How to Manage Anxiety About Money
We work with a lot of clients in Los Angeles who are navigating anxiety. One particular area of concern that people bring to therapy is their finances and money anxiety. They may feel the topic of money, no matter the form, can feel daunting and overwhelming.
It’s often a combination of internal and external factors that are creating distress and anxiety.
Why Financial Anxiety Is So Common
Stress and anxiety related to finances is incredibly common. This is, of course, because having money in the bank means you are able to attend to your basic needs for survival, such as housing, food, clothing, etc.
Additionally, our financial resources can influence nearly every aspect of our lives. Money can create some level of freedom to make choices to pursue a particular career path, alleviate stressors in relationships with friends and family, and contribute an overarching sense of control in life.
So having anxiety around money is a reflection of feeling out of control in response to external circumstances—i.e. thinking you may lose your job, being notified your rent is going up, etc. It can also show up as overwhelming guilt or shame about past financial decisions. What we find as holistic therapists who work with clients who are experiencing anxiety around money, is that there is often a reason from the past that influences how you feel about money now.
Exploration of Financial Fears
Before creating a strategy for managing anxiety related to money, it can be helpful to first understand your beliefs about money. Many of us do not realize the unconscious stories we have about money and our relationship to it. This is where working with a therapist can be helpful in uncovering your personal money story and beliefs.
Be Curious About Your Patterns with Money
Financial stressors sometimes exist because of anxiety related to another part of our life. For example, depending on your relationship with money, you may splurge or justify impulsive spending when under stress or feeling anxious about something. Someone may respond differently by restricting spending, even when they have the budget for it. Are you someone who feels the need to pick up the tab, even when you can’t afford to? Do you believe to make money you have to suffer? Is that belief related to experiences when you were growing up that would reinforce that idea?
Money touches so many parts of our lives so our relationship with it can impact us often. But unlike our relationships with loved ones, we don’t often deliberately check in to see how our relationship with money is feeling.
Reframe Your Mindset Around Money
Scarcity is something many of us experience in various aspects of life, but possibly most often in the realm of money. Depending on your history and mindset related to money, you may view money as a scarce commodity or perhaps something you are “not good at managing.”
Regardless of whether you feel content with how much money you make or you feel like it’s never in your bank account for long, it’s possible to always feel uneasy or like the other shoe is going to drop in the realm of your finances (anticipatory anxiety).
Reworking our relationship with money can take time and intentionality. But being aware of your relationship to money and the patterns you often engage in, can be the first powerful step.
Manage Financial Anxiety — Start Small With 4 Practical Steps
Create a realistic budget: While many individuals may have a budget prepared, they may idealize their expenses or possibly be excluding extra expenses like shopping or eating out.
Explore how current stressors in your life may be impacting your concerns around money: Taking time to understand what is contributing to your financial worries can help you to get a handle of what is and isn’t in your control. Plus, the act of simply naming what is impacting your situation can help you to understand it’s possible to manage.
Seek support from a therapist or an accountability partner: You don’t have to navigate this anxiety alone. It can be powerful to talk through your concerns with a friend and make a budget or financial plan together. Additionally, working with a therapist can help you explore the depths of your worries and anxiety to make lasting changes.
Get curious about your money story: Ask yourself some questions to help shed light on why you feel the way you do about money. What is my first memory of money? What was my parents’ relationship to money like? What do I often tell myself about money and when did I first start doing that?
Get Support from an Anxiety Therapist in Los Angeles
While our clinicians aren’t accountants or financial advisers, they are excellent guides for navigating the experience of anxiety around money.
Our team of holistic therapists is here to support you on your healing journey around anxiety, whether you find it occurring in the realm of finances or not. If you’re located in Los Angeles (or in the state of California), schedule a complimentary consultation with our Care Coordinator to get started.