It's no secret that money trouble can cause stress. But for some people, financial issues lead to more than just feeling frazzled or overwhelmed - they trigger intense feelings of anxiety. This type of anxiety can be deeply distressing and interfere with daily functioning.
What is Anxiety?
Anxiety refers to excessive feelings of fear, dread, or unease in situations that most people consider harmless or only mildly stressful. While everyone feels nervous or anxious from time to time, true anxiety disorders cause irrational panic and exist even without real danger. The symptoms go beyond normal anxiousness into irrational panic attacks, constant worrying, sleep issues, and avoidance behaviors.
Some common symptoms of anxiety include:
What Causes Financial Anxiety?
Money is inherently stressful for most people. In today's complex world, few of us feel totally financially secure. Common financial stressors include:
For those predisposed to anxiety, these chronic financial stressors can be anxiety-provoking on an intense and consistent basis. Money may not literally be the root of all evil, but a lack of it certainly triggers legitimate fears about keeping food on the table and a roof overhead.
How Financial Anxiety Manifests
The manifestation of money-related anxiety differs between individuals. But common experiences include:
Left unchecked, financial anxiety can lead to poor decision making which exacerbates money struggles. It becomes a self-perpetuating cycle.
Coping Strategies for Financial Anxiety
If money stress is dragging you into an endless pit of anxiety, know that you aren't alone. Millions face the same financial fears and demons. Some helpful coping techniques include:
Take Inventory - List all income sources and expenses. An accurate grasp of finances quells the imagination's tendency to exaggerate.
Brainstorm Cuts - Can you trim any fat out of the budget? Downgrade phone or TV packages? Meal prep to save on food spending?
Increase Income - Can you sell unused items? Take on a side gig like rideshare driving? Ask for overtime or a raise at work? Apply for local utility assistance grants? Even a small boost makes a difference.
Lean on Others - Talk to trusted friends and family about money worries instead of hiding financial anxiety. They may help strategize solutions.
Practice Gratitude - When finances seem dire, remind yourself of blessings in other life areas - your health, loved ones, talents and skills, etc. Count blessings as antidote to catastrophic thinking.
Seek Treatment - If anxiety persists despite your best efforts, seek medical advice. A combination of therapy and medication may help intervene in ongoing stress responses.
Financial Anxiety is Treatable
Remember, intense anxiety over money matters is common but also treatable. You aren't weak or ridiculous for finding finances overwhelming at times. Be compassionate with yourself and realize that support exists.
With some planning, vision, resourcefulness and professional assistance if needed, you can eventually regain stable footing and some relief from money woes. Take things step by step rather than getting mired in the big picture. Just focus on constructive actions within your control, rather than dwelling on uncertainties.
While financial struggles may always cause some natural worry, having the right coping skills keeps anxiety from controlling your life. Don't allow money fears to rob you of inner peace or the present moment. With understanding and targeted help, the grip of financial anxiety can be broken.
