Money anxiety is something we have all experienced in one way or another. Whether it’s student loans, trying to save up enough for a car, or even having enough money to make it to the end of the month- this stress is a very real thing. Covid-19 and its effects on our economy and our jobs have only exacerbated the issue. According to a recent Qualtrics report, 67% of people say they have higher levels of stress since the beginning of the health crisis. And money anxiety doesn’t just plague low-income earners. More personal stories and accounts have been shared in recent years of “rich” people willing to admit their own money anxieties: individuals making $100k or more are just as susceptible to living paycheck to paycheck. So in this episode we dive into some of the symptoms of money anxiety and then we recommend some practical steps we could all implement into our lives to reduce the amount of stress surrounding our personal finances.
And if you’re looking for help, outside of the steps you can take yourself, then check out The National Alliance on Mental Illness for local resources and the NFCC for credit counseling. Also, USA Today has a good post on free mental health resources as well.
During this episode we enjoyed a Sour Opal by Firestone Walker- thanks to our friend Josh for donating it to the show! And as we ramp up the podcast with an additional Friday episode every week, we could really use your help to spread the word- let friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to spread the word to get more people doing smart things with their money in these difficult times!
Best friends out!
Of all the causes of anxiety I think money anxiety is the easiest one to eliminate. If you don’t do things like racking up enormous student debt, car loan debt and overspending on housing then you can be debt free and building investments rapidly as a young adult. You can’t eliminate all the issues with relationships, health, or crime, but you can absolutely attain financial freedom and leave money worries behind you.