Financial Anxiety And How To Battle It

Disclaimer: We are not qualified legal or tax professionals and are not giving advice. Always speak with a qualified professional before making any legal or financial decisions.



Facing financial anxiety is a reality for many, with worries about money taking a toll on our mental and physical well-being. Unlike the occasional stress about finances, financial anxiety can be all-consuming, leaving you in a state of constant worry about bills, savings, and future financial stability.

In this guide, we will understand financial anxiety, identify its symptoms, its impacts, and, most importantly, strategies to navigate and diminish these concerns. From practical budgeting tips to fostering mindfulness, we're here to support your journey towards financial peace of mind.

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Financial Anxiety

Current internet articles, posts, and headlines are filled with descriptions of the financial issues troubling many Americans. Layoffs, tax debt, and bankruptcies can add to the financial stress, and according to the American Psychological Association (APA), it’s taking a huge toll on our health.

While the country continues to recover from the recession, many of us still feel the weight of crushing debt. Unfortunately, prolonged financial stress can negatively affect our physical, mental, and emotional health. The good news is that help is available. Options like relief from tax burdens, debt management programs, and budgeting strategies can provide hope for anyone feeling the pressure of financial stress.

Managing that stress and finding support are essential to a journey towards financial wellness. Here are some tips for battling financial anxiety:

Know Yourself

No matter what you are going through, there is one person that you can always count on — yourself. Money problems aren’t necessarily your fault. However, your attitude will be one of the greatest determining factors for success. When you are surrounded by debt, with no end in sight, you can do two things: you can worry and stress about your problems, or you can embrace the experience as an opportunity for growth and learning.

Think about your financial problems as financial bloggers think about their money problems. They look at their finances as a resource for learning; once they learn what they need to thrive, they turn around and teach others. This learn-then-teach attitude is a healthy way to approach debt and desperation. Your debt is both an obstacle to overcome and an opportunity to become financially savvy.

Look for Support

Dealing with financial issues is stressful. However, perhaps the most difficult part is accepting help (either financial or emotional) from those around you. The APA lists social support as one of the most useful tools in the journey to battle financial anxiety.

The APA recommends the following strategies to grow your support network:

• Cast a wide net. Nurture relationships with all types of people, e.g., co-workers, friends, family, religious leaders.
• Be proactive. Be confident enough to approach others about your struggles.
• Take advantage of technology. Use apps, blogs, and other resources available to reach others. Find the best budgeting apps to increase your savings and create a plan to escape your debt.
• Follow your interests. Use your hobbies to connect with others.
• Seek out peer support. Blogs are a great way to connect with people in the same situation.

Practice Mindfulness

Mindfulness involves being fully present and aware of your thoughts and feelings without judging them. This can help provide perspective when financial anxiety starts to build. Try setting aside 10 minutes each day to practice mindfulness meditation. Focus on your breathing, observing your thoughts without reacting to them. Apps like Calm, Headspace, and Insight Timer provide guided meditations.

Help Others

Teaching others what you learn can be an important step on your path to financial peace. Consider sharing tips, strategies, and experiences through a blog. You will discover two things when you seek to help others learn how to establish financial goals: support can be found by supporting others, and the fastest way to learn is to teach. And who knows? You may even find another career path offering online financial advice.

Aggressively Seek Financial Freedom

The options for escaping debt are as numerous as the avenues for falling into debt. You should be seeking any and all viable options for relieving your financial burdens. Debt management and debt consolidation are feasible options for those with considerable debt. Budgeting, investing, job-seeking, raise- or bonus-seeking, and side hustles are all good ways to save.

Your journey to financial wellness will likely start out slowly. Yet, if you use the right money-saving methods, then before you know it, you’ll be racing down the road to a brighter financial future.

Limit Financial Media Exposure

Constantly reading negative financial news and following influencers who flaunt luxurious lifestyles can increase anxiety. Consider limiting your exposure to these triggers. Unsubscribe from emails, unfollow accounts that cause money stress, and aim for a healthy balance of financial and non-financial content.

Get Professional Support

If financial anxiety is severely impacting your daily functioning, consider seeking help from a mental health professional. A therapist can help you manage anxiety using cognitive behavioral therapy and other proven techniques. Your doctor may also prescribe anti-anxiety medication in some cases. Don't be afraid to get outside support when financial stress becomes overwhelming.

You can find financial counselors through your bank or credit union, local nonprofits, community organizations, your employer's employee assistance program (EAP), or apps like AAFMAA's Financial Point.

Celebrate Small Financial Victories

On your journey to financial wellness, don't forget to acknowledge and reward your small wins. Treat yourself to dinner after paying off a credit card, or enjoy a movie night after saving your first $1,000. Celebrating keeps you motivated.

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