Financial anxiety is extremely common, especially in times of economic uncertainty, such as those we've seen in the past several years. If money-related stress is getting the best of you, try the following six tips.
1. Put Together a Budget
One of the best things you can do to help put your mind at ease when it comes to finances is to have a realistic budget that you can stick to. Calculate all sources of income and all expenses, and then figure out what you can do without, even if only on a temporary basis. Anything you can cut out to save some money will help. Even simply making the calculations can help with anxiety, as you will be more able to see a clear path forward, potentially making your situation seem less overwhelming. You might be surprised to see how much you can save when you cut out some of the things you've been spending money on that aren't completely necessary.
2. Get a Credit Card
While it's true that racking up a lot of debt will add to your financial anxiety, responsible credit card use can help toward easing your financial worries. Having credit can give you peace of mind, even if you only use it for emergencies. For example, you might find it difficult to afford to replace a major household appliance that suddenly breaks down. Having a credit card to pay for it can help you better manage paying for it over time.
3. Take Care of Your Body
Diet and exercise can play a direct role in stress levels. As The Mayo Clinic explains, "Exercise can provide stress relief for your body while imitating effects of stress, such as the flight-or-fight response, and helping your body and its systems practice working together through those effects. This can also lead to positive effects in your body — including your cardiovascular, digestive and immune systems — by helping protect your body from harmful effects of stress." (1)
Certain foods and drinks can also help reduce anxiety. Try incorporating more salmon, turmeric, dark chocolate, yogurt, almonds, blueberries, and eggs into your diet, as well as green and chamomile teas.
4. Meditate and Practice Gratitude
Meditation and gratitude practice can be great ways to make yourself feel better. Meditating can help you feel calm and peaceful while replacing negative thoughts and lowering stress levels and anxiety. Feeling appreciative, blessed, and grateful for positive things in your life can also help put you in a better frame of mind.
In a newsletter article, the National Institutes of Health (part of the Department of Health and Human Services) said, "Taking the time to feel gratitude may improve your emotional well-being by helping you cope with stress. Early research suggests that a daily practice of gratitude could affect the body, too. For example, one study found that gratitude was linked to fewer signs of heart disease." (2)
5. Make a Career Move
If your financial situation is an ongoing source of anxiety and frustration, it might be time to consider a career change. Even if you are relatively content with your current job, consider exploring alternatives that may be able to give you a higher paycheck. Think about the kind of job you want, as well as what you're qualified for. Perhaps go back to school. This might mean more debt, but if it helps you get a higher paying job, it could be worth it in the long run.
6. Use a Savings Account
If you don't already have a savings account, now is probably a great time to start one. Stick to your budget, and start saving as much as you can, now that you've cut out some expenses. Set up automatic deposits into your savings account each time you get paid. It can start adding up fast. Knowing you have savings you can draw on in case of an emergency can reduce your level of stress about finances.
Stress is harmful to your body, so try to reduce the anxiety you feel by taking action and taking care of yourself physically. Be smart about your spending and save as much as you can. If a new job is needed, get started and explore your options. Start feeling better about your money situation sooner rather than later.
1. https://www.mayoclinic.org/healthy-lifestyle/stress-management/in-depth/exercise-and-stress/art-20044469
2. https://newsinhealth.nih.gov/2019/03/practicing-gratitude#:~:text=Taking%20the%20time%20to%20feel,fewer%20signs%20of%20heart%20disease.