Finance can be a source of anxiety for many of us, regardless of what our financial situations may be. But when finances are tough, one can be even more prone to finance anxiety.
Finance anxiety, or money anxiety, can be defined as a feeling or worry about your money situation, and the cost-of-living crisis can lead to even more finance anxiety flares.
How to cope with finance anxiety graphic by Kenise, ATSO
The world is tough enough as it is, and we at ATSO want to help you through the rough times! So to help you manage finance anxiety and help lessen future flare ups, we have compiled some customized coping skills for anytime you may experience finance anxiety! It can also be helpful to regularly practice saving techniques to help you not only manage your money, but also feel more in control of your money and therefore, your mental health.
Enjoy our following coping mechanisms for managing finance anxiety!
1. Identify your specific finance anxiety stressors. This will help you manage your finance anxiety induced stress.
Identify your specific financial stressors graphic by Kenise, ATSO
Identifying your specific finance anxiety stressors can be extremely helpful when it comes to understanding your finance anxiety, mental health, and yourself. By understanding your financial stressors, you can understand better which types of situations are likely to lead to finance anxiety flares. This will also help you recognize when your finance anxiety begins to flare, which will allow you to enact coping mechanisms and seek professional help if needed before symptoms begin to worsen.
You and your mental health always matters. In today’s world, it can be normal to experience finance anxiety, so there is no need to feel ashamed. The more you understand your finance anxiety, the better off you will be.
2. Learn how to save (I have a whole article for this) so you can feel comfortable knowing you are money-wise.
Learn to save graphic by Kenise, ATSO
Practicing good financial habits in general can be extremely helpful when it comes to making your money last longer and help you feel like you are not losing control over your finances. Practicing good spending habits can also make you feel more confident about your financial abilities, and that confidence can also help you manage and stand up to your finance anxiety.
The article I have linked above has tons of tips on how to save money and keep you from losing extra hundreds of dollars when you don’t need to.
3. Remember that it is okay to spend money. Your life is worth more than any price tag and if it helps you make it to tomorrow, then I am all for it.
Remember that it is okay to spend money graphic by Kenise, ATSO
You are allowed to spend money. You are allowed to enjoy this life. Especially when living with mental health issues, it is so incredibly important to take moments to actively enjoy life. So it’s okay to spend on some extracurricular purchases, especially if it makes you feel happy, and gives you a serotonin and dopamine boost!
Everything in moderation, and if it helps you, you can also identify one to three areas of fun extra spending categories (like movies, food, home decor) to help guide your future purchases. See number 6 on this list for more!
4. Think about seeing a mental health counselor or financial advisor to help you sort out your thoughts.
Think about seeing a mental health counselor or financial advisor to help you sort out your thoughts graphic by Kenise, ATSO
It is always a good idea to see a professional when you need help, and if you want to, speaking with a financial advisor can be a great investment of your time and money. Speaking with a professional can also help you feel more at ease knowing that you are taking action and having your finances looked over by a professional.
Nerdwallet is one of my favorite financial advice sites, and they always have great and super useful financial tips. If you’re interested, you may find their ‘How to Get Cheap or Free Financial Advice’ article very helpful!
5. Congratulate yourself on the steps you do take to save money. You are doing a great job!
Congratulate yourself on the small steps too, because it’s all progress graphic by ATSO
All of the steps you take towards saving money really do matter! That small change you saved? Worth it. Downloaded a grocery store app so you can always clip coupons before heading to the store? Amazing work!
Congratulate yourself on the small steps too, because big steps are really just a bunch of small steps put together.
6. Avoid extra spending when you can, but still give yourself 1 to 3 fun categories (clothes, movies, food, etc) for purchases with the main purpose of making you happy.
Life is meant to be enjoyed, and you deserve to feel happy graphic by Sara, ATSO
Spontaneous splurges can be a slippery slope, especially when you are trying to save money. But it is still important to treat yourself every now and then. Practicing moderation is very healthy, but sometimes it can be hard to give ourselves the green light when it comes to spending money on ourselves. If this sounds like you, try giving yourself 1 to 3 fun categories for purchases. This can also help you build extracurricular purchases into your budget if you want to plan ahead.
7. Remind yourself that there is no need to feel pressure from how other people’s lives look. You can’t see their credit card statements. Buy at your own pace.
Remind yourself that there is no need to feel pressure from how other people’s lives look graphic by Kenise, ATSO
Other people’s lives can seem so glamorous, especially when looked at through the lens of social media. Trying to keep up with everyone else’s lifestyle can cost you a lot of money. And many of those people whose lifestyles you envy could actually be wracked with credit card debt. Buy at your own pace, because the pressure from how other people’s lives look is not worth getting yourself into thousands of dollars of credit card debt.
Thank you for reading, happy saving, and I am always here for you!
Always yours,
Sara, ATSO
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