Mark Luigi Dacumos
If you think you’re the only person who suffers from anxiety when it comes to money, think again. According to a Northwestern Mutual study, 85 percent of Americans said they felt some level of financial anxiety. Not only that, but they also admitted that their concerns about money negatively impacted their careers, social lives, and health.
Is financial anxiety all bad? No, as it can help in some instances. For example, stress about money could raise a red flag and keep you from buying something you cannot afford. It could keep you from taking out a loan that you’ll regret in the future. Or it could prevent being too generous with your money, which can leave you empty-handed later on.
However, when your money worries make you feel like you’re not good enough, that you’re lacking, or that you won’t be able to survive, that’s when they can become problematic.
In short, you shouldn’t worry to the point that you crush your self-worth.
Signs of Money Anxiety
Money worries can trigger similar symptoms to generalized anxiety disorder, which is characterized by trouble concentrating, irritability, and excessive nervousness. You can also feel like you’re in defense mode if that worry gets particularly troublesome, as your body will respond with an increased heart rate, chest pain, tightness in the throat, and hunched shoulders.
How can you tell if you’re regularly suffering from money anxiety? Here are some common symptoms:
- Being obsessed with saving money.
- Feeling awkward about accumulating wealth.
- Spending too much.
- Feeling depressed or anxious whenever the topic of money comes up.
- Needing others to help you manage even the simplest tasks with your finances.
- Always giving money to others.
- Not being able to change bad financial habits, even though you have good reasons to do so.
What can cause those symptoms? It doesn’t necessarily have to be “trauma” related to money. Simple events from your childhood, like watching your parents worry about bills, could trigger such worries. Or experiences with your finances, like losing a job, having trouble paying bills, or spending all of your savings, can do the same.
Tips To Reduce Financial Anxiety
Now that you know what financial anxiety looks like, let’s review some ways to reduce it so you can have a better relationship with money and less stress:
Don’t Put Things Off
One of the biggest financial anxiety triggers is not opening your mail or checking your accounts.
Sure, you may not like what you see, but it’s better to be informed, as the mystery will cause massive amounts of worry.
If you can’t pay bills, make a list of what they are and tackle them head-on by calling creditors.
If you’re broke, keep tabs on your bank account and make an instant plan to change your income. You’ll find that by not putting things off, you’ll feel a bit better already.
Create Extra Flows of Income
It’ll be hard to stop stressing over money if you’re always in an uphill battle where you barely make enough to pay your bills. To break this vicious cycle and reduce financial anxiety, look for ways to earn more money, so you’re not relying on a single income stream.
You could do side gigs, get a second job, ask for more hours, ask for a raise, or sell some of your stuff. The more income streams you have, the less stress you should experience.
Be Grateful
Instead of focusing on what you don’t have, be grateful for what you do have. If you have a job, be thankful that you’re at least employed. Or if you make a decent income, show gratitude, as others aren’t so lucky.
By putting yourself in a state of gratitude, your body will have trouble feeling anxiety, as peace should fill your mind and body instead.
Seek Professional Help
A financial counselor or therapist could help you pinpoint the underlying cause of your money worries. Once that’s accomplished, they can give you a clear path and explicit steps to feel better about your finances.
