3 Ways to Lower Your Money Anxiety

Category: Financial Freedom

If you were already worried about money before COVID-19, there is a big possibility that the pandemic has increased your uncertainty about your financial future. And if you have a family, your worry about taking care of them financially has no doubt sharply increased.

You are not alone and it is not fun. Almost a third of all Australians have been financially affected by COVID, and many more to come as we move into 2021.

But if there’s one thing I have learned, it’s that worry and anxiety are debilitating. They stop you thinking analytically, and cause you to make decisions out of fear, rather than long-term planning.

So here are three ways to banish anxiety from your money making decisions.

Kill your debt.
Not necessarily your mortgage, which is building an asset (unless of course you are mortgaged too much, which is another anxiety-causing issue). All other debt has to go. Cars, credit cards, AfterPay and everything that is dragging you down. A fierce focus on eradicating debt from your life, even if it takes years, is a positive step to decreasing anxiety and feeling as if your head is above water.
Put more in your super – even if it is just a little.
Statistics have shown that people who put just 5% more into their super a year feel more confident about their financial future. It is a positive step toward making sure “future you” is okay.
Learn to identify the triggers of your anxiety.
When you think about money, what is your emotional reaction? Do you feel fear? Stress? Uncertainty? These are all unpleasant emotions, and lead us around an exhausting cycle of stress and emotional discomfort.
I have found the art of ‘mindfulness’ around the emotions money creates for me can really help break the mental cycle of stress. To do this I use an app called “10 percent happier,” which is a meditation app that helps you train your brain and harness your emotions.
It’s literally 10-12 minutes per day and easy to use. There are many other apps that also do the same thing. Your mind is your biggest detractor around being positive with money if you don’t understand what drives it to fear and stress. While it may sound very new-age, mindfulness is the new exercise, and is extremely valuable.

There is no changing the uncertain world we live in. The only thing we can change is ourselves and how we feel about it. You can reduce your anxiety around money by taking small steps in the right direction. A plan that takes time is better than no plan at all.

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Authors

Vanessa Stoykov

Vanessa has been passionate about writing and storytelling since her days of hiding under the doona with her torch to read after bedtime.
Kathy Skantzos

Kathy is a yoga-loving world traveller who also happens to moonlight as a business journalist and writer. She was the finance editor of news.com.au and the Managing Editor of CEO Magazine (Asia) before joining Vanessa and the evo squad.
Shayne Sommer

Shayne is second dan black belt in karate, and a budding romance writer with a difference. Why? Because she writes romance stories that always have a money lesson.
Antoinette Colbran

Specialising in stories for 50+ women, Antoinette draws from her own experiences to help other women avoid the pitfalls and see the benefits of understanding their money situation.
Michael Crooks

Michael Crooks is a more than 20 year writer and documentary maker who has worked with Time Inc and the BBC, who wants to expose the truth from real victims of financial crime to help others avoid their mistakes.
Kim Payne

Kim Payne has spent the past three decades as a speaker, trainer, business coach, and consultant in financial services. She has worked with and transformed hundreds of brilliant, educated, high achievers who are chronically under-living.
Rebecca Pritchard

Rebecca Pritchard is on a mission to help men and women achieve equality when growing a family.
Antony Perring

Ant is a writer, designer and business builder with a love of food, design and good living. He writes on food and money in an easy to do way.
Julie Hyde

Julie Hyde is a leader of leaders. A disruptor and a powerful people enabler who empowers leaders to make big things happen.
Joshua Pennell

As a Dad to four kids and a business owner, Josh is passionate about family and finances and is known as The Family Finance Guy.
Sid Lal

Sid is a serial entrepreneur who set up his first business when he was still in University. Since 2009 he has been heading Bruce Clay, first in India & more recently in Australia.
Lou Johnson

Lou Johnson believes in the power of sharing stories to build empathy, understanding and connection. Growing up surrounded by books and storytelling, alongside her drive to make a difference led her to a highly successful career in book publishing.
David Rae

Dave is a CERTIFIED FINANCIAL PLANNER® professional and has been a financial adviser since 2003. He works with a range of clients and has a strong focus on ethical and sustainable investing.
Natallia Smith

Natallia specializes in assisting pre-retiree single women—whether they are never married, widowed, separated, or divorced—understanding deeply the importance of financial stability during life's pivotal moments such as separation, divorce, retirement, and the loss of a loved one.
Mark Hoy

With over 15 years of experience in financial services, Mark established Wollemi Wealth Management in 2013. His business is built almost entirely on referrals and word of mouth — a testament to the trust, integrity, and long-term relationships he forms with his clients.
Derek Gascoigne

Derek Gascoigne is the State Manager for UniSuper Advice in Victoria and Tasmania. Derek has been with UniSuper for over 15 years, and his career in superannuation and financial services spans 27 years and counting.
Annika Bradley

Annika Bradley is Head of Advice Strategy, Research & Technical at UniSuper. She brings over 20 years of experience across investments and wealth management in both the public and private sectors.
Wayne Leggett

Wayne has been a recipient of numerous industry awards and was one of the first to qualify as a Certified Financial Planner (CFP). He has been heavily involved in industry affairs at the highest level, including serving as national president of the Association of Financial Advisers (now FAAA).
Conrad Francis

Conrad Francis is the Founding Director of Inspired Money, a Perth-based financial coaching and financial planning, mortgage broking and money coaching firm he established in 2011.
Andrew Beks

Andrew Beks is a Chartered Accountant and the founder of Simplified Business and Accounting.