Whether it’s your income, savings or general financial concerns; money anxiety is something the majority of us experience at some point in our lives. In fact, it’s one of the most common types of anxiety that people encounter! Although a shared worry, that doesn’t make it any easier - so here are five signs that you may be experiencing money anxiety, and what you can do to reduce this uneasy feeling 😵💫
1. You're always worried about money
Money worries can be constant and all-consuming. If you find yourself worrying about money all the time; including constantly checking your balances, researching the stock market or doom scrolling economic news - it could be a sign that you're experiencing money anxiety. What’s more, if you lie awake at night and have trouble sleeping as you’re constantly concerned about your financial situation (or the general economic situation), this is a clear sign of money anxiety.
2. You're constantly trying to save money
Always looking for ways to save money and cut costs? This is another sign that you're anxious about your finances. If the smallest and most necessary financial decisions take up vast amounts of time due to price comparisons, fear of spending and sometimes even cause you physical aches and pain; it’s extremely likely you’re having money anxiety.
3. You avoid your financial situation
Although most assume that money anxiety would mean you’re as on top of your finances as you can be, some people who experience it avoid their situation altogether - including not opening bills, forgetting to pay off credit cards or going on spontaneous and expensive sprees. Not being able to face the reality of your finances is another warning sign you may have money anxiety.
4. You're always comparing yourself to others
Constantly comparing yourself to others is a further sign. Whether it’s comparing your salary, belongings or holidays abroad - worrying about others expenses will only lead to more anxiety.
5. No work-life balance
Some with money anxiety are so overwhelmed by it they’re unable to enjoy their free time, instead choosing to focus all their energy into working as they believe if they don’t, they may lose their job; and therefore income. If you’re unable to relax or take time away from work without feeling anxious, you may be experiencing money anxiety.
Money anxiety is something the majority of us experience at some point in our lives, but especially during difficult financial periods - such as the current economic climate we’re facing. The best thing to do is understand your financial situation without being scared by it; so it’s recommended you look at it with a calm mind. Whether that’s after a walk, meditation period or listening to your favourite music - try and do a relaxing activity before you sit down to investigate your finances. You can then sort out a budget, helping you know exactly where your money is going and how much disposable income you have. It’s also a great idea to check out Citizens Advice, who can help you work out your budget and let you know what help is available!
However, if this issue runs deeper, it might be best to reach out for further support. Whether it’s from family, friends or professionals - sharing your concerns can really help. You can ask your GP to talk your concerns through, and if necessary they’ll be able to refer you for extra support. Good luck, and know you’re not alone in this - there’s always support should you need it.