Most people know what Money Anxiety is because most of us have felt the anxiety or will feel the anxiety in connection to our money management or lack of money management skills, sometime in our lives. However, with some knowledge, support and guidance we can manage our anxiety and its relationship to money.
According to wiser advisor financial experts define money anxiety as “an uneasy and unhealthy attitude toward engaging with and administering personal finances in an effective way.” This can sometimes, however, be confused for money stress which is an is everyday occurrence. Some people stress about everyday expenses but when that stress and anxiety impacts your daily life that is anxiety.
We need to look at the anxiety
separately then the way
we may look at
If you stress daily about how you spend your money or about how you will manage if you go into debt, then you need to pay attention. This is likely more about your ability or inability to plan where your money goes as well as a feeling of not having control. The need to have control feeds anxiety.
I suggest you think about what you are most afraid of with your money anxiety.
Is it that you will go bankrupt or loose your home?
Is it that you will not be able to provide the necessities for your family?
Then think about what you plan to do if this is the case, if it is not the case then strive to look at your money in a logical manner. So many times, people will obsess about the, “what if’s” in their lives. I encourage you to make a plan if you cannot make your bill payments, answer your “what if” fears so that your anxiety can decrease.
Question if your fear is logical and realistic and reflect on a plan as to what you will do if so. You do have control, you can seek financial advice, from a financial advisor or take a pen and paper and calculate out your income and expenses. These steps can let you know where you are standing in order to plan and budget your finances adequately. Overall, remember that if you are in debt and cannot rid your debt right away you can still create a plan to pay off that debt gradually. It is also helpful to save some money for emergencies such as vehicle break downs or flat tire etc.