Do you feel anxious about money? Are you always anxious when you’re paying bills? If you answered yes, there are 5 steps to overcome money anxiety.
What Is Money Anxiety?
Money or financial anxiety is a feeling of worry, fear or unease about your finances.
Money anxiety can happen at any level of wealth or income. It’s usually triggered by job related stress, being in debt, mounting bills as well as expenses.
Also, money anxiety is caused by a negative money mindset.
Here’s a related post: “How To Shift Your Money Mindset”.
What Shapes A Negative Money Mindset?
It’s normal to have money anxiety, but sometimes it can affect your overall attitude as well as beliefs about money.
What Shapes Your Mindset:
- Past Trauma: Money anxiety can be shaped by past financial trauma. For example, if you had a devastating setback from the crash of 2008, you may feel anxious about money because of a scarcity mindset. The scarcity mindset you have may have been shaped by money problems brought on by job loss or even bankruptcy.
- Poor Mental Health: Having poor mental health can shape money anxiety and vice versa. If you have a mental illness, you’re unable to manage your finances. It can affect your business and work performance, which leads to loss of income and you may get into debt. As a result, your finances are in shambles.
- Limiting Beliefs: Having limiting beliefs causes anxiety and scarcity. They can be the result of past failures, environment as well as upbringing.
- Unhealthy Coping Mechanisms: Everyone will have some kind of money anxiety. However, many people cope with it differently. Some cope with their anxiety by spending money during a shopping spree, while others cope by turning to alcohol, drugs or binge eating.
- Upbringing: Money anxiety can be shaped by your upbringing. For example, if your raised in an environment where money was hard to come by, you may get anxious when you’re dealing with money.
- Your Own Ego: An ego is your sense of self-esteem or self-importance. There’s nothing wrong with feeling important, but it can affect your decision-making and also turn you into a victim when you run into a setback.
5 Steps To Overcome Money Anxiety
Having money anxiety is normal for everyone, but it’s made worse by having a negative money mindset.
A negative money mindset shapes your beliefs and habits about money. As a result, it shapes your behaviors and actions toward money and finance.
Behaviors and actions include either spending money you don’t have or being obsessed with saving money.
Also, you may find yourself in a spiral of negative thinking that leaves you stuck. For example, you may get anxious opening your mail because of a bill you don’t want to pay.
Money anxiety can leave you feeling paralyzed, you may put off getting your financial house in order or fail to have a long-term plan.
Here’s some good news! By following the 5 steps below, you’ll overcome money anxiety.
Here Are The 5 Steps:
1. Find Better Ways To Cope With Anxiety:
As we talked about before, everyone will have money anxiety at one point or another. Learning how to cope with that anxiety in healthy ways makes a difference.
It helps to have a coping strategy when you’re facing money anxiety. Start by acknowledging that you’re not alone, not feeling alone can lower stress and anxiety.
If you have a persistent anxiety symptoms, it may be a sign of a bigger problem. It helps to seek counseling in order to rule something out. It’s possible that you need to be on medication for your anxiety.
Also, there are many things you can do on your own to manage anxiety. For example, it helps to adopt healthy habits such as spending time with friends, eating right and exercising and also minimize the use of drugs and alcohol.
2. Know Your Triggers
Many people are unaware that their money anxiety has specific triggers. They may not be aware that it’s triggered by their negative beliefs or mindset. Also, it’s possible they’re unaware that being reminded of past trauma triggers money anxiety.
They can identify their triggers by observing how they feel in response to an external cause.
3. Let Go Of Your Ego:
An ego is your sense of self-esteem or self-importance. There’s nothing wrong with feeling important, but it’s important to regulate your ego.
An unhealthy ego is due to a lack of self-confidence. The inability to regulate painful emotions is rooted in anger and fear. As a result, you may make poor financial decisions because of your fear of missing out or trying to impress others.
Regulating your ego involves overcoming your own biological wiring, this includes suppressing anger and fear. When this happens, you’ll stop comparing yourself to others, then you won’t make poor decisions trying to impress others.
Here’s a related post: “Let’s Explore How Self-Awareness Leads To A Better Self”
4. Face Your Situation:
It’s natural to want to run away from something that scares you, however running away can make anxiety worse.
When you face what you fear, the process is called exposure. It involves gradually and repeatedly going into a situation you fear until you feel less anxious.
For example, if your money anxiety comes from fear of the unknown, it can intensify your anxiety when you don’t face it head on.
Here’s a related post: “Helpful Tips For Overcoming Fear”
5. Have A Long-Term Plan
When faced with money anxiety, you’ll feel less anxious when you have a long-term plan for your finances.
Preparing for the financial unknown is a challenge. Being able to cope with anxiety in a healthy way helps you to avoid additional anxiety in the long run. Facing the challenge with a regulated ego will keep you from making decisions based in fear.
Start by setting a short-term financial goal. It can include setting up an emergency fund, putting money aside for maintanence and repairs as well as paying off credit card debt.
Long-term financial goals include putting money aside to pay off a mortgage, starting a business, setting up a college fund for your kid as well as putting money aside for retirement.
Setting any kind of financial goal is hard for many people, the cost of living can make it harder as well as short term thinking dominating. If you are able to set a financial goal, you’ll notice your money anxiety is more manageable and even reduced.
Have You Ever Faced Money Anxiety?
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