Ask Away Blog: Preventing Financial Anxiety: Strategies To Keep Money Worries At Bay

Preventing Financial Anxiety: Strategies To Keep Money Worries At Bay

Friday, August 17, 2018



Studies suggest that money is the single most significant cause of anxiety among US adults aged between 18 and 49 years old. Even if you have savings and a steady income, there’s no guarantee that your financial situation won’t change, and this is a frightening proposition. If you worry about money, here are some strategies you can employ to try and reduce the risk of financial woes.





Budgeting

Budgeting is one of the most valuable money management tools. If you have a budget, and you stick to it, this will help you organize your finances and prevent debt. Every month, draw up a budget for the coming weeks, plan how you’re going to spend your money, and set aside whatever you can afford. It’s very easy to budget, it doesn’t take long, and it could make a massive difference to your financial situation.


Protecting yourself and your assets


If you don’t already have an extensive collection of insurance policies, it may be time to think about investing in additional protection. Insurance is a means of reducing the cost of health care, but it can also help to prevent financial ruin in the event of accidents or unexpected incidents such as storm damage, flooding or burglary. If you don’t already have health insurance and policies to protect your home, business, cars and pets, take a look at what’s out there. If you have insurance, make sure you use it. Don’t forgo making a claim if you have a viable case. Accidents and illness can have a profound impact on your financial situation, as well as your health and wellbeing, so don’t hesitate to seek advice if you’re thinking of filing a disability insurance claim. If you are thinking about taking out additional policies, read reviews, compare fees, and look for providers that have an excellent track record when it comes to approving claims and paying customers.


Clearing debt

If you have debts, it’s always a good idea to try and clear them before you focus on saving. Prioritize debts that are costing you money, for example, credit and store cards with high interest rates. If you’re struggling to make any headway, or you’re falling behind with payments, seek advice from a financial expert. There are often ways of reducing debts. If you’re aware of these options, this will help to ease anxiety and ensure that you’re on the right track. It’s very tempting to bury your head and hope that things improve, but this is unlikely to happen. The sooner you ask for help, the sooner you can enjoy peace of mind.



Most of us would like to be more optimistic about our finances. It’s very tough to save money these days, and it’s not uncommon for people to live from one paycheck to the next. If you’re worried about money, hopefully, these steps will help to prevent anxiety, and keep money problems at bay. Invest in insurance, take time to draw up a monthly budget, and try to tackle debts before they spiral out of control.

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