Have you ever felt stress, fear, or concern over money? If so, you are not alone. Money anxiety is a real issue in our world and can negatively affect our mental health. The COVID-19 pandemic has more recently contributed to a collective feeling of uncertainty and fear that could be classified as money anxiety, especially if you are unemployed. Money anxiety, also known as financial anxiety, is a general feeling of fear, worry, or uncertainty about your finances – whether you lack money or not.
Financial stress and anxiety can impact all areas of your life and should not be the thing that is holding you back from living your full potential. The good news is that money anxiety can be better dealt with through simple steps and small daily habits. The four tips that we will dive into today include:
- Being mindful
- Remember your future and long-term goals
- Getting more familiar about money related topics
- Self-care and relaxation
In a recent Capital One survey, 58% of Americans feel that finances control their life, and 43% feel fatigued daily by financial stress. The impact of stress on our minds creates a feeling unlike another, which leads to:
Fatigue
Insomnia
Lack of concentration
Social withdrawal
Depression
Weight gain or loss
Being scared to check your bank account
Avoidance
Poor coping methods
Note: If you are feeling suicidal, there are people who are here for you. If you need someone to urgently talk to, please call 1-800-273-TALK in the US, or find a helpline in your country at IASP or Suicide.org.
Let’s dive into the four tips.
1. Practice mindfulness
One of the best ways to deal with anxiety, including money anxiety, is to turn to mindfulness. Mindfulness is simply a type of meditation where one is fully aware of how they feel in the present moment. Practicing mindfulness can look different for each person, but it usually involves breathing techniques, identifying your sensations and feelings, and encouraging your mind and body to relax.
There are many scientific benefits of practicing mindfulness or meditation, including reducing stress, anxiety, depression, and pain. Mindfulness is practiced in various ways, but the idea is to create a stillness that allows you to pay attention, breathe, and live in the present moment free from racing thoughts.
“The mind is like a muscle – the more you exercise it, the stronger it gets and the more it can expand” -Idowu Koyenikan
2. Reflect on your long-term goals
Money anxiety can quickly occur when we are focused on our lack or shortage of resources.
Although it is best to practice being in the present moment, money anxiety can be better relieved when you put yourself and your thoughts in a long-term mindset. If you can remind yourself that this period in your life won’t last forever, you can feel more at peace with yourself. Living with the fear of money and financial stress is temporary and does not mean it will last your whole life.
A simple way to reflect on your long-term goals is to write down all related financial goals you have for yourself and remind yourself that they will be reached over time. Most financial success in life is not over-night and requires planning and goal-setting. Reflecting on your financial goals can lead to an interest in creating a financial plan, which can also help ease anxious thoughts about the future.
3. Learn more about money in your downtime
Most of the time, our greatest anxieties stem from the unknown. If you hesitate to discuss finances with other people or fear that you will never feel financially stable, starting to dive deeper into uncovering those fears can help calm your money anxiety.
To challenge your fear of money, try reading a few financial articles or definitions each day. Learning a new thing about money and finance each day can help you feel more comfortable with the topic by facing the fear head on.
4. Take care of yourself and relax
Taking care of yourself sounds simple, but it can be quite hard when we don’t focus on it or get too busy in everyday life.
Taking care of yourself could mean going on a 15-minute walk, taking a hot shower, going for a mid-day coffee break, cuddling with your fluffy animal, or doing a mini facial with an at-home face mask are all ways to take care of yourself. The little acts of self-love add up and are so important!
Aim to eat healthier with whole foods like fruits, vegetables, and whole grains. Try to do some type of exercise 3 days per week, prioritize sleeping for 6-8 hours a night, and reach out to friends and family. Another thing that I like to do is to keep a daily gratitude journal, as gratefulness is proven to improve overall happiness. I love this gratitude journal that takes five minutes or less to develop mindfulness and productivity.
Closing Thoughts
The feelings causing your money anxiety are valid, real, and common. It may feel like money is the dictator of your life, but it isn’t. Life is more important than your money, but getting a good grip on it can make you feel more balanced over all. Whenever you feel anxious about money, remember that money does not have to control you!
Have you ever experienced money anxiety? If so, what makes you feel better?
Ashley is a finance graduate from the University of San Francisco and currently works at a financial technology startup in San Francisco that is focused on providing affordable and accessible 401(k) retirement plans to other startups and small businesses. Prior to working at a startup, she was an associate at a large private wealth management firm working with high-net-worth clients. She is born and raised in Orange County, CA, and loves spending time at the beach, in a pool, reading, and with her friends.
