![](https://misspennystocks.com/wp-content/uploads/2022/05/Fin-1000x600.jpeg)
2 Easy Steps to Cope With Financial Anxiety
![](https://misspennystocks.com/wp-content/uploads/2022/05/Fin-1000x600.jpeg)
It is not unheard of that your financial status has a direct impact on your mental health. Say if you are struggling with debts or simply the cost of living, you are most likely to be worried about money. In turn, this impacts your mental health and gives birth to what is known as financial anxiety. That is why, in order to develop sound mental health, it is mandatory to be financially literate. This means that you know your way around money. You know how to earn, use, and invest it.
![](https://misspennystocks.com/wp-content/uploads/2022/05/pexels-mikhail-nilov-6963043.jpg)
Mikhail / Pexels / People in debt are very likely to be exposed to mental disorders like depression, stress, and anxiety. Reveals a study.
In 2020, research was conducted at Harvard University to understand the correlation between money worries and mental health. Turned out that 52% of the participants who were exposed to mental disorders were drowned in debt. “It was striking to see that a vast majority of the sufferers were students who were plunged into student debt,” the research revealed.
Nonetheless, it is pertinent to mention that there are certain factors that give birth to this grave crisis. The major among them are:
- Soaring inflation rate.
- Expensive living costs.
- Debts.
- Student loans.
- Credit card loans & debts.
- Upsurge in interest rates.
- Increased utility and energy bills.
Although these are the major driving forces that lead to financial anxiety, there are certain steps that you can follow to avoid it in the first place.
Understand & Acknowledge the Problem
![](https://misspennystocks.com/wp-content/uploads/2022/05/pexels-tima-miroshnichenko-6694900.jpg)
Tima / Pexels / Understanding and confessing financial anxiety is the first step to coping with the grave crisis.
The first step to coping with financial anxiety is to confess that the problem exists. That means you develop a sense of understanding about what is going on with your bank account that is affecting your mental health.
Meanwhile, as you understand and acknowledge it as a real problem, you can design a plan to deal with it. Consequently, this could be either lowering your expenses, normalizing your lifestyle, or staying on a tight budget.
Consider Tackling Your Mental Health
As you understand and acknowledge the problem, do not jump on fixing everything right away. Rather, sit back and observe your mental health. Unless you do not have sound mental health and peace of mind, you can not tackle your money worries.
![](https://misspennystocks.com/wp-content/uploads/2022/05/pexels-liza-summer-6348124.jpg)
Liza / Pexels / Sound mental health and peace of mind are essential to cope with financial anxieties.
However, tackling your mental health does not mean taking extreme steps either. It could be as simple as spending quality time with your loved ones, meditating, exploring mother nature, and taking regular exercise.
With these two easy, yet effective, steps you can keep track of your financial anxieties. Remember, it takes time. But all you need to do is trust the process and believe in yourself.
More in Business
-
Cap Table Management Firm Pulley Gets Featured on Forbes’s Top 50 Fintech Startups
Pulley, a San Francisco-based cap table management firm, is swiftly gaining momentum, challenging industry giants and redefining the landscape for startups...
February 27, 2024 -
Redefining Your Path: 6 Essential Steps for Career Reengineering
So, you’re at a crossroads in your career, contemplating a change that could redefine your professional path or perhaps dreaming of...
February 19, 2024 -
Unsecured Loans: A Deep Dive
When financial needs arise, borrowing money can provide a solution. But which loan products make the most sense for your situation?...
February 16, 2024 -
How to Get Back to Work After a Career Break | 5 Tried & Tested Tips
Taking a career break can feel like you have hit the pause button on a movie. The world continues to move...
February 10, 2024 -
Small-Cap Stocks Could Be Your Biggest Win in 2024 – Here’s Why
In the stock market, where titans like the S&P 500 often steal the spotlight with their record-breaking performances, it is easy...
February 3, 2024 -
4 Things We Learned From the 2024 Golden Globes: A Night of Surprises and Inspirations
The 81st Golden Globes, held on January 7, 2024, was an event that transcended the boundaries of a typical awards ceremony....
January 26, 2024 -
The Path to Wealth: How 3 Productivity Tips Led Me to Multimillionaire Heights
In the pursuit of success, one often encounters the timeless question: How do successful individuals maintain such high levels of productivity?...
January 20, 2024 -
Exciting Career Horizons in 2024: Is Now Your Moment?
As we step into the vibrant landscape of 2024, a question bubbles up in the minds of many: “Is now the...
January 9, 2024 -
Here Are the Top 5 Nickel Stocks to Buy
As you venture into the intriguing world of investing, there is a shiny sector that deserves your attention: Nickel stocks. First...
December 31, 2023
You must be logged in to post a comment Login