Overcome Anxiety by Looking at Finances

You're standing at the check-out at the grocery store, debit card in hand.  As you enter the PIN number, you have a moment of panic as you realize that your student loan payment was deducted from your account early today and you can't remember if there will be enough money in the bank for the groceries.  This reminds you of the number of years left to pay on your student loans, which also reminds you of the money you're trying to sock away for your kid's tuition, so they won't be in the same boat, but how that keeps you from saving for retirement.  Before you know it, you've reached panic mode, and all you really wanted to do was grab stuff for dinner.  So, ladies, let's talk about how to overcome anxiety by looking at finances!

We've come a long way, baby, but for many women, views on money and finances tend to be a bit dated. If married, and especially if a woman's primary roles are as caregiver in the home, many women think of household budgeting to be a "man's responsibility". If you're married and your household has one income, you might be aware of the family's budget, but not so intentional about setting money aside for retirement. Overcome anxiety by looking at finances with your partner. Be intentional about earmarking money for your retirement.  And, quite bluntly, as more than half of all marriages end in divorce, make sure you know where the household money is going, account balances, debt, and maintain a healthy credit score for yourself.If you're not married, you likely are more aware of your finances because you're paying all of the bills, but take a look at exactly where your money is going. Numbers aren't everyone's forte, but you can overcome anxiety by looking at finances with the help of a friend who is knowledgeable about money, an accountant, or a financial advisor.

Overcome Anxiety by Looking at Finances in These Areas:

Make a budget -

This is the most important starting point.  Know what money is coming in and what money is going out.  Prioritize where your spending goes that will be most beneficial for you and set you up for success financially (and emotionally!).  We tend to not take a look at things that are uncomfortable, but not looking at your finances doesn't make them go away.  It just makes you more anxious about them!

Invest in retirement

Americans are doing a poor job in making sure we're financially secure for during our senior years.  The earlier you start thinking about retirement, the less painful putting aside money will be and the greater likelihood you'll have of being comfortable during retirement.

Save for a rainy day

Life happens, and when it does, we can roll with the punches much easier when we have a bit of a financial buffer.

Get help!

Stop expecting yourself to be an expert in everything!  Get help getting a better understanding of your money.

Last but not least

Recognize that you could benefit from getting support for the emotional side of money anxiety.  So much of it can stem from our own feelings and stories that we've gathered about our own worthiness. I once had a therapist challenge my comment that I couldn't afford a medication my doctor had prescribed by pointing out that I wouldn't hesitate to figure out the finances if it was one of my kids. That was a game changer for me!

So contact us for support in your journey to financial freedom. We can help you identify clear goals and give you tools so that money no longer has such an emotional grip on you. Our therapists, Alina and Yiara are skilled guides to help you move from overwhelmed to connected.  Schedule a free consultation to see how they can help!