Financial anxiety. How can you battle one? | Spoko Blog

Money has the unique quality to bring us the feeling of simultaneous comfort and stress. Financial freedom lifts us, and the opportunity to earn more grants new possibilities and ways of living. But at the same time, a lot of people are constantly anxious, whether they earn enough to cope with everyday expenses and big spendings.

These thoughts are emotionally destructive, they prevent us from enjoying life, nice shopping, and wonderful trips. Is it possible to stop being afraid that money will be gone and start wisely spending them with pleasure?

1) Look into the eye of the storm.

Being scared of financial issues is in our DNA. This is normal and logical (until it doesn’t mess up with our lives). Our ancestors were afraid to die of hunger and even though we live in a modern world, this genetic fear is something that we can sense even now.

Try to search for the root cause of that anxiety. Maybe, it comes from a poor childhood or the way you were brought up by your parents. Define the fear and work with it.

2) Feel the prerequisites for the anxiety.

It’s rather unlikely that you experience the fear of financial insecurity at all times. Perhaps certain things trigger your nervous system to work against you.

It could be a popup message that your bank account was debited with a salary (“I don’t earn enough – I need more”), an expensive purchase (“I can’t afford that”), or a monthly mortgage payment (“my family will have nowhere to live if something happens to me”). Try to record every emotion that you are experiencing at these moments.

3) Check your wallet.

Information is the best weapon against irrational fears. To stop being afraid you need to get proof of how unjustified your anxiety is. Make a record of your spendings and expenses, as well as a list of assets and properties, loans, debts, etc.

This might help to identify the hotspots that require modification. Alternatively, it will bring the comforting feeling that you don’t overspend.

4) Get a plan.

If the analysis shows that you are not 100% financially stable – it’s high time to develop a plan of how you will change that. You could choose one (or more) options that would suit your situation:

– an alternative source of income (or the second source if you have a life partner).

– a new job with a better salary.

– passive income (e.g. investing in an apartment for lease or securities).

– financial safety cushion.

5) “Shake” the anxiety borders.

Learn to treat yourself without feeling guilty. Define a “safe” amount, that could be spent in a restaurant, clothing store, or for a small trip.

Train your brain to experience joy with no remorse, so that these activities would eventually stop triggering financial anxiety attacks.

6) Talk about money.

Personal finance is still difficult to talk about for lots of people. We feel embarrassed, afraid, ashamed to discuss money issues with friends and family. If this is your case – try to reflect on this topic with a counselor, which might have an unbiased and open-minded opinion.

The last piece of advice might seem a bit too simple, but that doesn’t mean it is not effective. Think positive and stop waiting for the end of the world happening already tomorrow. Focus on plenty of pleasant features of living in a material world. And hopefully then money will bring you more happiness and less anxiety.