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A new year comes with new beginnings, hopes, promises, and plans. However, the new year also brings about a lot of changes and uncertainty, and sooner or later when the euphoria wears off reality begins to set in, and with it often comes financial anxiety.
Financial anxiety, sometimes called Money Anxiety is an emotional response to your financial situation. It is a feeling of apprehension, fear, or worry about your finances. Experiencing financial anxiety doesn’t necessarily mean that you lack funds. You could be worried about losing all your savings or troubled that your income may not be able to meet up to your financial needs. Other times, financial anxiety happens because you don’t understand terms or financial management.
Financial Anxiety can be caused by a history of deprivation, low or unsteady income, rising expenses, or accumulated debt.
Financial anxiety can make it hard to live a happy and fulfilling life. It can affect your daily life and your relationships with others. It can also factor into mental health and emotional concerns, including sleep deprivation, which can lead to high blood pressure, depression, and heart disease. Furthermore, if worry about money and it becomes overwhelming, you might find yourself turning to alcohol or other substances to cope, which can lead to substance abuse.
Here are 7 ways to cope with financial anxiety:
The first step to dealing with any situation is acknowledging that there is an issue to cope with, and subsequently finding the source of the problem. What aspect of your finances is keeping you awake at night? Is it a lack of income or not enough of it? Too much debt? Or perhaps you have enough now but you’re worried about retirement? Identifying the cause of your anxiety is the first step to coping with it.
After you know the source of your anxiety, it is easier to plan accordingly. If you don’t have an income or need to supplement your current income, you could draw up an action plan on how to get a well-paying job or work out other ways you can earn money by leveraging your education or skills. Having a plan in place can help to lessen your anxiety because it gives you something positive to look forward to.
A budget helps to ensure that your expenses do not exceed your income. It enables you to plan where your money will go each month and how much you can spend on each activity or expense category. Setting a firm limit on each expense can go a long way to giving you a sense of financial security.
Anyone can experience money anxiety or financial problems, even people in your circle who seem to be living their best life. As hard as admitting it to others can be, telling trusted friends and loved ones can be very helpful. It gives you the opportunity to: offload your chest by venting your fears and worries, receive a helping hand, brainstorm solutions with your friends and family.
It is difficult to plan effectively when you’re stressed. If you’re finding it hard to focus while budgeting or working on your finances, a 10-15 minute relaxation break can help ground you and improve your mood and focus. Some of the relaxation techniques include you can try out are :Listening to music that you love, taking a long and quiet walk, meditation, and breathing exercises.
If reading financial contracts triggers anxiety, consider brushing up on your financial jargon and learning finance management. The key is to learn in bits and pieces, to avoid the risk of overwhelming yourself more. Alternatively, you could hire a financial coach to help explain confusing terms in words you can easily understand.
It is impossible to overcome any situation with a negative mindset. Negative thoughts and words only worsen anxiety. Think positive and believe that you can overcome the situation. Developing the habit of positive affirmations over your finances can keep you in the right frame of mind to be able to execute other coping mechanisms.
The year has just begun, but worrying about money can leave you overwhelmed and unhappy. Over time, it could also contribute to serious mental health concerns, including chronic anxiety and depression. While resolving long-standing financial challenges can take time, a positive mindset and a plan can help you deal more efficiently with them. Furthermore, you don’t have to navigate your fears alone. Seek help from people you trust. If your situation is overwhelming, consider getting professional help by speaking to a life coach or therapist on the DRO Health app. Visit www.drohealth.com to get started today.
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