Five Ways to Manage Financial Anxiety Amid Economic Uncertainty
With our current economic condition, it’s only natural to feel anxious about your finances. When your financial anxiety gets out of hand, this can cause harm in all areas of your life. Follow these suggestions to help you cope:
1. Identify the triggering factors
First, you need to understand the root of the problem. Ask yourself and list down all things that make you worried about your finances. Is it your day-to-day money management? Debt? Insufficient income? Once you’ve listed them down, it’s time to create an action plan.
2. Start putting together a plan
One great way to help lessen your money worries is creating a monthly budget plan. By doing this, you have an idea of where your money goes. This is also an opportunity to allocate a percentage of your income towards your emergency fund.
3. Slowly educate yourself about money
As you get busy working on your budget plan and emergency fund, it’s also important to take learning other financial topics like building credit, 401(K), etc. There are many free financial resources available on the internet. CCCU has a many to offer including - The Perfect Bite podcast and Banzai.
4. Find your safe space
Having a conversation with the people you’re comfortable with is a great thing to do for yourself and your mental health. Sharing what you’re going through within your inner circle will help clear your head and find assurance that you’re not going through financial anxiety alone.
5. Seek professional help
Another way to help you cope with your anxiety is by talking to a financial advisor. A financial advisor will help you reach your goals and offer tools that are suited to your needs. Many organizations offer free initial consultations to ensure they’re a good fit before you work with them.
When you take control of your finances you’re building a healthy relationship with your money. CCCU is always here to give support and offer financial coaching to our members who need financial guidance.
Call us at 702-228-2228 to help you get on the right track.