Reduce Money Anxiety and Take More Control

Money anxiety is a very real condition (and one that’s truly exploded following the global pandemic). Worrying about your current financial situation and/or concerns about the future are common reasons that many of us lie awake at night.

Thankfully, there is something you can do about it—and this is true, no matter what your current financial situation. The key is to take control, something that we appreciate is often easier said than done.

However, following strategic steps can dramatically change your financial path. Positive action often begins with the tiniest of changes in your attitude towards money. Read on to discover how small steps snowball and can eventually lead to the financial freedom you crave and the ability to say goodbye to money anxiety.

What is Money Anxiety, Anyway?

• What do we mean by money anxiety?

What do we mean by money anxiety?

Money anxiety takes many guises. A worst-case scenario could mean concerns that you can’t meet your day-to-day financial needs. If this is the case then you must seek out the help available to help you combat this.

On a less pressing level (but nonetheless crucial to address), would be worries surrounding building adequate wealth, not knowing how to do this, or that you won’t have enough money put away to fund children’s education or support yourself and your family in retirement. These aren’t the only concerns that you might have but give an overview of what types of anxiety might be money-driven.

Money anxiety has many levels. It might just be something that you give passing thought to, worrying only on the odd occasion if you’re doing all you can to secure financial wellbeing. Or it might be all-encompassing, causing damage to both your mental and physical health.

Whatever level it is, there are steps you can take to address money anxiety. This will have a positive impact on every area of your life, reducing stress and ensuring financial security, both now and in the future.

Strategic Steps to Reduce Money Anxiety

• The 1,2,3 to taking back control

The 1,2,3 to taking back control

There are three simple steps to reducing money anxiety and taking back control.

1. Recognize that there’s an issue: Admitting this to yourself is often the hardest step. Many of us are excellent at putting worries to the back of our minds. But when this comes to money, it not only damages our financial health but impacts all other areas of life as well. The realization that we need to act is a pivotal moment. From here the only way is up, as long as we follow steps 2 and 3 of the plan.
2. Determine income and outgoings: This sounds simple but can take some doing. Start with your income. This should include money from every avenue. A wage, self-employed earnings, other assets, such as pensions, property, dividends, bonuses, etc. Then look at your outgoings. It’s relatively easy to list the larger responsibilities, such as household bills, a mortgage, loans, etc. The ones that tend to pass us by are the incidentals: fuel and transport costs, that daily coffee you purchase on the way to work, lottery tickets, pet care costs, socializing… You get the picture.

Once these first two steps are done, the third step involves weeding out any unnecessary expenses (ditch that daily cappuccino, for example) and ensuring that every dollar of income is working as hard as it can.

This leads us neatly onto step 3:

3. Ask the experts: Most of us aren’t financial professionals. This is where taking advice is one of the key elements of your financial control strategy. Understanding where to direct your income that isn’t earmarked for essential purchases is something that only a financial advisor can truly determine. Whether this takes the form of pensions, savings, investments, or something else will depend on your circumstances. But the bottom line is that even the smallest of steps can have a big impact on your financial wellbeing. In turn, this will dramatically reduce any money anxiety you might be experiencing.

Ready to Act? Contact Capita Today for a No-Obligation Discussion

Now you understand a little more about your ability to control your financial destiny, the time is probably ripe to seek expert advice. No one does this better than trusted financial service provider, Capita. Millions of people around the world have and are benefitting from the financial and investment advice they offer—and you can too. 

Visit https://www.capitafinancialnetwork.com/services/investing to discover more and get in touch to arrange your personal financial health check and consultation.