’s not lost money.
- Reward Yourself
I’m not saying to go out and spend a frivolous amount of money on yourself at the end of each month, but don’t punish yourself either! One of the rewards that I give myself is coffee – even though I make it every day at home, I still like to frequent a local coffee shop to sit and enjoy their brew.
- Power of Touch
You would be surprised how much physical touch can help anyone. Even a small exchange of a hug can help reduce stress by up to 30%. My husband and I like to offer each other massages a few times a month to alleviate any type of stress that we might have, and I highly encourage getting a hug from a loved one whenever things get too overwhelming. If for some reason you cannot find anyone to exchange a hug with, sweat it out!
If you still find that you’re anxious about your situation, there is no shame in seeking out a financial advisor. There is no purpose to staying up at night and worrying about your finances – nothing will magically appear or disappear. You need to learn how to calm your mind and gain more confidence!