Money is a source of stress for many people, and it is the number one source of stress for Americans. Fortunately, if you are one of the many people who worry about money constantly, you can do something about it. This blog post will discuss ten ways to feel more relaxed and stop worrying about money.
Money can be one of the biggest sources of stress and anxiety. It's normal to feel some level of worry when it comes to money matters, whether you are in a challenging financial situation, trying to save for retirement, or considering a big purchase. But when worrying about money interferes with your daily life, or you're viewing every decision through a financial lens, it could be a sign of an unhealthy preoccupation with money. Personal finance is important, but it shouldn't control your life.
The best way to address this is to take a step back and evaluate how much those worries are serving you in the present. Take preventative steps by creating a realistic budget and setting up savings accounts or investments so they can work for you (even while you're asleep!). Having a plan will give you peace of mind and allow you to better manage any other issues that come your way without being afraid of taking risks in pursuit of your goals.
Money anxiety is a common problem, and understanding its causes can be crucial in overcoming it. Money anxiety can result from various sources, including our upbringing, personal money management skills, and expectations of ourselves. For many people, childhood experiences with money shape their anxious relationship with finances as an adult; parental teaching and beliefs about money become internalized.
On top of that, a lack of financial literacy can leave many confused and uncertain about taking care of their finances. Unrealistic standards compared to friends or family members can contribute to dissatisfaction and financial stress around money. With any financial anxiety, the first step towards easing it is gaining insight into what may cause it.
Money can cause a significant amount of stress, but there are things you can do to alleviate it. From setting realistic goals and developing good financial habits to changing your mindset and relying on other sources of advice, here are ten ways to help stop worrying about money:
Making a budget is one of the most important steps to take when managing your finances and to avoid worry. A monthly budget can help you stay on top of your expenses, plan for future purchases and investments, and realize where you may be wasting money. Identify your monthly income, living expenses, debt obligations, and savings goals. Knowing exactly where you stand financially will help to put your mind at ease so that you can focus on making changes instead of worrying about money.
When it comes to financial decision-making, consider what truly matters in life. Are there experiences or memories you'd rather invest in than material possessions? Is there an activity or hobby that brings joy without breaking the bank account? When making decisions with money, prioritize what will bring happiness—not just temporary satisfaction—in the long run.
No matter how much money you make or how stable your job situation is, an emergency fund is a good strategy. By setting aside a portion of your income into savings each month, you'll be prepared in case something unexpected arises, which can help put your mind at ease.
Too often, conversations revolve around money. While it's important to keep track of where your finances are heading, there comes the point when it's time to take a break and focus on other things—especially if talking about money causes stress and worry.
Debt can be overwhelming, but facing it head-on will do more good than avoiding it. If your
Credit card debt is causing you to worry, make a plan to pay it off and take the necessary steps. Student loan debt can be especially stressful, so consider reducing or refinancing your loans to make the payments more manageable.
Practicing gratitude can be an effective way to keep money worries at bay. Taking time to appreciate what you have—no matter how little it may seem—can help to put things into perspective when faced with financial struggles. Financial success may come, but learning to be content with what you already have is essential.
Money problems can feel overwhelming and like there's no way out, but that doesn't have to be the case. If you're struggling with debt or other financial issues, seek help from a trustworthy financial coach who can provide advice and guidance on how to get back on track financially.
Another way to ease financial worry is by increasing your income. While it may not be easy, there are plenty of opportunities if you're willing to do the work—from adding extra hours at work or picking up freelance gigs to selling things you no longer need or want. Every little bit helps, and every dollar earned can relieve some financial burdens.
We live in a world where it's easy to compare ourselves to those around us—especially regarding money. Instead of worrying about what everyone else is doing, focus on your journey and financial goals.
Taking the time to practice mindfulness can help keep anxiety and worry at bay, allowing you to stay focused on the present instead of getting caught up in negative thoughts or money worries. You can learn how to manage any financial worries that come your way through meditation, deep breathing exercises, and other stress-reduction techniques. Mental health clinician can also help guide you through this process.
Remember, worrying about money isn't going to solve your problems. By taking the right steps and looking for help when needed, you can overcome financial worries and begin living a more stress-free life. If the thought of money brings up feelings of anxiety for you, set up a call with a money coach here at Bolder. We’d be happy to help talk through what’s troubling you and set up a plan to ease your financial stress.