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It’s not just our bank accounts that take a blow when we’re worried about money; our mental health might suffer as well. In the world, financial anxiety is one of the most prevalent and pervasive forms of stress. Taking care of one’s finances is an important aspect of growing up, and it might often seem as if nothing else is going right.

Anxiety is rampant among members of Generation Z and millennials in countries all over the world. The 2020 Deloitte Millennial Survey, found that nearly half of Gen Zs (48 percent) and millennials (44 percent) say they are constantly or frequently stressed. Most of the time, high levels of stress can be traced back to a person’s worries about money, their family, and their professional future. The Covid-19 pandemic, on the other hand, should not be at the top of that list.

When it comes to money, what causes financial stress?

There are a lot of people who admit to experiencing stress about not having enough money, but women are more likely to be affected than men. According to a recent Bankrate poll, 46% of women and 38% of men believe that money has a negative impact on their mental health. Financial stress is usually inversely connected to income. The more stressed you are, and the fewer resources you have to deal with that stress, the less you make.

Tips to cope with financial stress

Financial stress can be overwhelming, but the first step is to take control of your emotions. Because of anxiety, we lose our capacity to control ourselves and come up with answers. Here are a few ideas to help you cope with your financial problems:

First, take a deep breath

Your financial position is probably not going to improve in a matter of minutes, but you can absolutely alter your viewpoint and reduce the tension you’re feeling right now. Taking a few deep breaths, or even just a tiny snack, might help you relax and de-stress. If you feel the urge to rant, confide in a close friend about your money woes.

Become aware of your thoughts and feelings

Stressing out about money is a two-pronged problem. Money and stress are two different things. Neither of them is easy to deal with. It’s important to understand how unmanaged stress undermines good money management. A free and effective strategy to manage anxiety is to practice mindfulness techniques like breathwork, yoga, or meditation. To avoid becoming overwhelmed by your finances in the future, it can assist you to learn to manage emotional discomfort and increase cognitive agility.

Devise a strategy

When we’re under a lot of financial pressure, it’s easy to put off dealing with our money, our mail, and our accounts. You may recover control of your finances, though, if you take a hard look at your finances. Take a look at what’s causing you stress and try if you can identify it. There could be several reasons for this, including an overdrawn bank account, credit card debt, or a fear of losing one’s job. Is there anything you can do to make that one item feel less daunting?

Manage your overall level of stress

Resolving financial issues usually necessitates simple measures that pay off in the long run. It’s unlikely that your financial problems will go away overnight in the current economic situation. In the meanwhile, you can take immediate efforts to alleviate your stress and regain your ability to handle long-term issues. Take a few minutes each day to unwind and take your mind off of your worries. If you’re feeling overwhelmed, try meditating, if you have any medical history with stress or anxiety get coupons for prescriptions online, or other relaxation techniques.

Keep a running tally of how much money you’ve saved

Especially for women who have to deal with gender pay discrepancies, financial goals like accumulating an emergency fund worth six months, saving for retirement, or boosting your credit score can seem like unrealistic undertakings. While starting small makes achieving your objectives simpler, they can still be intimidating (according to a Bankrate poll, 55% of women reported feeling overwhelmed by their finances, compared to 43% of men).

So, measuring your development might be quite helpful here. To feel more secure, it can be comforting to see how much your credit score has improved and how much money you’ve managed to save or invest.

Wrap up!

On a personal level, financial worry may be really debilitating. Emotional stress can catch you off guard, making it difficult to feel competent and in command of your finances. Stressing out about money is easier when you can remove the negative emotions from your equation, however. Even though your financial situation appears gloomy at the moment, your worth isn’t measured by your bank account balance. Your bank balance can be matched with improved money habits and better financial judgments.