Is financial anxiety keeping you up at night? Unfortunately, too many of us have felt the stress and worry that money can cause. Believe me, I know what it’s like to barely scrape by and live paycheck to paycheck. I lived that way for years in my early 20’s before making my financial wellness a priority.
Taking control of your money means more than just keeping your finances in order—it can make a huge impact on your overall well-being. Data shows that if you get your finances and health right you can have a pretty awesome life, one that involves a low-stress, happier, kinder, wealthier, and longer lifespan.
Financial care is self-care and needs to be an important component of your self-care routine. Here are some tips to help you get rid of financial anxiety.
Face the Problem
One of the main reasons for financial anxiety is a very common coping mechanism: avoidance. It may make you feel better for a little while, but the longer you avoid your finances, the more anxiety will build. If you take a look at your money, you can begin to have power over it—if not, it will have power over you.
Reorganize Your Budget
Take a look at your spending and bills for the past month. Are all of your living expenses paid? Do you allocate at least 20% to an emergency fund? Do you put at least 10% in retirement?
Is there anywhere that you could possibly cut? Maybe your personal spending is too high and you could easily cut down by nixing that cup of coffee you buy every morning. Look at your phone bill, internet package, or anything else that you can potentially lower.
Let Go of Shame
Growing up, I made assumptions that if you look rich, you are rich. The media perpetuates this image that if you wear designer apparel, drive a fancy car, live in a big house, and sport a Rolex that you are amongst the elite and joined the “rich society.”
Many of us are taught from a young age to pretend to fit in with this elite society and feel a sense of shame or guilt associated with money. But feelings of guilt only keep you stuck in your predicament.
Instead, take the time to educate yourself on the best ways to save and prepare for the future. The more you know about how to get your finances in order, the less anxiety you will feel.
Set weekly as well as monthly goals for your finances that you can achieve. You can start out with a small goal like saving an extra $20 a week or a bigger goal like saving an extra $1,000 a month. And make sure that every time you hit a goal that you celebrate and are proud of your accomplishment!
See a Financial Wellness Coach
Getting rid of financial anxiety is easier said than done. Some of us have gone our whole lives learning to feel anxious or nervous about money. If you need some extra help, I suggest seeing a financial wellness coach. It’s like seeing a therapist, but for money.
Book your free initial appointment with a financial wellness coach today at Coremoney Coaching.