It’s been a month now that Sheela hasn’t slept well. Almost every day, she wakes up in the middle of the night and her mind veers to the long list of bills she needs to pay for the month, concerns about sudden illness, accidents etc. Before she knows it, she gets into a panic mode with a sick feeling in the stomach and racing heart and ends up staying awake all night without accomplishing anything out of it. She is going through financial anxiety. Just like Sheela, there are many who stress about money management on a daily basis. According to the American Psychological Association, 80 percent of people go through stress due to a financial crisis. The reasons for suffering from financial disability could be many. Maybe you have a loan that you need to pay off, maybe you are in the middle of shifting jobs or maybe you just end up spending all your money by the end of the month without any savings. Instability regarding money matters can lead to a lot of stress. And this, in turn, can affect your body and lead to the beginning of other health problems. In the times when the economy was unraveling, it is obvious to be a bit concerned about one’s financial well-being. However, it should not hamper your overall well-being. Hence, it is very important that you take a step back, address the issues at hand and find out ways and means to cope with them.
Here are some ways in which you can keep your financial anxiety under control and manage the stress –
1) Make notes about your monthly spends:
A lot of times, you may keep a certain budget for every month stating the overall amount you are planning to spend. However, all of the life’s expenses are barely constant and it is obvious that the expenses can fluctuate. Hence, be sure to make a note about the money you spend along with the date and what you spent it for. Go over your bills and ensure that the numbers are accurate. While you are at it, set aside some money to an emergency fund. This can be useful in times when you have a health situation, a car repair, a sudden vacation or any other unpredictable events.
2) Stop comparing yourself to others:
As human beings, the idea of comparison has been rooted in us. But with money matters, the lesser you compare the better you will feel about what you own. While a friend may seem to be enjoying life to the fullest, you do not know what is in his bank account. You are not aware of all the facts as you use what they showcase on channels such as Facebook and Instagram to get an idea about their lifestyle and how they live. Any such comparison is very unhealthy and may instigate you to spend more money just because someone else is.
3) Don’t be embarrassed:
If you have less money or are saving up most of your salary for a secure future, there is nothing to be embarrassed about. You may have less money to spend today but you are avoiding suffering from a crisis situation later. At times, a past occurrence of financial mismanagement, incorrect budgeting or ignorance may lead to shame and can initiate a cycle of anxiety and future problems. This may even lead to money avoidance and the unwillingness to deal with money matters.
4) Be more informed:
Money is a constant need in all phases of your life. And the more informed you are about the ways in which you can save it, the happier you will be. If you want to save money for retirement or for your child’s future, research the options and accumulate all the information together. Choose the one that is going to yield the best results and start investing every month. Signing up for a course or taking advice from a friend or relative can also help. When you have all the information at hand, you will feel much more confident about your future.
5) Approach an advisor:
Getting professional help from advisors can definitely help you calm down your worries since they can tell you whether you are following the right path or not. They can also give you suggestions for newer saving schemes or policies which you may not be aware of. Tax reduction is another benefit that you can get by planning your investments. Financial advisors can make their way around loopholes to provide you with the best possible means of availing tax benefits. Just be clear about your goals and your current situation with the advisors and they can take care of the rest.
Financial anxiety is a problem that cannot be solved by taking any medicines or undergoing a surgery. To get yourself together, you need to be mentally strong, calm your worries and feel confident about your financial choices. That is the only way you will be able to avoid the anxious feeling and look forward to a brighter future!