Money Basics: Dealing With Financial Anxiety

Lesson 16: Dealing With Financial Anxiety


Dealing with financial anxiety

Financial anxiety is a feeling of worry, fear, or unease about your finances. It can be caused by a variety of different reasons, not just a lack of funds. Sometimes it's brought on by other forms of anxiety, like generalized anxiety disorder or math anxiety. It can also be caused by feeling unprepared or maybe just not understanding terms or numbers.

illustration of several images, including a smartphone displaying an overdrawn bank account, different types of anxiety, and different financial terms

The most common reaction to financial anxiety is avoidance. However, avoiding your finances instead of managing them can cause them to worsen, which in turn causes further anxiety. So how can you overcome and break this cycle?

Watch the video below for some tips on dealing with financial anxiety.

Make a plan

What is it about your finances that gives you anxiety? Is it lack of income? Too much debt? Or maybe you're secure now but you're worried about your future? Identify what you're worried about and lay out a plan. Sometimes having a plan in place can help to lessen your anxiety.

Increase your exposure to financial information

an illustration of a newspaper titled Money and a book titled Understanding Your Money

This one may seem difficult since avoidance is a common reaction to financial anxiety. However, simply reading finance articles or learning a few finance terms each day might help to ease your worries.

Think positive

The first step to overcoming something is to believe that you can actually overcome it. Negative thoughts and words only continue anxious thoughts and can even make them worse.

Acknowledge your anxiety in writing

an illustration of someone sitting at a desk writing in a notebook

Write about what exactly worries you along with when you tend to experience these feelings. The simple act of acknowledging this may be the first step to overcoming it.

Use relaxation techniques

All kinds of anxiety can have both physical and emotional symptoms. You can counteract these symptoms by using stress-reducing activities like yoga or meditation.

an illustration of a man doing yoga and meditating

If you're struggling with financial anxiety, know that you're not alone and you can overcome it.