Easing Financial Anxiety When the World is Turned Upside-down

05-09-2020

Posted By: Envision2bWell

Easing Financial Anxiety When the World is Turned Upside-down

Even before the COVID-19 pandemic that has caused serious financial turmoil across the globe, recent surveys as identified by JESSIE SHOLL in Experience Life, found that 80 percent of Americans have been carrying mortgage or other types of debt, 60 percent couldn’t cover an unexpected $1,000 expense, and 24 percent skipped necessary medical care in 2018 because they couldn’t afford it.  Of the stressors in life, financial stress is more corrosive than most other because, as Kelly McGonigal, PhD, a Stanford University health psychologist argues, “it can’t be compartmentalized, like a problem at work or a disagreement with a friend. It touches all aspects of one’s life: “your family, your home, your job, and your ability to serve your community.”  This pandemic has touched all of our lives, especially financially. Experts in the financial world say that in the immediate future, there are actionable steps you can take to ease financial anxiety. These three strategies that come from ExperienceLife.com can help you feel more empowered in your financial life:   1. Examine your financial story.Start by looking at your complete money picture, says financial educator Kate Northrup, author of Money: A Love Story.  “Often, the free-floating money anxiety people have is disconnected from numbers,” she notes. “When we actually look at our reality, we come back to a place of power — and then we can see what changes need to be made.” 2. Shift your mindset from shame to self-care.Financial coach Lynne Somerman notes “We tie up a lot of our self-worth and personal value in what’s going on with our finances,” says. “People say all the time, ‘Everyone else seems to manage this without going into a lot of debt.’”  Self-care is a positive, forward facing attitude that gives you the energy to see what is possible and take action that is meaningful.  3. Quit the comparison game.The “compare and despair” phenomenon is common when it comes to money. On social media, heavily curated posts can create the illusion that other people’s lives are happier or more fulfilling — which could be why research has tied social-media use to higher rates of depression and anxiety. Scrolling through photos of other people’s expensive outfits or extravagant vacations could lead to a feeling that you don’t have enough, and that you’ll never have that kind of life, especially in these times. Today is the time for information and communication about finances and what you and your family can do. See what’s available and take advantage of every opportunity to strengthen your finances today and tomorrow.   For the full article in Experience Life, click here.

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