Having money anxiety? Here's how to cope

Between coming out of a global pandemic and high inflation, many people have reason to stress over their finances.

Having money anxiety? Here's how to cope
© Getty/ Sawitree Pamee / EyeEm
Having money anxiety? Here's how to cope

For many people, the thought of checking their bank accounts is enough to throw them into fits of anxiety. Financial anxiety is not uncommon, especially now with so many people losing their jobs during the pandemic and a hike in inflation across the globe. Financial anxiety can take a toll on your physical and mental being. These tips can help you cope with the stress of thinking about money.

Discover our latest podcast

Take time out to blow off steam

You might be tempted to ignore any thought of money, but that’s not easy neither is it healthy. You need to confront your fears, but you need to take breaks from the calculator occasionally. Experts advise taking a walk, listening to music or practising deep breathing; just anything to take your mind off your worries for a short while.

Getty/ Peter Dazeley

Have a budget

While you take time out to breathe and engage your mind in other ways, you should consider making a budget to help you plan what you spend your money on each month, according to Healthline. A study conducted few months ago, found that planning was the most effective strategy used by most workers to manage money anxiety.

It is not a catastrophe

It is natural to assume the worst when you realize your finances are getting out of control. Most people would take it as a reflection of who they are and their failings as a human being. You also tend to fixate irrationally on what could happen. But according to CNBC:

These exaggerated thoughts create stressful emotions. To minimize the negative impact of irrational worries you need to keep things in perspective.
Getty/ Clarissa Leahy

Seek assistance

Even those with decent levels of financial literacy may still experience anxiety when it comes to money. To help reduce the stress you feel about your finances, you might want to educate yourself in basic financial literacy. Once you get a fair grasp of how these things work, you will be more confident and better equipped to manage your finances.

Read more:

Here are some money-saving tips for pet owners

Doctor reveals blue light glasses are a money-making scam

McDonald's employees reveal the simple hacks to save money

Try optimising your mental health with 'mental hygiene' tips Try optimising your mental health with 'mental hygiene' tips