4 Things You Can Do To Conquer Money Anxiety
What is financial anxiety?
Financial anxiety, or money anxiety, is being in a constant state of unease with your money and expenses. Unfortunately, this fear is not uncommon as three in four Americans feel uneasy about their finances.
Thankfully, there are simple ways to help ease, and conquer, your financial nerves.
How to Conquer It
1. Make a budgeting plan.
I know, you’ve probably heard about budgeting so many times. I personally kept hearing the word over and over again, but I was never really told how to start. One way that’s worked best for me is setting a weekly/monthly budget. Let’s say you have $365 in the bank and you want at least $210 left before your next monthly paycheck. Subtract 210 from 365 and that’ll give you $155. Assume there are 5 weeks in every month and divide $155 by 5. This means your weekly budget for the month would be $31 to spend every week. Feel free to adjust this to as much or as little as you want!
2. Set aside savings every week.
It doesn’t have to be a lot. If you notice that you didn’t spend all of your weekly budget, then you can set aside at least $5 every week in your savings. Assuming you save $5 every week throughout the year, you would have $300 in your savings by the end of the year! You can always add more to your weekly savings if you’re able to!
3. Track money in the way that works for you.
For some people (including me), it’s difficult to keep track of how much you’re spending. There are a few ways that you can track money such as an app on your phone (budgeting or bank app), a financial tracker in a journal, or even just having money in ziplock bags with the expense written in Sharpie! Whatever way works best for you!
4. Take a breather.
Money will always be stressful (unless you’re a millionaire or billionaire). So, remember that it’s important to take a break from thinking about income and expenses whenever possible. Watch your favorite show or do your favorite activity, but step away from finances (and your bank) even if it’s only for a few minutes.
Remember: most things are easier said than done. Don’t give up if you slip out of budget for the first few weeks. Practice makes perfect and everything in life is a learning experience.
