9 Ways to Overcome Financial Anxiety

Filed under: Financial Fitness, Stress Reduction

Have you found yourself lying awake at night, worried about your financial situation? You certainly aren’t alone! American households are carrying $779 billion in credit card debt, $1.3 trillion in student loans, and $8.48 trillion in mortgages. Not to mention, most of us aren’t making the kind of money we wish we were.

sad woman paying billsSo it’s understandable that you feel worried, but worry will only get you so far. Rather than waste your time panicking over things you think you can’t change, start changing them!

Here are 9 doable ideas to help you overcome financial anxiety.

Shift your mindset. Maybe you do have a few worrisome things going on, but you probably have plenty for which you can be grateful. Brainstorm and list a few strengths you possess, or obstacles that you have overcome.

View your situation as a challenge, not a dead end. Anxiety can give us an almost fatalistic point of view. Instead of viewing financial woes as a disaster, ask yourself what you can do about them. This is an opportunity to create a better future, not a dead-end street!

Forgive yourself. Maybe you’ve made some financial blunders that led you into debt. Accept that you can’t change the past, but you can learn from it. Forgive yourself, try to view your mistakes as a valuable lesson, and resolve to move forward with your newfound wisdom.

Don’t compare yourself to others. Sure, there are people in the world who are more wealthy than you. But you’re also doing much better off than a lot of people! Focus on living your best life, and let go of comparisons to others. And remember; the abundant lifestyle some people seem to lead doesn’t tell the whole story. Many people with the fancy cars and enjoying lavish vacations might have a hidden back-story, or mountains of debt. They might suffer from their own financial anxiety.

Tweak your budget. Review your budget very carefully, and eliminate any items that aren’t absolutely necessary right now. You can always add them back later. Now dedicate any extra cash to paying down debts.

Establish an emergency fund. Ask yourself how you would fund a small disaster, if one occurred to you. You need cash set aside in a rainy day fund, or at the very least, good credit.

Visit a financial advisor or debt counselor. Whether you’re worried about old debts, or anxious about the future, experts are ready to help you. Just as you might visit a doctor for a health concern, sometimes it is necessary to seek out professional guidance for your finances.

Look at the positives. Worrying about money means your mind is attuned to important issues. Just as a careful driver is less likely to get into an accident, you’re less likely to suffer a major financial setback from here on out. All of this anxiety (and subsequently, dealing with it) is helping you develop a more secure future.

Generate additional income. Well, sure, making more money is an obvious solution to financial anxiety! But you can’t always score a new job, or convince your boss to give you a raise. But what if you could generate extra cash flow on your own time, with a home-based business? There are numerous home-based opportunities with no huge up-front investment, and no need to quit your current job (unless you start making so much money that you want to go full-time!)

For more specific information on reducing financial stress give me a call or send a message. I’d love to share some of the things I’m doing right now.

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