Here's How To Fight Your Money Anxiety | Refresh Financial

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Here’s How To Fight Your Money Anxiety

 Money Anxiety

Anxiety is the worst. It sneaks up on you and can have the power to render you useless. It can get in the way of your productivity and happiness and your overall health. Unfortunately, personal finances are one of the biggest causes of anxiety today. People lay in bed worrying about bounced checks, missed payments, and what might be on their credit report. Thankfully, there are many practical things we can do to combat this fear. Here's how to fight your money anxiety!

Stop and focus on your surrounding

- Pull your mind off of your finances for a quick second. Focus on that smell, that sound you hear or a color you can see. Bring your mind back to the present so you can focus on what you have to do right now., Stop wasting time worrying about mistakes you may have made or how things might turn out in the future.

Face your fears

- If just thinking about your money situation fills you with dread, force yourself to confront it. The fastest way to overcome a fear of any kind is exposure. So, look at your bank account every day. Sign up for Credit Karma so you can see what's on your credit report and review your credit card statements each afternoon. The more you do this, the less it will scare you. There's also a bonus side-effect: seeing this information every single day shows you what's wrong. It's hard to look at it day in and day out and not eventually start to make changes for the better.

Create a budget

- Taking any step toward tackling your money worries and a budget is the best first step. Just completing your budget will give you a sense of accomplishment and combat those feelings of anxiety.

Start saving an emergency fund

- An emergency fund will help alleviate stress and worry about the future because you'll be prepared for those 'what-if' moments. Moments like losing your job, getting injured, if your car dies or your dog needs surgery. With an emergency fund behind you, you'll be well equipped for the unexpected and have peace of mind moving forward

Create a plan to pay down your debts

- Overwhelming debt is the primary cause for financial worry, so get serious about paying it down! Find areas you can start cutting back on and start putting more money towards debts you owe. If you feel that your debt is more serious than that, consider seeing a credit counselor and discover what your options are.

Improve your credit score

- There are different ways to rebuild a damaged credit score. A secured savings loan or secured credit card are two of the most popular methods of rebuilding that will skyrocket your score. Find out more here.

Talk to someone you trust

- Sometimes just hearing yourself talk about what worries you most is enough to ease your anxiety. Anxiety is never easy to deal with, but these pointers should help you knock some power out of it.

What are some of your money anxiety coping methods? Let us know in the comments!

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