Does the word “money” or “finances” give you cold sweats? Are you always anxious and worried about money? Do you find yourself tossing and turning in your bed the whole night, with thousands of thoughts and worries running through your head? You might be suffering from financial anxiety.
Financial anxiety, just like with any other types of anxiety, does not only have a negative effect on your health, but it can also affect your relationship with other people.
Before it starts to ruin your life, take control of your anxiety. Below are some tips that you can apply to kick your financial anxiety in its gut.
Have a Positive Perspective
Having a cheerful and positive perspective does not only apply to your financial status but it can also be applied in a general view. Instead of worrying on the things that you have no control of, focus your attention and energy on appreciating what you have. List down all the positive things in your life – stable job, a functioning car, nice co-workers, etc.
When your eyes are solely transfixed on what is good, all the bad things are tend to be covered. There’s no room for worries and anxieties when you’re too blessed to be stressed.
Reassess Your Budget
Are you having anxiety because your budget falls short? When you’re worried about bills and expenses, have a sit and regularly assess your monthly budget. It helps if you list down all your purchases and expenses so that you have something to go back to when your budget is out of hand.
Perhaps you purchased something that was not necessary? Planning a budget is a never-ending-process and it’s critical that you always review it so that you can find areas where you can cut back on some expenses or save more money.
Seek Help from Financial Advisor
You should not be ashamed of seeking help whenever needed, be it personal or professional aid. If financial matters are causing you to loss sleep, it’s time to book an appointment with a financial advisor.
If you’re still in doubt of asking help from a financial advisor, you may consider these points:
- They can help you in developing a holistic approach of managing your finances. Aside from helping you in planning a budget, they can also help you in developing discipline to stick to this budget.
- Because of their specialized education and vast training, they have vast knowledge when it comes to financial aspect. In addition, they have years of experience on their portfolio.
- They can address your financial concerns and answer your financial queries so that you will have the peace of mind that you deserve.
Create an Emergency Fund
We live in a world full of uncertainty and unexpected things can happen. If one of the causes of your anxiety is the fear that you’re not ready when emergency hits you, fear no more.
Set up an emergency fund that can be used in times of unexpected bills such as medical bills, car repair, etc. Allocate a portion of your monthly savings to be deposited to your emergency fund. Don’t use it in other purpose other than emergency.
The most important thing to remember is to not go into this fund unless it’s an absolute emergency. You may consider keeping this money in the bank, rather than having cash easily accessible at home. You’ll find peace of mind knowing that when unexpected things hit you, you are well-prepared.
Stop Comparing Yourself with Others
In a world ruled by social media, it’s easier to give in to the temptation of self-pity and depression. When your newsfeed is constantly filled by posts of friends going on a vacation, buying a new car or smartphone, having splurge shopping, you tend to compare yourself with their life. Aside from feeling green with envy, you get depressed because you can’t afford those things that they are buying. This can lead to depression and anxiety.
Remember that everyone’s putting their best foot forward in social media. Some people put up a facade and post what’s only good about their life. They may have a new car, but you may not be aware that they are going bankrupt because of credit card debt.
Put a stop on self-pity and depression by appreciating what you have and stop comparing yourself with others.
Educate Yourself
Most of us are afraid of the unknown. No one wants to walk in a road where it’s pitch-dark and you don’t know what lies ahead. Turn your fear of financial matters the other way around by educating yourself. When you know your financial standing and what you can do to further improve your finances, you will feel peace in your heart.
Head to your local library or bookstore and check out books about financial matters. The internet also offers countless of articles and success stories that you can learn from. Knowledge is one of the best weapon to combat your fears. You don’t have to suffer from financial anxiety anymore. Take the first step to recovery and be on top of your financial status.
International Journal of Research (IJR) 