Like it or not, money has an undeniable influence on our lives. It shapes the choices we make and the opportunities we pursue. It can bring you feelings of security and freedom…but does it?
What are the emotions you feel when you think about money? Is it peace and security? Or do you experience financial anxiety and stress?
The worry about not having enough, the fear of financial instability, and the constant stress of managing money can take a toll on your well-being and hinder your ability to thrive.
But with the right mindset, strategies, and a willingness to confront your fears, you can break free from the grip of financial anxiety and create a healthier relationship with money.
Today, I’m going to give you 10 tips for eliminating money fears and financial anxiety. Whether you’re striving to regain control of your finances, aiming to build wealth, or seeking peace of mind in your financial journey, these strategies will provide you with a solid foundation for success.
How to Manage Financial Anxiety
1) Identify and understand your fears
Take some time to reflect on what specifically causes your financial anxiety and negative feelings around money.
Is it the fear of not having enough? The fear of losing what you have? Does your fear stem from your childhood? Did you not have much money growing up or did your parents fight about money?
Understanding the root causes can help you address them more effectively.
2) Educate yourself about personal finance
Knowledge is power when it comes to money. Learn about personal finance, budgeting, saving, investing, and other aspects of managing money. The more you know, the more confident and empowered you'll feel in making financial decisions.
Hint: if you want free financial education, subscribe to our YouTube channel! We put out new videos to help you build financial wellness every Monday!
4) Create a budget and weekly money ritual
Developing a budget allows you to have a clear understanding of your income and expenses. It helps you prioritize your spending, save money, and reduce financial stress.
A weekly money ritual is an hour you spend every week managing your money. This way, you track your expenses regularly.
I know that probably sounds scary, but staying on top of your financial situation gives you a sense of empowerment. Often, you find that things aren’t as bad as they are in your head.
5) Set realistic financial goals
Setting specific and achievable financial goals can give you a sense of direction and purpose. Break down your goals into smaller, actionable steps. Celebrate your progress along the way to help you stay motivated.
6) Build an emergency fund
Having an emergency fund can provide a sense of security and help alleviate anxiety. Start by saving a small amount regularly and gradually increase it over time. Aim to have three to six months' worth of living expenses in your emergency fund.
How to build an emergency fund in 6 easy steps!
7) Practice self-care and stress management
Participate in activities that help you relax and reduce stress. This could include exercise, meditation, spending time with loved ones, or pursuing hobbies you enjoy.
Taking care of your overall well-being can have a positive impact on your financial mindset.
8) Challenge negative thoughts and beliefs
Fear and anxiety around money can be fueled by negative thoughts and beliefs. Practice reframing your thoughts and focusing on positive aspects of your financial situation. Like, when you think, “I’m bad with money,” tell yourself, “I’m learning how to manage my money so I can create a better future.”
Replace self-defeating thoughts with affirmations and reminders of your strengths and past successes. For example, instead of “I’ll never pay off all this debt,” remind yourself, “Last month, I paid off one credit card and every day I’m making progress toward a financially secure life.”
9) Surround yourself with positive influences
Seek out people who have a healthy relationship with money and can provide support and encouragement. A supportive community where you can share experiences and learn from others can make all the difference in your financial journey.
That’s one reason we built community into the Million Dollar Year. Every day, women are sharing their wins, struggles, and hard-earned lessons in a community of people who understand where they’re coming from and where they’re trying to get to.
10) Take small steps and celebrate progress
Overcoming fear and anxiety around money is a process that takes time. Start by taking small steps outside of your comfort zone and gradually expand your financial horizons. Celebrate each milestone and acknowledge your growth along the way.
Don’t be afraid to share with your community when you reach your money goals so your friends can celebrate with you.
Ready to Take Control of Your Money?
Remember, everyone's journey with money is unique, and it's important to be patient and kind to yourself. With persistence and a proactive mindset, you can overcome fear and anxiety and develop a healthier relationship with money.
If you’re ready to take control of your money and build lasting financial security, be sure to check out our free masterclass, where we walk you through our proprietary 3-step roadmap to building wealth!
A Weekly Sip of Our Best Advice
We respect your privacy. We'll use your info to send only what matters to you — content, products, opportunities. Unsubscribe anytime. See our Privacy Policy for details.
