From rising living costs to a potential recession, it’s unsurprising that almost 90% of Americans see money as a major source of stress. Trying to stretch your dollar further each month can be an uphill battle for many during these challenging times.
Some of us make the best of it and try to find ways to handle our finances.
But for a handful of people, the mere thought of their finances gives them an anxiety attack. If that’s you, know there are many ways you can have a healthy relationship with your wallet.
In today’s article, we’re diving into what triggers money anxiety and effective ways to keep it under control. Let’s get started.
What Is Money Anxiety?
It’s understandable to worry about money when you’re struggling to pay the bills. However, when you suffer from money anxiety, the typical concern becomes unhealthy fear and even obsession about your finances.
From checking your bank account multiple times a day to worrying about next month’s bills, these fears will hold you back from living life to the fullest. Even if you can’t change your financial situation immediately, there are ways to handle your relationship with money without damaging your mental health.
Main Triggers Of Money Anxiety
Money anxiety happens for many reasons, but here are a few of the most common causes:
When you take on debt, the goal is to pay it off each month. But getting yourself back on track can be impossible when you start falling behind on payments. With a third of Americans claiming that credit card debt is a significant concern, thinking about how you’ll pay it back can lead you to be chronically stressed.
Rising Living Costs
Inflation rates are showing no signs of easing up, and it’s still hovering above 7%. So many people are already living from paycheck to paycheck that even the slightest cost of living rise can leave you struggling to keep yourself afloat. Not knowing how much more you need to pay next month can be too much to handle for many.
In some cases, those suffering from financial anxiety may not have any current economic problems. But just because they’re okay now doesn’t mean it’s always been this way. If you’ve ever experienced financial hardships, just thinking about going through that again can cause you to worry about your money situation long after it’s necessary.
3 Practical Tips To Keep Your Anxiety Under Control
1. Automate Your Finances
Understanding where your money goes is the first step to developing a healthy mindset toward your wallet. Many financial apps and programs can help you manage your funds and stay on top of paying the bills each month. If apps aren’t your thing, creating a simple monthly budget plan can also do the trick!
2. Stay Healthy
The next time you start panicking about your financial situation, having a couple of coping mechanisms in place will help calm you down. Something as simple as taking a few deep breaths, hitting the gym, or a quick meditation session could be what you need to clear your mind of any negative thoughts.
3. Seek Professional Help
In some cases, talking about your money situation with an expert who understands what you’re going through can be the way to go.
If you want more practical advice and to create a financial plan, a licensed advisor can help you meet your financial goals. On the other hand, licensed therapists and psychologists can guide you through your emotional triggers surrounding money.
The Bottom Line
Money is a sensitive topic for many of us, especially if you’re financially struggling. The stress can be so overwhelming that it can easily cause many people to constantly panic about their situation.
If you experience money anxiety regularly, know there are many ways to keep it in check while you reach your financial goals. Managing your money can be hard at times, but you should never let it get in the way of other things in your life that matter.
Are you looking for more valuable tips on how to get out of debt? Check out our in-depth, step-by-step guide on how to start!
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