Financial anxiety is a common yet often overlooked issue that affects millions of people all over the world. It can stem from various sources and can significantly impact one’s mental and physical well-being.
Whether you’re struggling with financial stress or looking to support someone who is, understanding financial anxiety is the first step towards a healthier, more secure future.
Links:
Check out TCU University for more financial education tips and resource...
Financial anxiety is a common yet often overlooked issue that affects millions of people all over the world. It can stem from various sources and can significantly impact one’s mental and physical well-being.
Whether you’re struggling with financial stress or looking to support someone who is, understanding financial anxiety is the first step towards a healthier, more secure future.
Links:
- Check out TCU University for more financial education tips and resources!
- Follow us on Facebook, Instagram and Twitter!
- Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
If you’re someone struggling with feelings of financial anxiety, it’s necessary to manage those feelings and overcome them before they take a significant toll on your mental and physical wellbeing.
What kinds of situations tend to cause financial anxiety in many Americans today? Here are a few reasons people might be facing the challenge of financial anxiety.
- It can stem from having too much debt. Carrying high balances on credit cards, student loans or even a mortgage can lead to levels of anxiety.
- Income instability can cause financial anxiety because taking in irregular income makes it difficult to plan out a consistent budget and maintain regular payments from month to month.
- Unexpected expenses are another cause of financial anxiety. When sudden costs come up like medical bills, car repairs, home repairs or more, it can cause a disruption in your financial stability that can significantly increase your stress.
- A lack of overall savings is also a cause for financial anxiety. If you don’t have enough money set aside for the future it could lead to constant worry.
The dangers of financial anxiety can cause many negative effects on your body and habits. High levels of anxiety can cause physiological responses like insomnia, headaches and racing heart whenever you think about finances. You might also notice behavioral changes like obsessively checking your bank balances, avoiding certain financial decisions, and feeling overwhelmed by small expenses.
Struggling with these emotions and not tending to the root cause can lead to behaviors that negatively affect habits and lifestyle. Some people might practice avoidance by ignoring their bills, statements, and other financial responsibilities. Some might engage in impulse spending by making unnecessary purchases to relieve stress and help themselves feel better. Some may even turn to substance abuse to cope with anxiety and others might face isolation by withdrawing from social interactions to avoid embarrassing conversations about money.
Fortunately, there are many ways to properly manage and overcome the pressures of financial anxiety. Here are a few tactics you can try to minimize financial anxiety and start improving your financial life.
Start with creating a budget and stick with it. This will keep you organized, gives you control and helps reduce your overall feeling of uncertainty when it comes to money.
Get in touch with a financial professional who can assess your current situation, provide some clarity on your financial shape and give you actionable steps that will move you on the right path.
Take time to practice mindfulness and relaxation techniques. Taking time to calm yourself and your mind can improve all kinds of anxiety. Meditation apps and yoga practices are great ways to practice self-care and improve your overall mood giving you more energy and confidence to tackle challenges.
Get on building that emergency fund so you’ll have a comfortable cushion of cash sitting on the side for unexpected expenses and an added sense of security.
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org. Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.
Thanks for listening to today’s Money Tip Tuesday check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
