We wonder if you are feeling this, too — anxiety about money. It’s all over the news and probably also hits close to home, as financial markets change and prices rise.
Know that this is something that many of us are experiencing and that for some it can be debilitating. Money anxiety is something that shouldn’t be ignored or thought of as trivial. It’s a very real problem for some people.
We want to share some great advice we’ve seen on financial anxiety, including what causes it and how to identify it as well as ways to help you cope with the rising tide of debt and expenses. We hope that it helps in some way to better manage your money.
Real-world results from financial anxiety
Debt is a factor in feeling money anxiety as a condition. According to the Healthline website, missing payments is a possible anxiety inducer, as is a high rate of debt growth and realizing that you may owe a high rate of interest. Other factors that can contribute to anxiety about money are the way you were raised, especially if you lived in a household with a low or precarious income. Rising expenses are also a big factor, as global inflation drives up prices in Canada as well as other locales.
There are also some clear symptoms of money anxiety that you should be aware of. Some of them include:
- Physical pains, such as headaches or stomach concerns
- Analysis paralysis, when thinking about a situation can lead to no progress to solve it
- Lack of a work-life balance
- Sleeplessness
- Procrastination when it comes to daily concerns such as paying bills
Ways to help with money issues
Tackling the concerns you may have related to money is something that does take planning, but the solutions are simple to implement. “You,” the name of a health news and advice website, had some great ideas on how to feel more in control of your spending and finances.
Put “money time” on your schedule
Pick a day or time of the month to check your finances. This way, you aren’t either checking in incessantly or ignoring them completely.
Get your goals together
Write out what your goals are concerning finances and then work toward reaching those goals, however incrementally. Taking care of these will help boost confidence.
Start with specifics
Look closely at where you may be having a potential issue with money and see if you can solve it. Some good examples of this can be worries about your income or excess fees or interest.
Be open to talking about it
Professionals can certainly help you with financial planning, but close friends or family can also be great resources. It’s a great pressure release and can give you some fresh ideas on how to solve these issues.
Solutions with empathy and understanding
Knowing that you may be experiencing anxiety at the prospect of clearing debt is something that should be top-of-mind for any type of business. With inflation and other worries at the forefront, having a business step into your shoes to understand your situation with debt can be a great relief. It’s also a chance for that business to do the right thing with all of its customer bases, making compassion a part of their business.
At ARO, we’ve made it our goal to bring empathy to all of our touchpoints with debt collection. Find out more about what we have to offer on our website.
