Financial Anxiety And Its Effect On You

Worries related to money and finance is a common problem that is faced by millions of people across the world. Unless you are stinking rich and have no issues of wealth, financial worries will continue to haunt you throughout your life. We all have to earn and do our expenditures also. At times, the earnings might be limited, but the daily expenses are colossal, which becomes difficult to manage. Financial anxiety can cause significant distress in an individual’s life and make it miserable as well. It can have a negative impact on the health, career, and social life of the person. Financial woes have the capability of ruining lives as it can crush every dream and desire of a person. The stress caused by financial distress can ultimately lead to anxiety and depression in a person.

Even though financial troubles are discussed a lot, the anxiety caused by it is not highlighted much. It can happen to both men and women. It can have a debilitating effect on a person’s life and sometimes might even make people take unpleasant actions. The stress caused by financial anxiety is equally bad, like any other anxiety disorder, and must not be taken lightly. Though medically, there is no separate way of diagnosing this problem, there are some telltale signs which show that a person is suffering from financial anxiety.

Financial anxiety can have various types of triggers, and it can even start from your childhood. As a kid, you might have watched your parents overspending or worrying over bills and expenditures, which you can relate to your own experiences. You start to see your retirement savings getting plunged or your business getting shut down. Some of the common signs of financial anxiety include:

·       Overspending

·       Feeling depressed or anxious related to finance

·       Problems in accumulating money

·       Depending on others to handle finance

·       Obsession of being frugal

·       Unable to change spending behavior even though having the incentives to do so

·       Recurrently lending money to adult children or other relatives

Financial worries can have a sabotaging effect on your life and can take away your mental peace entirely. It can even have a direct impact on your sleep, diet, and daily lifestyle. The constant financial worries may not allow you to focus on your work as well, which can hamper the performance at your job.

Therefore, addressing financial anxiety becomes extremely crucial for you as neglecting it can have an adverse effect on your overall life. It needs to be handled both on the interiors and exteriors. The exterior part relates to managing expenditures and debt issues, if any. You can also seek the help of financial advisors and seek ways to increase your earnings. The interior part involves relaxing your mind and managing the stress caused by financial anxiety. It also includes visiting a therapist and taking treatment for the anxiety and depression caused by the financial woes. Taking note of the root cause of your financial issues and mending them can also help a lot in tackling the anxiety of financial troubles