We know that money is one of the top sources of anxiety among Americans. Paying bills on time, tackling student loan debt, supporting a family– all of these tasks (and more!) can be very daunting and overwhelming. Additionally, the last 2 years have been particularly stressful. We’re here to tell you that it’s okay if you’re feeling stressed. You’re most certainly not alone– and we have a few tips that might help you.
The fact that you are experiencing financial anxiety means you’re on the right track.
We can all remember a time when we might have been scared to swipe the credit card because we just weren’t quite sure if that card would be approved. Whenever that moment was for you, it’s important to note that you are in the know now– you’ve taken a look at the numbers and you are aware of what is going on behind that shiny card. If you’re anxious about your financial situation, you are consciously working to make it better now– and that’s something to be proud of!
Step #1: Make Concrete Goals
We know that it’s hard to save money when there may not be a ton of money to save, or when you’re tempted to try a new restaurant or upgrade your WFH wardrobe. One way that we help our clients save money is by asking them to create concrete goals. Ask yourself: what do you want to be able to do with your money? Do you want to buy a home? A car? A boat? Do you want to have kids? Or do you want to travel the world?
Whatever you chose, get excited about it! Even if you’re just starting with $5 a week, it’s more than you had before. The build-up over time will feel good. We can guarantee that goals and consistency will lessen the burden of financial anxiety.
Step #2: Keep Track of What You’re Spending
Take a deep dive. If watching the money leave your bank account is going to bring you more stress than that new jacket is going to bring you happiness, then it’s not worth it. Track what you spend so that you can have control over your purchases.
Step #3: Be Easy On Yourself
The journey to a financially free life is not easy. It’s going to take sacrifices and time, and there will be hiccups along the way. Remind yourself that you know more now than you did before you started this journey, and it can only go up from here. The important thing is that you are regaining control and have cultivated a newfound knowledge about your own finances. You should be proud of yourself for looking at the numbers and making changes to improve your finances!
Step #4: Talk to Someone
Your Financial Trainer is an amazing resource to help you combat the anxiety that comes along with finances. Friends and family may also be great to reach out to. The topic of money can be very “taboo” but we know that most people are also experiencing some form of financial stress or anxiety and you actually may help them by bringing up the topic.
Financial negligence is no way to exist and while we’re sad that you’re experiencing financial anxiety, we’re happy that you’re on this journey to make your financial situation more comfortable and improve your financial confidence! If you’re looking for someone to help you set and conquer goals, and hold you accountable, you can get started with one of our Certified Financial Trainers, today!