Healthline: Money Anxiety Is Common, But You Don't Have to Handle It Alone
“Money anxiety, in basic terms, happens when you worry about your income or fear something bad could happen with your finances. To put it another way, it’s an emotional response to your financial situation.
But money anxiety doesn’t necessarily mean you have no money at all. You could make an income you consider perfectly decent and still fret about your mortgage, or worry about losing all your savings to an unexpected medical bill or other major expense.
Maybe you pay all your current bills easily, but you still can’t push down the uneasy feeling that you should be saving more for your retirement.
When you have persistent money worries, your first instinct may lead you to push those thoughts down and ignore the issue. But avoiding your fears won’t make them go away.
These strategies, on the other hand, can help you address both your anxiety and the underlying financial issues provoking it:
Blow off some steam
It’s hard to (accurately) calculate income and expenses when your mind is racing a mile a minute.
If you’re finding it tough to focus, try a 10-minute break to ground yourself and improve your mood and focus:
Take a walk around the block or do jumping jacks.
Listen to music.
Try some breathing exercises.
Try a short meditation.
Once your mood is back to baseline, you might find it easier to consider your bank statements with a clear head.
Make a budget
A budget can help you plan where your money will go each month. Instead of crossing your fingers and hoping you don’t accidentally spend too much on groceries, you can set a firm limit to stay under while you shop.
According to a 2022 studyTrusted Source, planning was the most effective strategy workers used for reducing money-related stress.
Read the fine print
Financial contracts can sometimes feel a little intimidating, especially if you don’t have a background in business. Brushing up on your financial jargon can make money decisions feel less daunting.
You can also hire a guide, like an investor or financial coach, to help explain confusing language and show you the lay of the land, in a manner of speaking.
Join a union
Unions can do a lot of things, including:
negotiate for higher pay
advocate for your rights
help ensure job stability
This extra social support and bargaining power can help you feel more secure about your employment and your income.
A 2013 British study considered companies undergoing organizational changes like mergers. Such changes often raised stress levels, but union members tended to have less anxiety than non-union employees. Why? Union negotiation appeared to help soften the impact of layoffs or budget cuts, lowering the risk for individual workers.
Consider social support
Many people hide financial issues because they feel embarrassed or blame themselves for their situation. But lots of folks have trouble with money, often through no fault of their own.
Keep in mind, too, that anyone can experience money anxiety or have financial concerns, even people in your circle who wear expensive clothes and have prestigious jobs.
Problems of any kind tend to be less frightening when you face them as a group. Turning to friends and loved ones, or members of a support group, gives you the opportunity to:
vent your fears and worries
brainstorm solutions
receive — and lend — a helping hand
You can also consider joining a mutual aid group and exploring the resources available in your community.
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@sunnyWriting4806 I think everyone has some sort of financial anxiety, whether it be pay, loans, mortgage, etc. but it's important to remember that everyone is in the same boat! It's tough today with everything being so expensive and pay not being good enough. I like how you shared that advocating for yourself is very important! Thank you for sharing this!
@fruityPond7887
That's a great point you bring up! A lot of times sharing financial burden and strain is often looked down by society a people are often too embarrassed to talk about financial struggles. Knowing that there's many people with you can definitely help!
@sunnyWriting4806 I agree! I also think that sharing salaries has also been frowned upon until recently but I think this can be helpful in helping others to get the confidence to advocate for themselves and get the salary they deserve!
@sunnyWriting4806
I think that financial literacy is lacking. How to handle money well is not talked about much, even though it is very important. Thank you for bringing this up! I used to be anxious about spending too much money but having a stable job and monitoring my expenses every month helped.
@globalBraid3744 Being financial literate is learning how to maximize your money's value! Whether that be investing in more money or even spending for your well-being it's important thing to learn overtime!