Financial anxiety is something that unfortunately most of us deal with. Research by the Center for Social Impact conducted for National Australia Bank found that two million Australians are experiencing severe or high financial stress, while a further 10 million are living with some level of financial worry.
So, if you feel alone in your financial anxieties, don’t! You definitely are not. Anxiety is unfortunately so extremely common in our society in all aspects of life, especially with our money.
Anxiety is a normal, physiological and emotional state that results when we behave apprehensively. While in itself anxiety isn’t harmful, the stress it creates can be.
Money and financial stress doesn’t HAVE to be an issue in your life. By implementing a few simple steps and thought processes financial anxiety can be a thing of the past!
As mentioned in previous blog posts, positive thinking is at the root of all success. Approaching your financial worries with a positive mind frame will only attract more positivity into your life. Of course this won’t magically make money appear in your account or pay your bills but it definitely will help you calm your fears which in turn can lead to solutions to your financial problems. If you’re finding it hard to focus on the good in your current financial situation brainstorm some positive changes or progress you’ve made financially over the past year. Highlight these and celebrate them!
Remember you can only control the controllable. Don’t put so much pressure on yourself to control everything and be on top of every single thing. There are things we can control and we can’t. For example, if you’re not in a job that allows you to save your desired amount right now, you can’t control that. Try looking for a job that does allow that and if you can’t find one right now, so be it. You may have things pop up that you need to pay for which get in the way but that’s just life. Try not to stress it because at the end of the day it’s out of your control.
Often when we get the most stressed and anxious about our finances it’s when our budget is out of whack. This can cause us to feel as if it’s spiralling out of control when it’s not in reality. A regular budget check up and revamp might just be in order!
Review your bills and expenses, reduce them, pay off and repeat!
Never be ashamed of your financial situation. No matter what it is. With shame brings anxiety. As mentioned above there’s only certain things we can control. You can control past financial mismanagement or incorrect budgeting but you can make a conscious effort to better your future financial actions!
Additionally, stop comparing! Your financial situation doesn’t have to be the same as your friends, sister, mother or co-worker. We’re all individual; we all have different needs and financial requirements, so there’s no point comparing yourself to another persons situation.
Having professional advice can help calm your nerves and anxieties and assist you in achieving your financial goals and desires. Whatever it is, these people have extensive knowledge and experience in things you may not.
Not only will talking to a professional help curb your financial anxieties by assisting you in planning etc, talking about your concerns is one of the best things you can do.
Finally, staying up at night or constantly biting your finger nails worrying about your financial situation won’t make it any better, in fact it will probably make it worse! You may have heard that 85% of what we worry about never happens, and it’s true! A lot of the financial worries we have never even come true! So take a deep breath. Take the appropriate actions of what we can control and put time and energy into those.
If you’re feeling stressed out about money, you’re not alone! The ABC published an article that goes into how many people are stressing about money and the damage it’s causing. Link below.
- The Wealth Genie
Michele Purvis is an advisor with over 30 years experience working in the accounting and financial services industry helping clients to define and create their wealth.