Updated: Apr 22
If you are someone who feels a little anxious when it comes to your personal finances, you are not alone. You may be surprised to learn that, majority of Americans have less than one month’s income saved for a rainy day and the other majority have no idea their credit score is the most important factor for applying for a mortgage, car loan and new credit card. Knowing that many Americans are faced with money concerns that can leave anyone feeling uncertain or uncomfortable about the financial future, here is eight steps to overcoming your financial anxieties:
1) Admit there is a Problem | One of the best ways to tackle your anxiety is to first acknowledge that you have it and work to determine why!
2) Think About Your Money Scripts | What is your core belief about money?
3) Talk to Someone | I have said it before, and I’ll say it again. Most people would rather share the number of people they have been intimate with then tell you the balance of their bank account. Talking about money is important.
4) Do not Keep Money Secrets | Do you hide receipts from your spouse or keep a credit card or bank about he/she does not know about?
5) Create Goals | One of the best ways to conquer your financial anxiety is to create goals that put you in the driver’s seat of your financial life.
6) Set a Plan and Increase Your Knowledge | You cannot know what you do not know and feeling like you may be operating in the dark on certain matters can cause worry.
7) Stop Comparing | Comparison really is the thief of all joy, the breeder of discontentment. When you look to the lives of others, rarely do you see the entire financial picture. What you see is what people want you to see and looks can be deceiving.
8) Do the Work | Taking control of your finances is the secret to overcome any of your money anxiety? It can be fun, but you also need to be prepared to do the work – because it takes effort.
By Mary Beth Storjohann