As the year ends, after a festive season, many find themselves trapped in a web of financial anxiety. The aftereffects of a wild December could leave one panicking over their financial status, wallowing in the responsibilities that come with the new year that requires financial interposition.
Almost everyone worries about money, although financial anxiety is quite different, as it is an obsessive fear of things related to money that can often be draining.
There are many causes of financial anxiety and it is not necessarily just lack of money, but little or no job security, lack of financial education, and even childhood beliefs about money, that contribute largely to financial anxiety.
It’s only natural that financial hardship and loss of income will create worry. When that worry escalates to obsession, it can lead to anxiety disorder.
Here are some of the symptoms of financial anxiety;
Spending money on shopping to get the money anxiety in control is temporary and worsens the situation as it keeps you in a vicious cycle.
When overspending becomes a habit then hoarding becomes your comfort, settling for material things to relieve money challenges.
Fear of Spending
Obsessive saving could prevent you from enjoying vacations or living in a comfortable home.
It can also lead to avoiding home repairs and healthcare. People who overwork or work obsessively to earn more may also suffer from anxiety.
Financial anxiety makes one uncomfortable in that they cannot amass wealth making it difficult to prioritize household spending, and this can be harmful to retirement planning.
Depression from the world around you can spring from a financial anxiety disorder.
Money anxiety can cause obsessive behaviour as well, such as an inability to sleep or continually checking your online bank account.
How to manage Financial Anxiety
Remaining stagnant in this situation can cause you further destruction, instead take charge of your finances, and here are some of the suggestions to deal with financial anxiety.
Manage your debt, debt creates financial stress, but with a financial plan, debt can be avoided.
If you are in debt, working on a strategy a strategy to pay it down will help put you in control of your debt.
Create an emergency fund, planning for an emergency can give you peace of mind because you know you have enough money set aside to pay your bills if you become sick or lose your job.
Set a financial goal for yourself, by scheduling a money check-in, to save a targeted amount within a specific period. Then start putting money aside.
Drop financial shame, by embracing your financial capabilities and not comparing your lifestyle to others, on social media, and among colleagues.
Create a household budget, putting your income and expenses on paper will show you exactly where your money is going so you can take control of your spending.
Practice mindfulness, and check on how you physically react to things associated with money, if your heart rate spikes, you begin perspiring or your mind starts racing, then try to relax with deep breathing exercises.
You can as well restructure your thinking by reminding yourself that there are things you cannot control.