It’s probably no secret that worrying about money is something many young professionals (including me) do with some varying degree of frequency and depending on how much you worry about it, it can have some real impacts on your life. Worrying about money can affect the life that you want to live. It hinders you from going out and doing the things you want to do, seeing the people you want to see, and every purchase, no matter how small, can make you feel guilty. For your own enjoyment and leading a quality life; you must free yourself from money worries, but if you feel too bogged down, you may not know where to begin. 

Go back to the basics

One of the first ways I recommend decreasing the amount of anxiety you may feel over money is to get back to the financial basics. Stop spending more than you earn. Have a budget. Work on saying ‘no’ more often. Evaluate what’s really necessary and start cutting out what’s not needed, or what brings you true happiness. A good budget with a clear view into what you’re earning and what your’e spending will help you feel more control over your money, which will hopefully start reducing some anxiety!

Reevaluate Luxuries and Bad Habits

We all deserve to treat ourselves once in a while, but there is such a thing as treating yourself too much. These luxuries and bad habits can quickly overwhelm your financial situation, and this could be a key component of why you experience issues with saving and spending money. 

Even if these little luxuries or bad habits don’t cost a lot when considering the big picture, they add up if you buy them or treat yourself too often. This can include take out meals, or online spending addictions that never, really, fulfill you the way you want them to. If you take a weekend to consider how much this costs you every month, you may realize that it’s time to change. 

Find Professional Help 

When people experience money trouble, they stay up all night, panicking over the worst that could happen. They always feel on the edge of financial security, and one wrong move or one disaster could have severe consequences. 

This leads to plenty of sleepless nights, stress, and anxiety, which is not good for your health. Start by chatting with friends and family first to try to get some perspective on the matter. If you still feel in need, there is no shame in getting counseling or the help of a financial advisor. Seeking professional help through therapy can help you reevaluate your relationship with money, and give you the tools you need to worry a little less about your finances while also understanding why you are in such a situation. 

Don’t Forget Your Taxes

Everyone needs to pay their taxes, but not all of us may do so correctly which can lead to additional financial anxiety. Failing to file your taxes correctly can put you in some serious hot water, so you should do all you can to ensure you follow the regulations for filing your taxes. Getting a letter from the IRS saying you’re being audited is probably one of the more stressful situations out there! So, be sure that taxes are something you stay on top of filing and remaining organized with.

There’s just so much around taxes which is part of the reason it can be anxiety causing. Various deductions or credits or ways to organize your finances are out there. For example, if you meet specific guidelines being self-employed, you can apply for EFIN to make everything easier. It may also be worth working with an accountant to give you the advice you need. I personally like to withhold a little extra money each paycheck and get a small refund at tax time, nothing worse than owing! (Do note I said small refund – too much withheld is a just a free loan to the government!).

Freedom

Financial freedom is not something that will happen overnight, but it isn’t always about fixing your debts that will eliminate money worries. Sometimes, you need to look outwards and consider how these money problems can affect your overall well being. While you may not be able to live the life you want just yet, easing money concerns is a fantastic first step to take. 

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