Many of us can experience it, but we may not understand it. Financial anxiety is real and here the experts have shared some tips to help manage the money crisis in everyday life.
Spend too much money? Do you find it a bit difficult to manage your bank account? We have all been there. And yes, it does get stressful. In today’s society, financial anxiety is an all too common experience. Whether it’s mounting debt, unexpected expenses, or job security, financial stress can significantly affect your mental health and overall well-being. However, it is important to know that you do not have to deal with these problems alone. There are resources available to help you understand financial anxiety and find solutions that work best for you.
Anxiety and mental health problems do not have a particular solution. It is subjective and varies from person to person. Similarly, Nishant Joshi, Director of Strategy and Operations at LISSUN (a mental health and emotional wellness start-up) shared about managing financial stress in our daily lives.
1. Understand financial anxiety
Understanding financial anxiety requires recognizing its common symptoms and triggers. Financial anxiety manifests itself in a number of ways, including feelings of panic, worry, and stress. People who experience it may also have physical symptoms, such as headaches, stomach problems, and insomnia. Common triggers that can lead to financial stress include unemployment, unexpected expenses, financial mismanagement, and macroeconomic uncertainties.
2. Strategies to manage financial anxiety
Fortunately, there are plenty of practical strategies you can employ to effectively manage financial anxiety. The most common and effective of these is creating and sticking to a budget, which allows spending to be tracked and financial goals set, ultimately allowing you to take control of your finances and relieve stress. He can start his journey by exploring some common techniques shared by Finshots that will help you take a step-by-step approach to your financial planning.
Additionally, seeking financial advisory services can give you a superior understanding of your financial position and equip you with strategies to improve it. Leveraging the expertise of a financial planning specialist can yield considerable benefits in formulating a holistic financial roadmap that is consistent with your goals and aspirations. In addition, debt counseling can be essential in skillfully managing outstanding debt and designing a custom payment plan to fit your unique circumstances.
3. Find professional support
Sometimes financial apprehension can escalate to the point of requiring professional intervention. This can happen due to certain underlying emotional factors that we link to our finances and how we relate to money in general. In such cases, it may not be the actual financial considerations that are the key challenge, but rather how we view its impact on our lives. Psychotherapy can prove to be a valuable tool in addressing any underlying mental health issues that may be exacerbating financial anxiety. This could help you redefine your relationship with money and help you focus on maximizing fulfillment in your life. Besides,
4. Connect with others
Fostering connections with people experiencing comparable financial challenges can serve as a valuable source of support when dealing with financial anxiety. Participating in support groups or attending financial workshops presents an opportunity to exchange personal experiences and gain encouragement from others facing similar difficulties. In addition, actively participating in online communities can be a productive means of connecting with kindred spirits who can offer practical advice without judgment, facilitating the healthy process of regaining authority over your life. Remember, seeking support and assistance is a sign of strength, not weakness.
Published Date: May 9, 2023 1:37 PM IST
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