My tips to managing financial anxiety.
actor

BY JANAHAN KUMARALINGAM

Finances are one of the biggest sources of stress in Australia. Whether it’s worrying about making ends meet or planning for the future, anxiety around money can be a huge burden and can affect the quality of your work, life and relationships. I hope this article provides you with a few proactive steps you can take to lighten the mental load.

1. Recognise your anxiety and try to determine the source

Anxiety can rear its head in lots of ways – maybe you’re short-tempered, not sleeping well or lacking the motivation to do things around the house. The first step to ridding yourself of money anxiety is to acknowledge that it is affecting you, and to try to pin down what specifically is causing you concern. Rather than feeling overwhelmed, work with friends, family or an adviser to narrow down the real problem. Even the biggest issues can be solved if you know exactly what they are. If you’re struggling with anxiety, reach out to Beyond Blue for advice and support.

2. Make a plan

According to the Australian Bureau of Statistics, 38% of Australian households experienced financial stress in the June quarter of 2020, so if you’re experiencing financial stress you are not alone. When it comes to money worries it can be easy to get into a spin. Rather than dreaming up the worst-case scenario, to begin with, make a tangible plan to get yourself back on track in the short-term. Once this is in place, turn your attention to the medium and longer-term to make sure you’re doing everything you can to set yourself up for future success. If you’d like support setting up a plan, you can always reach out to us.

3. Get expert advice

Whether it’s from your financial adviser or a free government service, there are people who can help you to manage your money effectively. Choosing the right service will depend on the nature of your concern, but talking about your problems with people who can provide you with accurate, practical advice can be an effective way to reduce your stress. You can access free financial counselling through MoneySmart.

4. Learn what you can

Money management is a skill, and if your concern is longer-term, then taking some classes either online or in person could help you to take control and achieve your objectives. Money anxiety can play on anyone's mind. Don’t be ashamed to speak up, ask for help and take the right steps for you and your family. If you’d like to discuss your specific concerns then please don’t hesitate to get in touch. Any advice is general in nature only and has been prepared without considering your needs, objectives or financial situation. Before acting on it you should consider its appropriateness for you, having regard to those factors
Share this article:
Related articles
  • Success Stories

    5 Habits you can learn from financially secure people

    Ever looked at a friend who has everything together and thought 'what's their secret?' Here are five habits you can implement to achieve financial security.

  • Family First

    Combining Finances later in life

    Many of us find love later in life, which tends to present more complexities and intricacies when it comes to combining finances. I share some tips on how best to navigate this process.

  • Education

    How often should you review your finances?

    In light of the current change of pace in the world, increasing the rate in which you recognise and review your finances will make you better informed, educated and equipped to manage these changes.

  • Tuesday Tip

    How to add 5.2 pc to your financial wealth

    A new ASX Investor Study reveals the impacts of financial advisors on your wealth. We share an article written by Aleks Vickovich for the Australian Financial Review who sheds a light on this study.