In times of economic uncertainty, experts warn that financial anxiety sets in, a feeling that can affect both the mental health and physical well-being of individuals. This anxiety manifests as worry, discomfort, or fear related to financial issues such as debt, expenses, income, investments, savings, or adverse economic conditions.
This stress is intense enough to interfere with daily life and affect mental and physical well-being, leading to depression, cardiovascular problems, insomnia or even changes in the immune system. A poor relationship with personal finances can even lead to evasion and total ignorance of one’s financial situation.
The reason why financial anxiety occurs
Some of the main reasons for this appearance of financial anxiety are excessive debts and lack of savings: the accumulation of debts along with the difficulty of paying them off is one of the main reasons for financial stress. Insufficient income is a type of distress that can often be caused by having unsustainable financial goals or basic expenses that cannot be covered by the income generated.
Another reason for the appearance of financial anxiety is poor investments or significant financial losses. Taking risks in the financial sphere can cause sleepless nights if you risk losing sums of money that affect your financial health. Also, job uncertainty and the feeling that one could lose one’s job at any moment increases financial insecurity.
A person may experience financial anxiety despite having sufficient funds to cover essential expenses and no debt. This is because societal or environmental expectations of living standards or income may be unrealistic given current circumstances.
How to treat financial condition
Experts say the first thing to get rid of financial anxiety is to face it. It is essential to maintain a clear understanding of one’s financial situation because, as difficult as it may be, it is always better to live in clarity than uncertainty. Develop a plan and set achievable short, medium and long term financial goals. It’s the best way to start taking action on it.
Developing a strategy for overcoming current circumstances and trusting that it is achievable can help alleviate feelings of distress. Reduce debt as much as possible and try to owe as little money as possible to third parties. Also, withdraw money from dubious investments that generate uncertainty and have a clear idea of how much money you really have.
A lifestyle to suit your financial situation
Start saving to build an emergency fund, which can relieve you of the anxiety of not being financially prepared to deal with unforeseen situations. Savings are the safety net of our finances. Maintain a lifestyle based on your income! Avoid comparisons and start living a lifestyle that fits your financial situation. It is important not to generate unattainable expectations in relation to our current reality and to differentiate needs from desires, writes retetesivedete.ro.
Seeking professional help or even talking about the problem with trusted people is a great way to alleviate the feeling of stress. It’s easier than you think to find people who have been through the same situation and managed to get out of it successfully. Moral support from those closest to you is also important to avoid suffering and discomfort.
