The past two years have made many people acutely aware of money, job security, and spending habits. From managing crippling student loans to sustaining a steady flow of income during the pandemic, many people have recently faced many stressors, especially when it comes to money. Even though the economy is revving back up, money anxiety remains a big challenge for many. Thankfully, there are ways to cope with this. Here is a list of seven ways to keep your money anxiety in check.
Talk to Someone
Anxiety is a big ordeal, and it creeps up at the most unexpected times. Financial anxiety can bring on a lot of stress. If you are constantly worried about money, and it is causing you severe mental strain, it might be worthwhile to consider working with an experienced mental health professional who can support you as you tackle the issue. Many mental health professionals also have access to resources that can be useful to you.
Face Your Money Fears
If you have fallen into a lot of debt recently, it can feel overwhelming, but in a situation like this, it is crucial to act fast and reach out to a financial professional or (non-judgemental) financial savvy family member or friend who can give you solid advice. Money can be a tricky topic to talk about, but the sooner you bite the proverbial bullet and face your fears, the sooner you can get advice on prioritizing your debts. With the proper support, you will be on your way to being less anxious about money.
Address Your Budget
For most adults, money is a sensitive topic because it holds significant power. With the many responsibilities of the average adult, coupled with the demand to be financially organized, money is necessary to survive. If you live independently without any form of financial assistance, chances are that you know the importance of having a budget and sticking to it. Although the process of assessing your budget might look different for everybody, it is important to make an active effort to evaluate the numbers and come up with an active plan for how to move forward.
Don’t Shame Yourself
We have all made mistakes in the past that instantly evoke negative feelings when we remember them. If you struggle with feelings of shame and resentment towards yourself because of financial mistakes you made in the past, it can snowball into anxiety. This thought cycle can often lead you down a rabbit hole of negative thoughts. Instead of using your headspace to shame yourself, focus on creating a strategy to navigate your finances moving forward.
Get Advice From A Financial Advisor
Financial advisors are not only for the wealthy. A seasoned financial advisor can help you calm your nerves and ensure that you have the necessary tools and knowledge that you need to make intelligent financial decisions moving forward. A knowledgeable advisor can also give you peace of mind by pointing out steps that you can take to improve your situation. If you think a financial advisor might be a good option for you, you can check out some options here.
Educating yourself is the first step towards getting a head start on breaking free from money anxiety. Generally, people fear what they don’t fully understand, and if you don’t fully understand money, apprehension can creep in. Make an effort to learn about different elements of money and how they influence you. Knowledge is power, and a few ways to get financial knowledge are by taking courses online, researching, and investing in financial management books.
Understand Your Credit Score
Keeping an eye on your credit score is an efficient way to stay in the loop about how your finances look on paper. It is essential to regularly monitor your credit to have a solid understanding of your creditworthiness. Building and maintaining a stellar credit profile is one of the most crucial elements of a healthy financial lifestyle, and the first step towards achieving this is understanding your credit.