Zahrat Al Khaleej – Jordan
Although people are worried about the difficult economic conditions the world is going through these days, these persistent feelings about money can leave you exhausted, to say the least. Over time, it can also contribute to serious mental health concerns, including depression and chronic anxiety.
It may take time to solve long-term financial challenges, but you do not have to overcome your fears on your own. A financial advisor can provide more guidance with numbers, while a therapist can help you find helpful self-care strategies and techniques to manage anxiety and stress.
If you have been worrying about money lately, you are definitely not alone, as money anxiety or financial anxiety is more common than ever.
In the survey, conducted in America for the year 2022, by the American Psychological Association, 87% of people who responded to the study stated that inflation is a source of significant stress; Rising prices for everything from fuel to food have worried people from all backgrounds. In fact, no other problem has caused so much stress, the researchers say, since the survey began in 2007.
And when money and financial worries put constant stress in your life, you may eventually start to feel some feelings of anxiety as a result. This anxiety can in turn have a negative impact on your quality of life. You can not always fix the condition of your bank account as you wish and eliminate stress directly, but you can take steps to manage money anxiety.
What are the signs of money anxiety?
Money laundering occurs mainly when you are worried about your income, or you fear that something bad will happen to your money. In other words, it is an emotional response to your financial situation.
But worrying about money does not necessarily mean that you do not have money at all. You can make an income that you consider pretty decent and still worry about your money, or worry about losing all your savings to an unexpected medical bill, or other large expenses. You may pay all your current bills easily, but you still can not put the stress of feeling uncomfortable having to save more for your retirement.
There are a few signs that you may have money anxiety:
Pain and cramps: You may get a headache or an upset stomach if you look at your bank account.
Avoidance: Your bills may lie on the counter for weeks because you can not afford to pay those bills.
Paralysis analysis: Difficult to make even simple decisions about what to buy, as you can take long breaks to review the cost of different options.
There is no work-life balance: You may feel that you need to dedicate every waking hour to work to feel at ease.
extreme hardness: You plan your budget very strictly, and you get upset when you have to make small changes.
herkou You probably can not stop thinking about your investments, your bank account and checking the stock market several times a day, in bed, at work or while doing shopping.
Sleep problems: You may be lying awake at night wondering about things like your next unexpected expenses or whether you will be able to retire.
Where does the money worry come from?
Financial anxiety stems from uncertainty about what the future holds. It’s a fear that you will not have the resources to meet your needs, or the challenges that lie ahead.
You are more likely to feel stressed or anxious about money if you:
History of excommunication: Poverty can be painful, if you have never had food or housing, it goes without saying that you may feel the urge to protect your finances, and you can do your best to save money, just in case you need it later.
When you experience financial setbacks: Your mind can more easily stick to a worst case scenario because you have already lived through one.
This trauma can span generations: If your parents live in poverty, they may emphasize the importance of making and saving money, and they may place high expectations on your shoulders to reach a certain level of wealth for your family.
Low or uncertain income: You are more likely to worry about money; If you do not have much of it, because low income makes you more vulnerable to unrest.
If you live month after month and wait for your salary: You may not have a savings account or home ownership that you can refer to in an emergency. A slight delay in receiving your salary may prevent you from buying dinner on the last few evenings of the month, or pouring enough petrol into your car to go to work, which of course only leads to a further decrease.
Expenditure increase: In many places, life has become much more expensive, and for many people, this increase has not kept pace with an increase in wages. Money that you thought was enough to meet your needs no longer has the purchasing power it once had. As the earth shifts beneath you, you may wonder how to keep up with future changes.
Debt: Debt is a unique type of expense because, unlike purchases, you rarely have a choice but to pay it off. And if you do not make your payments regularly, interest can accrue, and your amount due can grow at an incredibly rapid rate. And as your debt grows, you may feel that you will never get out of it.
How can money anxiety affect you?
Financial anxiety can make it difficult to live your life to the fullest. It can also be a factor in mental health and emotional concern, including:
Anxiety often makes you feel upset or resentful. When you are worried about paying the bills, you may find yourself in frequent arguments with loved ones who apparently do not take the situation as seriously as you do, and conflict may become more likely if you and your family avoid talking about money until you absolutely must.
lack of sleep
Worrying about money can easily get in the way of restful sleep. Worries about bills, unplanned expenses or other financial worries can keep you awake long after bedtime. So when the morning dawns, you may find it harder to wake up and face the day.
Over time, insufficient sleep can have a significant impact on your health, memory and mood. It can also increase your risk of developing health problems, such as heart disease, high blood pressure, diabetes, worsening anxiety and depression.
Accumulation disorder involves a desire to collect unnecessary goods and an inability to dispose of goods. While a number of factors may contribute to this mental health condition, financial anxiety can lead to accumulation in some cases, for example:
Keep food long after its expiration date.
Keep used tissues.
Keep every bag or box you get, even if you do not have a place to store them all.
Recycling can definitely be beneficial. There is also nothing wrong with storing stuff you may need for later. But at some point, it becomes necessary to get rid of some things. Otherwise you could end up in a cramped and unsafe living space.
How to deal with money anxiety?
When you have persistent financial worries, your first instinct can lead you to push those thoughts down and ignore the problem. But avoiding your fears will not make them go away. These strategies can help you address your anxiety and the underlying financial issues it causes:
Strategies to calm your mind:
It is difficult (accurate) to calculate income and expenses when your mind is running at the speed of miles per minute. If you find it difficult to focus, try a 10-minute break. To discourage yourself and improve your mood and focus:
Walk around the building or jump with cranes.
Listen to music.
Try some breathing exercises.
Try a short meditation.
Once your mood breaks even again, you may find it easier to look at your bank statements with a clear mind.
Create a detailed budget:
Plan your budget carefully and set spending rates that you do not exceed. According to a 2022 study, planning was most effective for workers in the strategies used to reduce money-related stress.
Also read: How to become an emotionally intelligent person?
Read the fine details:
Financial contracts can sometimes seem a little intimidating, especially if you do not have a background in business management. So you can also hire an accountant or financial expert to help explain the confusing language.
Seek social support:
Many people hide their financial problems because they feel ashamed, or blame themselves for their situation. But many people find it difficult with money, often without their own debt.
Also keep in mind that anyone can be worried about money or have financial worries, even the people in your circle who wear expensive clothes and have prestigious jobs.
Problems, of any kind, tend to be less frightening when you face them as a group. Turning to friends and loved ones, or members of a support group, gives you the opportunity to: express your fears and concerns, brainstorm solutions and receive a helping hand – and give.
You could also consider joining a mutual help group and exploring the resources available in your community.
How do you get professional help?
When worries about money cause lasting distress and start penetrating into your daily life, supporting a mental health professional can make the difference.
Even if your budget is limited, you still have affordable treatment options. Many therapists offer layered fees so that people who cannot afford treatment can access support.
A therapist can help you:
Process past trauma over money or denial.
Practice strategies to communicate with your partner or family about money in a healthy and respectful way.
Examining distorted thought patterns, such as: I need to get salary X, or I’m a failure.
Shame and guilt over past mistakes or financial problems.
You may want to consider contacting a financial advisor who can provide further guidance to improve your financial health.
A financial advisor can help you:
Explore more effective ways to pay off debt.
Complete application forms for public assistance benefits.
Learn and practice money management skills.
Learn more about other general finance information.