Going Through Financial Anxiety? Here Are The Ways To Curb It!

To start curbing your financial anxiety, identify what’s causing your stress in the first place. Here are three examples of things that cause economic anxiety and ways to address each one, according to CNBC.com.

Source: Twitter

A Lack Of Personal Finance Education

If much of your anxiety comes from not having learned financial literacy, your first step is to educate yourself — and know that you certainly aren’t alone. Personal finance education courses are often left out of our schooling and are not a requirement until high school, depending on the state you live in.

Blackwell suggests that those in this common scenario begin to learn about the fundamentals of things like budgeting and saving for the future so that they can feel a bit more in control. Today, there are tons of free resources that you can tap into to learn more about money management, whether it’s through books, podcasts, newsletters or online articles.

Money Confidential, a podcast hosted by Real Simple, covers some common questions people beginning their financial journeys often need answers to. So Money, another podcast hosted by financial expert Farnoosh Torabi, spends a lot of time on various topics — like how to earn more Money, when housing prices will cool down and how to create a solid investment portfolio. The show’s host also chats with experts in the field who can offer answers to all these questions and more.

A Money Misstep

If your financial anxiety stems from a money mistake you once made, try to avoid harping on what’s already done and instead look forward to fixing it.

The first step is not to beat yourself up. Don’t dwell on the past because being mad about how much you spent on your credit card last month, for example, won’t get you out of debt any faster.

Your Childhood Beliefs About Money

It’s sometimes not so easy at first to see how our financial habits and values today are a big result of how we were raised to think about Money. But if you aren’t sure what is causing your economic anxiety, it’s worth taking a trip down memory lane to see how your childhood plays a part in how you handle finances today.

Consider opening high-yield savings account for your emergency fund needs, like the Ally Online Savings Account or the Marcus by Goldman Sachs Online Savings Account. This way, you can earn slightly higher amounts of interest and grow your balance just a little quicker.

Posted on