It’s easy to feel anxious about your own financial position, and do you wonder what you’re doing wrong? Are you doomed to always be struggling and living paycheck to paycheck?
With things like inflation, high rents, rising interest rates, too much debt and not enough retirement savings or an emergency fund. Not to add, every time you watch the news or social media you see everyone seems to be doing well with their money.
Those who suffer from financial anxiety are continually worrying about bills and might be afraid to look at their bank account or cope with anything to do with personal finances.
It often occurs when you overthink your income or fear that something bad could happen with your finances. It’s an emotional response to your financial situation, but it doesn’t always necessarily mean you have no money at all.
Financial anxiety could be triggered by financial trauma.
Financial trauma is an emotional and psychological distress caused by negative financial experiences that significantly impact an individual’s well-being. It includes a range of adverse financial circumstances, including overwhelming debt, job loss, poor upbringing, access to credit, and environmental and family attitudes towards money.
The symptoms of financial trauma often parallel those of post-traumatic stress disorder (PTSD). These experiences can create subconscious fears about money and leave individuals stuck in a state of heightened anxiety, fear, or anger.
One method to tackle this feeling is you reframe it to money and building wealth is not a contest.
You are in this for you and your family. Your money dreams and goals are unique to you.
Take accountability, you are where you are financially, and you are capable of making changes. If you’ve made past money mistakes or are in debt, it’s OK. Don’t beat yourself up. Own it in order to move forward. Educate yourself and learn the basics of personal finance.
Get on a budget and seek advice from a financial adviser or a financial coach. Things always seem worse than they are when you try to do it alone.
Seek help beyond your personal finances.
Consider therapy to address financial anxiety. Therapists can provide coping strategies, emotional support, and practical advice.
Practice mindfulness, meditation, or deep breathing to manage your anxiety. This will also help in other areas of your life when you have a holistic view of life. Remember that financial trauma is valid, and seeking help is essential. You’re not alone, and there are resources available to support you during difficult times.
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