Money Monday: Dealing With Financial Anxiety

In this week’s Money Monday, we’re discussing something that everybody deals with at one point or another - financial anxiety. With the financial pressure that the pandemic has created for many people, it’s no surprise managing a strict budget is proving to be difficult. But, that doesn't mean you have to stay stuck in your financial rut. It may be easier said than done, but before you can take any further steps breathe in, breathe out, and know you are in full control, even if it doesn’t always feel that way. We’ve listed three ways to relieve your financial anxiety that will put you on the financial path that works for you!

Realign to Your Budget

Reevaluating your budget should be a task that you complete every month. Not only does it give you a better sense of where you are financially, but it allows you to readjust any budgets that haven’t been working for you lately. But, the most important step of this review process is realigning yourself with your budget. It will keep you from overspending and determining which portions of your budget are the most important to you. Repeat this check-in more than once a month if you feel it’s necessary.

Ask Questions

The biggest setbacks are always created by financial shame. Stop comparing your financial situation to anyone else’s and figure out what path will work best for you. This means not being afraid to ask questions and educate yourself about finances and savings options. If you’re able, seek out a financial adviser, research online, or simply talk to a friend or your partner to help work out what steps you need to take to be financially stable.

Add to an Emergency Fund

If what’s stressing you out the most is the fear of the unknown, like the sudden loss of a job or a rent increase, the best way to curb your financial anxiety is to continuously add to an emergency fund. Add to your emergency fund at least once a month where you contribute as much as you’re able, whether that’s $20 or $100, with a monetary goal in mind, such as acquiring three months of rent or a total of $1,500. This will give you a sense of security once you can meet your goal.