Money is an intregral part in everyone's life. All our wishes and desires are somewhere or the other linked in monetary terms. It is also something that everybody feels worried about now and then. However, if you find yourself constantly feeling stressed about money or how to manage your finances, you may have money or also known as financial anxiety. There can be several causes of financial stress, here are a few tips and tricks on how you can help manage it.
Causes Of Financial Anxiety
You may find yourself occasionally stressing about money for different reasons. These reasons could be because of one or all the following reasons mentioned:
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- Losing job
- Debt
- Mounting bills or expenses
- Low incomes
- Inflation
- Insecurity with higher paid friends/family
Financial anxiety takes a toll on your mental and physical health which in turn burdens you with overthinking and much more. Below is listed how it affects the both.
Mental Health
When you constantly worry about money, your mental health is affected in several different ways. Anxiety about money can firstly cause you to sleep less with lower quality of sleep or to have anxiety or panic attacks over everyday actions while paying bills. This ignites a lonely feeling by which the person self isolates in social gatherings. You may withdraw yourself from family or friends if you feel that you don’t have enough money to join them for activities that they can very easily afford.
Physical Heath
A person who is tangled on the inside will come off as a disturbed person on the outside, too. People who have debt or financial stress often report that it affects their physical health severely. Here are other health hazards that are led on by financial anxiety .
- Increased heart rate
- Fluctuating blood pressure
- Mood
- Memory
- Unexplained weight gain or loss
How To Deal With Financial Anxeity?
Money does not grow on trees so it is clear that you may not wake up one day with a fortune to clear all debts and live a life of your dreams. Having more money is not entirely in your control however, what is in your control is how well you manage your finances and financial anxities. Here is a quick guide that will help you to deal and cope up with finanial anxiety better.
1. Dont stress it
We understand that it is easier said than done when you have a mount of debts and unpaid expenses. But as humans we in every situation must realise that there are somethings which are just not in our control. Therefore, it is better if you manage your finances accordingly. The best way to take your mind off the financial stress in by perhaps talking a long walk, hitting the gym or talking to a trusted friend or family member. Try breathing exercises or take a shot at medidation. These exercises will certainly be helpful.
2. Make a budget
A detailed and planned budget may help you in chalking out where your money will go each month or even year. Instead of sitting lame with your fingers crossed and hoping you don’t accidentally spend too much on groceries, you can set a firm limit to stay under this budget before and while you shop. Planning is one of the most effective strategies that has helped for reducing money-related stress.
3. Get professional help
If you are still exeperiencing severe money anxiety which causes lasting distress and begins to intrude on your daily life in a very negative way, seek support from a mental health professional. There is no shame in this as it could make a very evident difference.
Even if you have made yourself a tight budget, you still have options for affordable therapy. Many therapists offer sliding scale fees for the people who can’t otherwise afford therapy but can still access it's support.