They say money doesn’t buy you happiness, but tell this to the person who has bills piled up, thousands in debt, and who isn’t sure where to start to tackle it all. Having anxiety around your money stops you from being able to enjoy your life. Whether you’re an entrepreneur or working a 9-5, all of us have felt some form of anxiety when it comes to our money thoughts, that ranges from not having enough, or being worried that you’ll run out of money. Today I’m giving you 4 tips to help you handle your anxiety around money.
Create a Plan for Your Money
It’s hard to feel safe when you don’t have a plan. When Jay Z said that financial freedom was his only hope, I believe he was talking about having more than enough money, and to be able to live life the way you want, on your own terms, and not having to stress about running out of money. In order to get to this dream you have to plan. You have to sit down and know how much you’re making each month, how much is going to your bills, savings, and investments.
According to debt.com
“A Gallup poll found only about 1/3 of Americans (32%) maintain a household budget” That means only 30% of Americans have a long-term financial plan that includes savings and investment goals.
It’s important to get into the habit of checking in with your money weekly and monthly to see where you stand. This will help remove some of the anxiety because you’ll be able to face your situation head on. If you’re making 30,000 or 75,000 a year, a budget is important. If you’re having a hard time getting started with your budget, you can pick up my budgeting like a boss workbook here.
Make your savings automatic
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Another reason people feel worried about their finances is because they don’t have enough money put away in their savings. If an emergency were to happen, if your car breaks down, or you have to suddenly get your wisdom tooth pulled out will you be prepared for that purchase? Or would you have to swipe your credit card? Experts recommend having at least 3-6 months of your monthly expenses in an emergency account.
But the truth is “19% have $0 saved to cover any emergency expenses, and 31% have less than $500 in emergency savings” Debt.com
Let’s take the thought of not having to manually save money for your emergency fund, and instead set up automatic payments. Having your money go into a separate savings account will help ease your mind. I use Rize to help me save, it’s great because I can control how much money each month is being saved. I can also create different saving goals and give them names. For example I could have an emergency fund, a vacation fund, or even a future home fund. I like to keep my goals into separate buckets rather than keeping everything jumbled up into one checking account. If you’re interested in saving your money automatically be sure to check out Rize.
Prayer and meditation
I know you may not have expected me to say this one, but working hard, having faith and believing that God is in control is important. God doesn’t want us to be stressed and worried. Stressing and worrying will not help your situation, in fact did you know that stressing can actually make you sick? Three of my favorite Bible verses to meditate on when I’m feeling worried or anxious are Isaiah 41:10, Philippians 4:6 and Matthew 6:25-27.
#1 “So do not fear, for I am with you do not be dismayed, for I am your God I will strengthen you and help you I will uphold you with my righteous right hand.” Isaiah 41:10
“Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God.” Philippians 4:6
#3“Therefore I tell you, do not worry about your life, what you will eat or drink; or about your body, what you will wear. Is not life more than food, and the body more than clothes? 26 Look at the birds of the air; they do not sow or reap or store away in barns, and yet your heavenly Father feeds them. Are you not much more valuable than they? 27 Can any one of you by worrying add a single hour to your life?” Matthew 6:25-27
Try meditating on these verses when you start to feel worried. Believing in a higher power for me is beneficial and having those quiet moments with God to cast all your cares on him is what gets me back on track because we create our own reality, therefore if you thoughts are filled with lack that is what you will continue to bring in your life. You must focus your thoughts on the things you want more of.
Talk with a Money Saving Expert
Remember when you feel worried or anxious you are creating a scenario in your head that hasn’t even happened yet. Sit down and write out your money plan because knowing where your money is going each month will help you feel more prepared. Many times being in the dark is what makes us feel stuck. If you feel like you can’t do it alone, you can book a free 10 minute money consultation with me, and if we decide to work together, I will walk you through step by step on creating a money plan to follow. Many times having someone to hold you accountable will help you reach your goals. After you write out your plan be sure to include how much money you’ll start saving automatically each month to start beefing up that emergency savings accounts.
Related: How one of my clients Caroline gained control of her money
Last but certainly not least, cast your cares on the Lord ask him to remove the anxiety you have around money, ask him to give you wisdom on ways you can make more and to help you be more disciplined when it comes to your spending. Is there anything I missed? What’s one thing that helps you get a handle on your anxiety?
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