7 Effective Techniques to Ease Financial Stress

Does thinking about money make you anxious? Are you worried about whether or not you’ll be able to retire – or even pay your bills next month?

If so, you’re not alone. Money is a really common source of stress, especially for women.

About 60% of women report feeling stressed about their finances once a week and more than 40% actively worry about money once a day.

Those are heartbreaking statistics for me. I don’t want money to be a source of stress for you; I want it to give you a sense of security. I want you to use it to live the life of your dreams.

Today, I’m going to give you 7 helpful tips to calm your money worries so you can stop stressing and start using money to enjoy your life.

7 Techniques to Ease Financial Stress

1) Identity the source of your money worries

There could be a lot of different reasons why you worry about money.

Maybe you didn’t have much growing up and your parents’ fear of not having enough was passed on to you. Maybe you have inconsistent monthly income or know you’re not making enough to get by right now. Maybe you have debt or are going through a life change that’s putting financial strain on you.

Whatever the root of your fear is, it’s important to understand it before you can move forward.

2) Understand your full financial picture

Our fears aren’t always rooted in reality. Maybe in your mind, your debt is this insurmountable mountain, but in reality, it isn’t that bad. Or you’re convinced that you’ll never retire when actually you’ve built up a decent nest egg.

Even if you do have reasons to worry, understanding the full picture of your financial reality will help you understand where you should focus your attention or what needs to change.

So start writing things down - write down the total amount of your debt, how much you currently have in savings, or what bills you need to pay - whatever is making you worry, get it down on paper.  Getting things out of your head and onto paper always helps me feel less worried.

3) Set specific financial goals

Set goals to make sure you’re making financial progress and taking measurable steps to living the life that you want. Make these as specific as possible. For example:

• Pay off $3,000 of credit card debt by the end of the year
• Save $10,000 in my down payment fund this year so we can move towards buying a house in the next 3 years
• Save and invest an extra $200 next month
• Send an email to everyone I know announcing the launch of my side business next week
• Apply to at least 4 jobs this weekend that pay at least $40 / hour

If you want tips for how to set realistic goals that will propel you closer to your dream life, we have an article on how to do that. But here are some quick tips:

• Make sure your goals align with your core values and long-term vision
• Make your goals specific, measurable, and give yourself a deadline
• Write your goals down and regularly review them or put them somewhere you’ll see them frequently
• Create a plan

4) Make a plan

Now that you know where you are AND where you want to be, it’s time to map out how you’re going to get there.

Take some time to figure out what steps will help you get to the next level financially. For instance, if your goal is to save and invest an extra $200 next month, make a plan for exactly how you’re going to do that. Are there expenses you plan to eliminate to find an extra $200? Is there an article you can read to learn how to get started in investing? (Hint hint, I think there are a few.)

Or maybe your goal is to pay off debt, if so, list out the exact steps you’re going to take to be able to do that.

If you’re struggling to figure out the best steps to achieve your goals, then you may want to employ tip #5…

5) Invest in your financial education

How would you rate your current financial literacy?

Before you can make financial progress, you need a certain amount of financial knowledge. Otherwise, it’s like trying to fix your car when you don’t even know the difference between an alternator and a muffler.

And, of course, you can spend hours, weeks, even months, studying at the University of Google, but the easier and more efficient approach is to invest in a financial course, like Million Dollar Year or Intentional Investing.

In our programs, we give you detailed instructions step-by-step plans and systems to help you figure out your next best move so that you can achieve your financial goals faster than you thought possible.

After all, time is your most valuable asset. The sooner you start paying off debt and growing your money intelligently, the more financial wellness you can enjoy.

6) Surround yourself with a supportive community

Having a loving, supportive community is so helpful if you’re trying to improve your relationship with money. It’s a huge help to have people you can go to to celebrate your wins, give you advice, and cheer you on when you’re feeling discouraged.

In fact, we know how important this is that we build community right into our programs. In our Million Dollar Year Facebook community, our members are constantly sharing their wins and setbacks on their financial journeys, and it’s so beautiful and heartwarming to see our members lifting each other up and encouraging each other on their paths to financial success.

Changing your financial picture and addressing your money worries is so much easier when you don’t feel alone.

Finally...

7) Practice financial self-care

I always say that finances are the highest form of self-care, because if you don’t take care of your finances, it’s harder to take care of yourself in any other sustainable way.

One of my favorite methods of financial self-care is developing a weekly money ritual.

A “weekly money ritual” is a term we coined here at Dow Janes. It’s an hour that you set aside every week to manage your money and tackle your financial to do list.

But it’s a lot more than that. It’s actually a form of self-care – and it should feel as relaxing and luxurious as a spa day. I know that may sound crazy to you, but I promise it’s possible.

You can light scented candles, play music, or enjoy drinks and snacks while you do your ritual to make it feel more enjoyable.

If you want some ideas, I did a video of my weekly money ritual and all the things I do to make it feel indulgent.

Ready to move past financial stress into security?

Money doesn’t have to be a source of stress or anxiety for you. Instead, imagine a future where money actually GIVES you a sense of security or freedom.

If you want to learn some more practical tips for feel-good money management, be sure to check out our free masterclass! We’ll give you the exact system thousands of women have used to ease their money worries and find financial peace.