Got Financial Anxiety? Try These Tips!

It's been a tough 603 days since the world shut down... but who's counting?

In addition to pandemic anxiety, many of us are also having financial anxiety right now. Whether it’s because of job losses during Covid or the uncertainty of the future, the current economic situation has many of us worried about money.

I know anxiety can make it really challenging to take on big projects, so I’m going to give you some simple low-lift ways to work through your stress.

Here are three ways to start to tackle your financial anxiety:

1.Take the Wheel. Anxiety often comes from feeling out of control or lost. The best way to manage those feelings is to be proactive and take action. First pinpoint what it is that you’re worried about. Maybe for you it’s finding a new job. For others, it might be planning for retirement, paying off debt, or trying to navigate life insurance. Once you’ve identified your main source of concern, do some research. Buy a book on the subject, search through the Money Minute archive, or episodes of my podcast Money Rehab, to find more info on your topic of interest. Once you’re armed with knowledge, you’ll feel more in control and better equipped to address your specific anxiety.

2. Give Yourself a Reality Check. Sometimes we suffer more in our imaginations than we do in reality. Take a second to think about the worst case scenario. What will happen if your paycheck is short this month? Will your family and friends be able to help? Will you be okay? Can you always find another job? The answer to all of those is yes. Don’t let your mind spiral to the point where there’s a disconnect between your fears and what might realistically happen. Also remember to deal with issues if and when they come. There’s no use in dizzying yourself over “what if” questions. Sometimes you need to take a step back in order to see the way to move forward.

3. Take Small Bites. Don’t try to tackle all of your financial anxieties at once. If you’re anxious about a number of things, pick one to address first. It’s easy to feel overwhelmed if you’re anxious about, say, how much you’ve been spending on groceries, whether you’ll be laid off, and if your company is doing alright financially. Choose the stressor that’s easiest to manage first. Once you’ve gotten one anxiety under control, you’ll feel better to move on to the others. If you try to address it all at once, you’ll only end up feeling more overwhelmed and unsure where to begin. And remember, not everything has to be dealt with right away. It’s okay to take time.

You are not alone.

Everyone deals with financial anxiety at some point. Remember that there have been many people in your shoes who have stepped in— and out of— financial anxiety, and you can too.

I know that this is a difficult pill to swallow: but a little anxiety is good— it keeps us from overspending and impulse buying. There’s a scientific theory that humans evolved feelings of anxiety to act as a stopgap on making dangerous decisions. Like, for our caveman ancestors, those who were anxious about lions did much better than the caveman who wanted to play with them. But at the same time, too much anxiety can be paralyzing.

So try these three tips to mitigate the stress you're feeling. Don't forget: I believe in you, so you should believe in you, too.

xo,

Here are more ways to get it together and get it all:

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