Financial anxiety is a tough hurdle to overcome but not an impossible one.
In the past few years, mental health was front and center as a top concern for a lot of people. It underscored the importance of dealing with various mental health issues. And one of them is anxiety especially when it comes to financial matters. The pandemic started out as a health crisis and later evolved to include personal finance issues for households.
This was because several businesses found the need to pivot their operations quickly and drastically. This resulted in either workers being forced to work shorter hours or completely being let go. This situation only contributed to the anxiety of Americans when it comes to their finances. They started to rely on their emergency savings or use their credit more than they wanted to for their needs.
As this dragged on for years, the anxiety people felt only grew stronger. The challenge now is that even as the economy is starting to recover, financial anxiety is still a huge concern for a lot of people. The fact of the matter is that it is not something you can push aside and take lightly. It also does not disappear as quickly as you want it to.
This is the reason why most people still have problems moving forward in properly managing their personal finance. Their anxiety is still holding them back. The good thing is that there are steps you can take to be able to manage anxiety. Below are some helpful tips which can get you started in and finally taking control of your mental health.
Figure out the source of your financial anxiety
As with most types of problems, the first logical step is always to identify the underlying cause. The main source of your problem is an important factor if you want to solve it. It might seem like an easy task but when start to look into it, it could be more difficult than it seems to be. There are times when you have to dig deep to get to the root of the problem.
Take for example the problem of impulse purchasing, it seems like the problem is simply to stop buying when you feel like it. But if you start analyzing it, why are you buying out of impulse? It could be that you did not have the chance to buy things you wanted when you were small. Or it is also possible that you are trying to impress other people with a lifestyle you cannot sustain.
Identifying and recognizing the root source of the problem takes some time and a lot of work. Sometimes, you have to look back at your past experiences. This can help you understand some of the reasons why you deal with money the way you do now. Also, there are times you can do this on your own but at times, you might need the help of people who knows you really well.
Work on resolving it with small steps
Financial anxiety is tough but once you start working on the root cause, you are on the right path. When you get to this stage, you could be tempted to try and solve everything in one go. Though there are times it might work, the better option is to slowly work on managing your anxiety. It can also give you better control over how you can move forward. This is important especially as APA shares that anxiety has gone up in Americans over the last few years.
If the root cause of your anxiety stems from past experiences, acceptance is a good start. Acknowledging the problem can open up possibilities on how you can solve it. There are times when your anxiety is coming from financial mismanagement. It can be the absence of a budget or you accepted that you simply do not know how to manage your money.
If it is the absence of a budget, you simply need to create it now as soon as you can. You can also take personal finance lessons so you get an idea of how to manage your money. Take it one day at a time, one lesson per day. Small steps can lead to big gains. You also get to enjoy those small mental and emotional wins every time you take a step forward. helps you move forward. You can now start to see what you can do to address and get over your traumatic experiences. It can be forgiving the people who have wronged you in the past or simply choosing to move forward. The idea is to make small steps to help you resolve your situation.
Look for a stress outlet
Normally, you can start to feel your financial anxiety starting to build up. When that happens, you need to look for an outlet to help put your mind at ease. Normally, these are activities you love doing. It would be best if it does not involve spending too much money.
If you think it is tough, try looking for activities you can do at home. It might surprise you that cleaning the house can be so fulfilling. It gets your mind away from the anxiety you feel, you get to clean a part of the house, and you get some exercise in as well. It is tiring but it makes you feel good in the end. You can also try getting some exercise in.
Explore going out for a walk or even a run. Spend 15-30 minutes doing bodyweight exercises so you don’t have to buy equipment. If you love reading, grab a book and read through some pages. You can also tune out your thoughts as you tune into your favorite music. The important thing is to look for an activity that you love doing.
Seek professional help
When you have car problems, there is a good chance that you bring your car to a licensed mechanic. The same goes when you need some house repairs, you call up a licensed contractor to help you fix the problem. It is also the same idea when going to a licensed doctor when you are not feeling well or when you get into an accident and need medical help.
You look for professionals when you need help and you can do the same when it comes to managing your financial anxiety. There are finance professionals who can help and guide you when it comes to your finances. They look over your finances and provide you with some course of action you can take to manage them better. It can be debt consolidation, straightening out your budget, or simply cutting off some expenses.
There are also some medical professionals you can go to when it comes to mental health. This will be a lot of help especially when you start to feel the weight of your anxiety building up on you. When left unchecked, this can lead to more serious mental health issues which could ultimately manifest in physical stress and health problems.
Learn from your current situation
There is no way to know what will happen in the future. There is always a chance that you might go through the same thing again in the future. The important thing is to learn from your current situation so you can be prepared for the future. As difficult as it is now, trying to manage your anxiety can also give you important life lessons.
One great takeaway as well from this situation is learning to identify warning signs that you are having anxiety issues again. The sooner you catch it, the easier you can manage and steer clear of the situation even before it becomes too serious.
Financial anxiety is a difficult situation to be in but not something you have to be stuck in for a long time. There are a number of ways you can beat it and get ahead of it. You can even identify it early on so you can steer clear of it. In all these, you need consistency and a determined will to take control of your situation. These can give you a fighting chance so you can manage your finances better for the year.