Overcoming Financial Anxiety Through Mindful Money Habits
"How do you overcome financial anxiety? It sounds like an impossible task."
In which case, you might be wondering how to overcome this pervasive disorder. As the saying goes, "where there is a will there is a way," and that's true. Financial anxiety can be overcome through practice of mindful money habits. Mindful money habits are centered on the mind-body connection, and have been scientifically proven to decrease the stress response in correlation with being more aware of your thoughts, feelings, actions and behaviors relating to money management. With practice in these mindful behaviors and deep awareness of your emotions will help reduce financial anxiety for many people. The following sites offer several helpful ways to stay financially fit: https://www.australian-experts.com/financial-planning/financial-habits/#home
Be Mindful of Your Punch Downs
Every time you make a purchase or incur a debt, you are making a decision in your life. You are making a decision about how to allocate your money, and may be subconsciously choosing to use that money for something that you really don't want or need. It's important to remember this when purchasing items like eating out or paying for vacations. Decide whether it is worth the cost versus the benefits that you'll receive from it. This is akin to putting on an unhealthy bandaid on a wound and can cause emotional harm in the long run if not addressed correctly.
Check your Values and Priorities
You could be a money saver but are you a value saver? If you are in debt, it's likely that your values have changed such as reducing your spending to the bare minimum to having fun and spending on the things that you really don't need. Prioritizing what is important to you is necessary for reducing financial anxiety because it will keep your emotions in check when making purchases. Knowing what is important to you will also increase your emotional resilience when facing financial adversities or challenges.
Be Grateful For Your Financial Achievements
This requires some reflection but it can help rewire how you perceive money. You may be surprised at how different you feel without all the "noise" created by money. You might be debt free and happier than you have ever been. It is worth it to make a "note to self" and reflect on what you've achieved through mindful money habits, especially when you return to old habits such as shopping for things that your mind doesn't really need or want.
Stay in Mindful-State for Your Money Needs
You are most likely more aware of your own thoughts when making purchases because you are more mindful of your own feelings. Make sure to spend time being mindful of yourself when applying for a loan or making a purchase. You'll be able to make better choices and feel more comfortable with the end result. You'll also be able to avoid making purchases based on emotions or irrational fears.
Stick to Budgeted Amounts
Budgeting is a big step in reducing financial anxiety. You will become more mindful of your spending and will feel more comfortable avoiding spending on things that do not bring you happiness and joy. It's better to plan going out this week when you won't have enough for the next month's bills than to "wing it" and go out when you don't have enough money for the next few weeks. Ending up with less money is better than depleting all of your savings with one big expense. This will keep you from a "snowball" of debt and will enable you to keep saving money for whatever goals you have.
Highlight What You Have Done Right When You Don't Feel Good
When dealing with financial anxiety, it's important to remember that the bad times don't last forever. You will be more mindful of what you have done right when you endured the bad times because in your mind, getting through something like that makes you stronger. Even if it seems like it is a setback, learn from it and know that you can bounce back from almost anything if you are prepared, arise refreshed and determined.
This will help you gain more control over your emotions and gain more confidence in yourself and your abilities to be successful.
What are some other ways to overcome financial anxiety? Please leave a comment below.
Author: Peter Andrew is a blogger and freelance writer specializing in personal finance, business, and careers. His blog gives tips on how to overcome financial anxiety and how to get out of debt through the use of methods that have been proven effective by experts around the globe. He was once a victim of debt due to his own poor money-management skills. Now, he has learned many lessons in handling his finances after seeking advice from numerous sources such as Debt Management Plan and Money Mentor . He does not accept any compensation for his work and just shares the knowledge he has obtained with other readers to help them save money.
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Filed Under: Articles, Blogs, Mindfulness, Personal Finance, Personal Development, Psychology • Tagged: Mindful Money Habits, Wealth Building Tips by Peter Andrew , Updated: May 12th
Posted in: Uncategorized • Tagged as: Articles *"We're dedicated to helping people improve their personal finances. We're working on a massive overhaul of the site right now that will make everything more self-explanatory. In the meantime, you can connect with us on Twitter and Facebook."* — Alyssa Coutinho , Founder.
In a world where family is so precious to us, it seems like a terrible idea to spend money on things that will quickly become barely used or tossed aside. But of course, we do it anyway. We buy things like wallpaper or little knick-knacks because "we know we'll want them next year." It all comes down to the sunk cost fallacy which is not only a flawed way of thinking but also has some very serious consequences for our financial future. Read more... *"We're dedicated to helping people improve their personal finances. We're working on a massive overhaul of the site right now that will make everything more self-explanatory. In the meantime, you can connect with us on Twitter and Facebook."* — Alyssa Coutinho , Founder.
When we were kids, did you ever think about what your parents did to manage their money? I didn't. Of course, when I was young and asked for something that my parents could not afford to buy me, they would say something like "We don't have the money to buy that" or "You can save up for it". It was hard saving my pennies because my allowance wasn't much but it gave me a sense of purpose. I was able to earn my first big-girl toy and that made me feel pretty grown up. I still have the toy, though it's been retired for a while. It's in a box of keepsakes for nostalgic reasons but I still remember how that one little lesson in saving money opened my eyes to the idea of having financial independence.
*"We're dedicated to helping people improve their personal finances. We're working on a massive overhaul of the site right now that will make everything more self-explanatory. In the meantime, you can connect with us on Twitter and Facebook."* — Alyssa Coutinho , Founder.
My wife and I have always been very open about our finances.
Conclusion: Our Marriage Is Sustainable
In our marriage, we have worked hard to keep our finances and marriage as separate as possible. We paid all of the bills for the first year of our marriage and did not let finances become a bone of contention. When she has an idea on how to spend (or save) money, I let it go, but do not allow her to make plans or "save it for later" so that we don't always have a scarcity mentality or concern about money. We work hard at keeping this relationship balanced because both our lives would be severely impacted by an unhealthy one. Read more... *"We're dedicated to helping people improve their personal finances.