Anxiety about money can show up in a variety of forms. When it comes to money management, we confront a variety of stressors every month, such as unexpected auto repairs and medical costs, as well as budgeting our wages to keep up with rising grocery prices, according to CNBC.com.
However, financial anxiety entails more than simply being concerned about our bank balance. Anxiety about money can manifest itself in a variety of ways, and it can even lead to health issues such as high blood pressure in some situations. It can even become debilitating, making it impossible to get through our days when it comes to money.
This article can help you if you’re worried about your finances more than usual. We’ll go through several types of financial concerns and how they emerge, as well as how to deal with them.
What Is Financial Anxiety?
“Financial anxiety is much more than just being concerned about reviewing your budget or just finances,” says Corbin Blackwell, a Betterment CFP.
Although the act of worrying about not having enough funds leads to one form of financial anxiety, Blackwell wants people to know that this isn’t the only reason. When you worry over conserving every single dollar, become highly aware of where your money is going, or picture situations in which you lose all of your money, you may be experiencing financial anxiety. All of these scenarios affecting your finances might generate anxiety or stress, keeping you up at night or disrupting your daily routine.
Causes Of Concern On Financial Situation
According to Blackwell, a range of variables might contribute to financial worry. A potential job loss, a financial misstep, a lack of personal finance understanding, or your early beliefs on money are just a few of the possibilities.
There has been numerous research on the impact of your family on your financial connection. As a result, it can trigger a chain reaction in society’s money attitudes. You may have developed insecurity and fear of debt as an adult if you grew up watching your parents go deeper into debt to pay for basics or struggle financially.
Paying for unexpected expenses and big-ticket items may cause you to be too cautious with your spending because you’re worried about not being able to meet other obligations. Furthermore, severe financial stress relating to your salary is common, especially as the cost of living rises.