Worry about money is eating me up! What do I do?

Money worries are eating me up! What should I do? 

There is a treasure trove of information online about achieving financial wellness and even on helping people get out of financial struggles. However, despite these resources, millennials have the highest tendencies to struggle money-wise, according to the 2023 Workplace Benefits Report. 

Many of them experience the danger signs of a bad financial picture such as: 

• Having no savings in case of emergency 

• Reaching the one’s credit card limit

• Using credit to buy daily necessities

• Falling into debt with high interest

Research shows the negative impact of financial stress on one’s well being, with results associating it with anxiety and depression. Indeed, feeling insecure about meeting our standard of living can cause us to overthink and lose hope. 

Interestingly enough, money worries affect people in countries with  high income, low income and low income. So this type of worry is something that is universal as other factors affect our mindset about money such as:

1. 1. Living conditions
   2. Social connectedness

• Ability to cope with stress 

1. Stressful life changes

What can we do if we are under financial difficulties? 

• Become aware of the depth of the problem.

Starting simple with a budget tracker would allow us to see if we are consistently living below or above our means. Knowing how much money comes in every month and how much usually comes out as expenses is the first step to finding a solution. Listing the items that are necessary and are considered as something we can live without makes us see a clearer picture of the situation. Also knowing how much you owe is necessary. 

• Control your cash flow. Be creative. 

Not adding to the weight of the problem means stopping acquiring additional debt and finding ways to increase the cash coming in every month. This is where we can get creative on additional ways to earn extra cash- whether it be selling stuff in the house we don’t need anymore or taking on extra shifts at work. You can also take stock of your skills or talents that might bring in more income as a side project. Consider working online at home as a freelancer. Remember that this is just temporary and you are moving towards being financially secure as you increase your income. 

• Consider second-hand things. 

While we are still in the cusp of financial trouble but we are in need of an appliance or item that is desperately needed for our daily needs, then social media marketplaces are our friends! They can be a wise alternative to second-hand but still decent items we are in need of. Plus, they come at a discount. This practice allows us to live within our means while we are recovering. 

• Ask for advice and support. 

There might be counseling services  or therapy that can help you get the right perspective of your situation. Having your mind in the right place and your heart full of hope that you can recover are as essential as having skills. Sometimes, you already know what to do, but you just need someone to support you emotionally as you take these challenging steps. Since millennials are prone to having anxiety at this point in their financial journey, this might alleviate the stress and provide possible other options that you have not considered. 

• Apply wise money habits. 

Once you are in your journey to becoming financially healthy and have started learning new skills, your biggest challenge is in the application of them and disciplining yourself until you reach the goal. This is where you need all the support you can get from loving family and friends. Set your eyes on the biggest reward- your peace of mind! 

However tempting it is to give up, get away and try to forget the hard situation, don’t give in to the highs and lows of emotions. You can definitely do something! Reach within yourself for courage and reach out to others for support.  Remember that having the right skills, the good attitude and the wisdom to raise yourself up is the way to go.