Experiencing periodic anxiety over your finances is normal. However, as more Americans are forced to contend with inflation, cost-of-living increases, and stagnating wages, worries over money are becoming increasingly commonplace. If you’re not sure how to overcome financial anxiety, you should know that you’re not alone.
While stressing over your finances is understandable, it’s often counterproductive. Here are some useful financial wellness strategies for taking control of your money and regaining your sense of peace.
1. Set Goals
If you’re pondering how to stop obsessing over finances, it may be helpful to set both short-term and long-term money objectives.
When you set goals for the future, you’re doing two important things: shifting your focus from worry to something more productive and creating a path toward better mental health and money management skills.
Here are a few examples of achievable short-term financial goals:
- Paying off your smallest credit card balance
- Saving $500 for an emergency fund
- Going through your bank statement and eliminating unnecessary subscriptions
Possible long-term goals include:
- Improving your credit score
- Buying a house
- Saving for retirement
It’s critically important to ensure that your plan includes both short-term and long-term goals, not just one or the other. Short-term goals can give you a sense of accomplishment and motivate you to keep going, while long-term goals will help you start building a more stable financial future.
2. Study Your Spending and Build a Budget
If you’re seeking financial stress relief tips, you’ve probably already seen one of the most common pieces of personal finance advice: make a budget.
While it’s true that budgeting can help with managing money stress (and money-related stress), the generic advice to “make a budget” is too vague to be useful.
Before you put together a budget, you need to know where your money is going. Take a month or two to carefully track your spending. Write down every purchase and try to identify areas where you can save money.
From there, you can start drafting a useful budget. Make sure to note the following:
- How much money you need for monthly essentials like housing, food, and utilities
- How much you must apply to existing debt
- How much you can put toward other expenses
If you have any money left over after paying your basic monthly expenses, make a plan for how to use it. For example, if you have $150 at the end of the month, you might put $50 toward debt, save $50, and keep $50 to spend on hobbies.
If handling money issues causes you anxiety, even the idea of creating a detailed budget might be enough to elevate your heart rate. Take a deep breath — budgeting doesn’t have to be complicated, and even a basic budget is better than nothing at all.
3. Focus on Finding Solutions
Many people who are wondering how to stop ruminating about money find that taking steps toward better financial health is helpful. However, even with a plan in place, you may still be grappling with economic uncertainty. If you make a misstep (like accidentally spending too much one month), it’s easy to fall into the trap of beating yourself up.
Developing a healthy money mindset and stress management skills takes deliberate effort. When you catch yourself dwelling on mistakes, shift your focus to what you’ve learned.
Dealing with financial pressure is a challenge for everyone. If you make a mistake, do your best to give yourself some grace.
4. Consider Seeking Professional Assistance
Not sure what to do if you’re struggling financially? There are plenty of steps you can take on your own, but if you’re having trouble developing a plan, it might be worth consulting a financial advisor. If you don’t have the means to do so, research personal finance online when you have the time.
In a similar vein, if your anxiety over finances is so severe that it’s causing problems in your everyday life, you might consider speaking with a counselor. The right professional can give you ideas for how to reduce your financial anxiety. By learning healthy coping mechanisms, you may find that your financial stress becomes more manageable.
Can’t access a counselor or therapist right now? Even taking steps to ground yourself and support your mental health can make a big difference. Using mindfulness apps, sticking to a daily routine, and making time for hobbies and activities you enjoy can all be helpful.
Wondering How to Overcome Financial Anxiety?
“How do I stop being anxious about money?” is a question countless people ask every day. When it comes to learning how to overcome financial anxiety, there’s no single strategy that works for everyone. However, in almost all cases, avoiding the problem won’t help you master your money worries; it will only make things worse.
Implementing the strategies outlined here can be stressful, so remember to take it easy on yourself. Breaking free from money worries doesn’t happen overnight, but you’ve already taken the first step toward a brighter financial future.
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