5 Steps For Coping With Money Anxiety

Mental health conditions are already heightened given the current circumstances. Money might be at the top of your list. Money anxiety can affect anyone it doesn’t just affect one type of person in one type of circumstance. According to Restless, one in five adults in the UK say that: “Money is one of the greatest contributors to anxiety”. With all that’s going on in the world with pandemics, furloughs and redundancies that figure is not surprising. Here at Smart Girl Tribe we want to help you feel better about any money woes that you have.

Take control

The next year for many industries will most likely be quite unpredictable so it is important to remember that you still have control over your life and situation. Think about things logically. Think about how much you have in current accounts and savings. Then think about the money commitments that you have e.g. gym memberships, online streaming sites, takeaways, etc and think about whether you need to have these financial commitments or not. Decide what is necessity (need) and what are the extra things that you have in your life (wants.) If you have been furloughed, then the wage that you are receiving needs to be saved and spent on things appropriately and if you have been made redundant think about your current bank accounts and how you’re going to move forward.

Stop comparing your situation to others

Friends and family are in different positions than you. You will never have the same financial situation as someone else, so stop comparing situations that are incomparable. Remove yourself from situations where you actively compare yourself to others whether that is within a social situation or on social media. Why put yourself through that? Be kind to yourself and know that you are taking the necessary steps to resolving your money anxiety.

Don’t shame yourself

This situation that you have found yourself in is not your fault. There was no way that you were going to predict this pandemic and what was going to become of it. These negatives feelings and thoughts are only going to fuel your anxiety so try to put pen to paper and write them down.

Educate yourself

The government has put a scheme in place to help people in difficult situations, from furlough to mortgage holidays. If you are in desperate need of support, things are available to you. There is a lot of stigma around money and women so make sure you are researching your situation and check out online services such as The Money Advice Service.

Give yourself a break

Put your mental health first. Ensure that all the things that you’re doing to help any ongoing anxieties are still a priority. You cannot change the circumstances within this pandemic, and you will not be able to predict what is going to happen next. So get your ducks in a row and be as prepared as possible.

Remember to talk to someone if you’re feeling completely overwhelmed by the situation. Smart Girl Tribe is here to help. Get in contact with us if you have any other ways to help with coping with money anxiety.

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