Coping with financial worries (2024)

FAQs

How do I stop worrying about having enough money? ›

Share your worries with someone you trust – just talking about it can help ease your worries. Contact organisations which can support and advise you on practical advice around finances and the cost of living. Even when you don't feel like it, try and do some small things to help lift your mood. See your friends.

Sometimes, financial stress is caused by factors outside of your control. Other times, it can be the result of poor financial choices, lack of financial knowledge, or somebody else having control of your finances.

It may be that you have too much credit card debt, not enough income, or you overspend on unnecessary purchases when you feel stressed or anxious. Or perhaps, it's a combination of problems. Make a separate plan for each one.

The 50-30-20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should dedicate 20% to savings, leaving 30% to be spent on things you want but don't necessarily need.

Money dysmorphia is a negative but unrealistic assessment of your personal finance position. Symptoms of money dysmorphia include obsessive earning, money hoarding and negative shopping habits. Younger people are most at risk of money dysmorphia, but traumatic events can also trigger it.

In Matthew 6:25-26, Jesus tells us not to worry about our financial situation, as our heavenly Father knows our needs and will provide. Both verses emphasize the importance of trusting in God's love and provision during difficult times.

Inflation is named the most important financial problem by all key societal subgroups but garners higher mentions from certain age, income and political groups. 46% of older Americans (those aged 50 and older) mention inflation, in contrast with 36% of younger Americans (those under 50).

Am I the only one struggling financially? ›

That's a huge percentage of people -- more than one-third of all respondents -- who are not feeling good about their personal finances. If you are one of those people, there are some options out there that could help you to get a better sense of control and get into a better place with your money.

In my experience, many people feel anxious about money, despite doing well on paper, because they don't know what they're doing – and that causes them to feel out of control. In such cases, more money can just worsen the anxiety because now they have even more money that they don't know what to do with.

A fear of money can stem from a variety of causes, including money trauma (such as early poverty, divorce, or a significant financial loss) and a lack of financial education. No matter the source of your money fear, there are things you can do to deal with it.

“On average, Americans believe it takes approximately an additional $284,000 above feeling wealthy to really be 'worry-free. ' This 'wealth delta' depends greatly on where you are in life, with the difference being highest for those in their 30s and 40s — peaking at nearly $1 million.

If you are feeling anxious or even panicked when you think about money, you may be suffering from chrometophobia or the fear of money. This phobia can be extremely debilitating, preventing you from being able to work or manage your finances.