How To Alleviate Financial Anxiety

May 18, 2017
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“Being In Control Of Your Finances Is A Great Stress Reliever.”

All of us have some level of financial anxiety from time to time. Prolonged anxiousness about money can result in stress and different mental and physical health problems. Listed below are some steps that can help alleviate financial anxiety.

1. Budget and plan

  • Increased stress about finances often indicates a bad budget. Bills tend to vary on a monthly basis; go through all the expenditures and find areas where expenses can be reduced.
  • Create a financial plan that helps attain specific targets and goals. The plan may include steps to save for retirement, save for kid’s education, and reduce and eliminate debts like student loan, credit card debts, etc. The plan should focus on manageable interim goals rather than lofty long term targets marked by unattainable, stress-inducing big numbers.
  • Life is full of uncertainties. Hence creating and regularly contributing to an emergency fund can help alleviate fear of unforeseen financial problems and prevent deviation from your budget or financial planning. The emergency fund needs to be used only for emergency purposes like illness, job loss, etc.
  • Redoing the budget and creating a plan can help alleviate financial anxiety. Due to fluctuating nature of finances, it is advisable to regularly revisit the budget to prevent anxiety about money.

2. Remain Rational & Positive

  • Instead of pondering over negative issues, it is recommended to focus on the positive aspects of your financial health. Some good aspects of your finances can be a great job, a well-stocked emergency fund, a great salary, etc.
  • A positive attitude will not help stretch the budget or magically reduce expenses. However, it can help calm and alleviate financial anxiety and fear of the unknown. Recognition and increased appreciation of one’s financial prowess can even result in solutions to some of the financial issues that are currently causing stress.
  • Financial mismanagement in the past can cause embarrassment and shame. Such shame can unfortunately to an unending cycle of financial anxiety and improper money management in the future. It is therefore important to avoid feeling financial shame and take steps to rectify current money problems. Organizing the finances, talking to an advisor or your partner, and educating yourself about the finances are just some ways that can help pave the path to a better financial future.

3. Stop Comparing

  • Negativity and financial anxiety and stress can also be triggered when you keep comparing yourself with others wealth on social media. Pictures of cars, trips to lush locales, etc., on Facebook, etc., can make you think that you are not as well to do than your peers, which can lead to increased anxiety. It is best to avoid comparing yourself with others as you will never know the source of luxuries (It could be debt or via credit card use, which does not make good financial sense).
  • It is important to avoid constant worry about money and finances. But it is advisable to retain some amount of concern about your finances as that can actually help safeguard against poor decision making about expenses and savings. Avoid negativity, but retain some level of fear and concern about your finances.
  • This will not only be financially beneficial with regards to investments, budgeting, spending habits, etc., but can subsequently lead to alleviation of financial anxiety about the future.

Follow these steps to overcome your financial anxiety today, and begin your path towards worry-free financial freedom.

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