What Is Financial Anxiety And What Can You Do About It

by Lauren Beichner

Marketing Specialist

5.14.2020
|
Articles

If you are constantly feeling anxious and worried about your finances, you're not alone. In fact, according to CNBC, 25% of Americans say they worry about money ‘all the time’. With a statistic like that, it’s evident that many Americans are continually feeling uneasy about their financial state. How do you know when these worries have taken too much of a toll and how do you combat these concerns?

What Exactly Is Financial Anxiety?

Financial anxiety is when your monetary worries turn into irrational panic, perseverating, and potentially poor money decisions. If you find yourself worrying or even fearful about your savings and investments for hours on end, you are probably dealing with financial anxiety. However, the good news is you can get a handle on it by taking these actions.

Three Ways To Ease Your Financial Anxiety

If you’re suffering from financial anxiety, we’ve compiled three ways to help you get a handle on your finances and get your concerns under control:

1. Create A Solid Budget

Devising a budget will not only help you get your finances in check, but it will also help ease your panic and concerns. A big part of financial stress is feeling out of control, which many Americans struggle with. In fact, only 32% of Americans maintain a household budget. However, we can assure you that establishing a strategic spending plan is the first step to helping you feel confident about your financial future. 

2. Keep The Big Picture In Mind

A lot of financial anxiety stems from not knowing what your ultimate goals are. Are you looking to save for a downpayment on a house? Maybe you’re hoping to retire soon. Perhaps you need to save for college tuition for your child. Once you have identified your desired objectives, it will help motivate you to devise a plan to reach them. When you get anxious, you’ll remember the importance of taking action to help you meet your goals.

3. Establish Financial “Checks Ins”

Having someone hold you accountable is crucial in order to calm your financial worries. If you have someone guiding you, you will feel like you aren’t in it alone which will be very helpful. Scheduling specific times to discuss your savings and investments with a trusted professional will ensure you are on the right path and will therefore alleviate your stress.

Key Takeaways

Financial anxiety may come in waves depending on your current monetary status and the goals you have. The good news is if you have a strategic financial plan in place, you’ll be able to calm your fears in no time. These three strategies will help you feel more in control of your finances and mitigate your concerns.

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