Feeling a little stressed about money? Between threats of unemployment and uncertain economic outlooks, it’s normal to feel anxious about your finances today.
That doesn’t mean it’s healthy. Financial anxiety can have a serious impact on your mental well-being. Worse yet, it can make it harder to manage your money in ways that help you deal with your stress.
- Obsessive Thinking: Constantly thinking about money and debt, regardless of the balance in your bank account or the amount that you owe, can wear on your nerves.
- Shame: Anxiety makes you avoid discussing your financial situation out of fear someone might judge you.
- Lack of Control: A pervading feeling of powerlessness can make you worry you’ll never achieve future goals.
- Fear: If money’s tight, you might be worried about more immediate concerns like keeping the lights on or putting food on the table.
How to Deal with Financial Anxiety
You can’t give your finances your full concentration if you’re high-strung and stressed out. Here are some money tips that can help you manage the source of your anxiety.
Make a Budget
If your anxiety stems from feeling like you can’t control your future, a budget puts you back in the driver’s seat. It’s a plan that helps you prioritize your spending that builds financial security.
By making one, you’ll also gain insights into your past spending habits. You’ll be able to spot trends that steal money from what really matters.
Take out an Installment Loan
Unexpected expenses that you didn’t budget for are stressful. You’re suddenly responsible for coming up with cash you don’t have to cover an auto repair or emergency medical expense.
If you’re currently fielding an emergency, an installment loan may act as a safety net in your time of need. Online installment loans from MoneyKey are a convenient way to boost your budget when you don’t have savings to cover unexpected emergency expenses.
Of course, you’ll have to pay your installment loan back, plus fees, but your repayment will carry over weeks or months, giving you time to come up with the cash.
Plan for Emergencies
If there isn’t an emergency breathing down your neck, focus on building savings. An emergency fund is a safety net of your own making, so you don’t have to apply for installment loans online.
Once it’s big enough, you can tap into these funds the next time an emergency arrives.
People with debt are much more likely to suffer from mental health issues. One poll shows 86 percent of people struggling with their mental health said their financial issues made it worse.
If you’re struggling with debt, find out how you can double-down on its repayment. You may not knock-out debt by tomorrow, but you can make a plan that helps you pay off debt faster.
Talk to Someone
Reach out to someone you trust and let them know you’re struggling. You might be surprised to find you have some common ground. It can be reassuring to learn that you aren’t the only one dealing with anxiety. Your loved one might even share some helpful tips on how to handle it.
When you’re anxious, it’s hard to see a solution, but this feeling isn’t permanent. Address the root cause of your financial anxiety and figure out what you can do to fight back, remembering the tips you learned here today.