Learn how to manage financial stress and anxiety

First thing first it’s totally normal to feel stress or anxiety regarding your finances.Financial stress is a common aspect of modern life, but it doesn’t have to control your well-being.
In today’s article we will explore ways to manage and lessen these unwanted stress and anxiety.

Be honest with your situation

The first key to learn how to manage stress and anxiety is to know the source of it to find solutions that will work for you.

1. Write down all of your money stressors

Few common examples:
– Not being able to pay your bills on time
– You don’t have money for emergency expenses
– You lost your job

2. Determine your income and expenses

Make a detailed list of all your incomes and expenses (fixed expenses & variable expenses)
Knowing exactly how much you earn and how much you spend and where your money goes is primordial to identify areas where you can do adjustments.

Take action to overcome your problems

1. Create a financial plan

Once you are clear with your situation, take some time to create a financial plan or budget. Creating a realistic plan will help you reduce stress but also help you address your concern and save up for your goals.

2. Start an emergency fund

Building an emergency fund for unexpected events is a must for financial stability. Ideally your emergency fund should be worth three to six months of living expenses.

If you find it complicated to remind yourself to move money to your emergency fund..automatisation is for you. This way you won’t have to think about how much you should move and when. You set it once, adjust it if needed and you are done

3. Increase your income

Consider asking for a raise at work or if you have a passion you might want to consider starting a side hustle to earn extra income. There are plenty of side hustles you can do in your spare time to boost your finances. 

Finding the right way to increase your income depends on your preferences, your lifestyle and other factors.

Here’s a short list of side hustles you can try: Side hustle ideas to increase your incomes

4. Educate yourself

Taking the time to learn about money, finance is a great way to make better financial decisions and to reduce your stress and anxiety. Unlimited online resources, books and courses are available to enhance your financial knowledge.
The more you educate yourself, the more you will learn how to take control of your money.

Seek help and talk about your concerns

Keeping everything to yourself can cause even more stress.Talking about your concern to a trusted friend, a psychologist or a professional financial advisor for support and guidance is a sign of strength. You don’t have to go through financial challenges alone.