3 Ways To Ease Financial Anxiety
I don’t care what the figures say, people are worried about money. I work as a musician, and entertainment is generally quite close to the front line when people cut back on spending and start worrying about their finances. And if personal experience is anything to go by, people are fairly concerned. It’s hard, in financial times like this, to not start getting anxious about your finances. You might have to delay some plans by a couple of years due to a slower economy, or your small business might take a bit of a hit. Parts of life you thought of as expected, like eating out or new clothes, might have to hit the backburner for a while. So if dollars and cents are dancing across your eyelids late at night, here are three ways to decompress.
Don’t Count Every Cent
An unusual suggestion, but one I picked up from CNN. For some people,a detailed budget allows them to feel in control of their budget. They know exactly where all the money is, and can follow their progress in minute detail. For other people, the constant checking and rechecking might actually be counter-productive if it’s causing them to lose all their motivation or makes them feel that they will be losing a lot of their quality of life. If you are of that personality type, look at setting up direct debits for all your bills, and savings goals. If you set up deductions for your bills, debt repayments, superannuation and savings, you won’t have to fixate on the ins and outs of your dollar trail. You’ll pay all your bills on time, you’ll continue to achieve with your savings goals and you anything left over is yours to spend at will. And chances are, the less you stress about money, the less likely you are to splurge or emotionally spend, being able to view money in a more rational light.
Worry Time
They say that when you break up with someone, it’s a good idea to allocate yourself some time to think about it every day and stick to it. It’s the same with your finances- human beings can be prone to a worrying spiral, where we become absorbed with all our financial problems and eventually become unable to deal with them calmly. So, instead, sit down and write down all your financial anxieties. After 15 minutes of swearing or storming the room, staring balefully at the dreaded piece of paper, put it away. After all, you’ll have 15 minutes to worry about it tomorrow. Research shows people tend to worry less using this strategy. It compartmentalises your concerns, so you are able to function normally. Anxiety can be a massive hindrance when attempting to get on top of an issue, like finances, so you’re likely to make better decisions when you can think rationally about it.
Write A Cheque
Fascinatingly, a study at the University of British Columbia found that people who donate have lowered stress hormones. So, think about donating a bit of money or helping someone out. It’s all very Zen really. But there certainly is something in it. Ever noticed how different the world can be when you stop your usual negative reaction and react positively? All of a sudden, it’s like a different place. You can’t change everything, but approaching things positively does often seem to have a chain reaction effect. So give something away- you’ll feel better about yourself and better about your finances.
Related Posts
