Why You Shouldn’t Stress About Money
Money is a large part of our daily lives, and it’s often one of the most common causes of stress for individuals, families and businesses. A 2021 study by the Australian Institute of Family Studies found that more than 70% of all households report at least some financial worries, while 17% say they’re very concerned about their finances. That means there are millions of Australians living with the harmful effects as they have no financial stress management. While stress can be useful to some, it’s often unhelpful in resolving the root cause of the problem, and that’s just one of the reasons why you shouldn’t stress about money.
1. Stress Often Isn’t Productive
One of the main reasons why you shouldn’t worry about money is that your stress is unlikely to achieve anything.
Financial stress can be incredibly difficult to set aside. It often results in a loss of sleep, a breakdown in your relationships and other negative effects like mood swings. Not only are these things bad for your health, but the reality is that they’re also unhelpful. Too often people find themselves stuck in place because of their stress. This creates a self-defeating cycle, and it becomes increasingly difficult to focus on actual solutions. While you can’t simply flip a switch and stop worrying, it’s important to keep an eye on your reaction to stress and ensure it’s not stopping you working on your problems.
2. Action is the Best Cure for Financial Stress
Stress can quickly take over your life if you aren’t careful. The best thing you can do to reduce your worries is to take action. The solutions to financial struggles aren’t always simple. But that doesn’t need to stop you from taking some sort of action. There are lots of ways to deal with financial stress. In some cases, all it takes to get the ball rolling is to talk to someone about the problems you’re experiencing. Decompressing by talking about your stressors can be extremely therapeutic, and it’s also a good way to make a start on actively fixing the problem.
3. There are Some Things You Cannot Change
Acceptance can be the toughest part of managing financial stress. Once you’ve done everything you can to rectify the situation, it’s time to move on and get back to your life. That’s easier said than done. But allowing the stress to continue impacting your health is harmful, and learning to let go of things you cannot change is the solution.
4. Life is Full of Good Moments
Getting bogged down in financial stress can make it hard to spot the good things going on in your life. Ignoring those positive experiences only adds to the cycle of worry, making it even harder to reach a solution. As much as your financial issues need to be dealt with, it’s much easier to manage your stress levels if you’re focusing on the good things. Whenever you feel your worries creeping up, take a moment to remind yourself of the positive things, and turn those happy moments into productive actions and work towards real solutions.
5. Help is Available
The effects of financial stress can have a major impact on your health, family and the rest of your life. If you’re struggling with money, it’s important to remember that you aren’t alone. Help is always available. Talking to your friends, working with your family or seeking professional assistance are all productive ways to reduce your worry and work towards a lasting solution. Professional financial stress management services can help break your issues down into manageable bites. With a little bit of expert help, you can resolve your personal or business problems and deal with your financial stress once and for all.
Are You Experiencing Financial Stress? Business Savers is Here to Help!
Financial stress is on the rise among Australians, with research from 2021 showing that 25% of us suffer from money-related anxiety. Whether you’re worried about your personal finances or are struggling with your business, excessive amounts of stress are likely holding you back. If it’s time to look for a solution then get in touch with Business Savers! We’re financial stress management experts, and we offer the advice and services you need to reduce your worry and get back to living your life. Our services are available to individuals and businesses of all sizes, so we can find a solution that works for you. Contact us today if you’d like to have a confidential discussion about your situation and our voluntary administration services available. We’ll help you figure out the best options and what you can do to manage your financial stress.
FAQs
One of the main reasons why you shouldn't worry about money is that your stress is unlikely to achieve anything. Financial stress can be incredibly difficult to set aside. It often results in a loss of sleep, a breakdown in your relationships and other negative effects like mood swings.
Why should you not stress about money? ›
Stress is a big factor when it comes to declining health, so it's important to be mindful of how your financial burnout is affecting your physical, mental and emotional wellness. You can reach all the financial goals in the world, but they won't mean anything if your health suffers along the way!
How to stop worrying about saving money? ›
How to stop worrying about money and start living
- Get grounded: Practice relaxing breathing exercises and meditation. ...
- Create financial goals: Set clear, achievable objectives. ...
- Make a budget: Track finances and control spending. ...
- Schedule money check-ins: Regularly review your financial situation.
Know: 3 Things You Must Do When Your Savings Reach $50,000
“On average, Americans believe it takes approximately an additional $284,000 above feeling wealthy to really be 'worry-free.
Why am I so concerned about money? ›
What causes financial anxiety? According to Blackwell, there are many triggers that can cause financial anxiety. Some common ones include a potential job loss, a money misstep, a lack of personal finance education or your childhood beliefs about money.
Does saving money reduce stress? ›
Poor money-management skills and lack of financial resources can lead to stress that spills over into your relationships, wearing you down. The good news is, smart spending and saving can help you cope with stress and feel more in control.
What stresses people out about money? ›
Why is financial stress so common? Finances play a significant role in our daily lives, from being able to afford food and housing to achieving our future goals. Financial stress can come from a number of related factors, including paying bills, managing debt and having enough savings.
What is an unhealthy obsession with saving money? ›
Fear of spending money or excessive frugality is sometimes known as Chrometophobia, a Specific Phobia related to money. Fears about spending money may also be involved in obsessive-compulsive disorder (OCD).
Are people struggling financially? ›
Only 48% of Americans have enough emergency savings to cover at least three months' worth of expenses, as of May 2023. 22% have no emergency savings at all. Americans' debt is piling up. 36% of U.S. adults have more credit card debt than emergency savings, as of January 2023, the highest percentage since 2011.
What does the Bible say about money worries? ›
In Hebrews 13, Paul reminds us to “keep our lives free from the love of money, and be content with what you have.” No matter how big your dreams are, remember to be content now. The God of the universe is for you, and that is more than enough.
Here's the income it takes to be a top earner in your state
You'll need to earn more than half a million annually to be considered among the highest earning residents in 11 states and Washington, D.C. "This comes down to cost of living," Murray said.
How many people don t have $1,000 in savings? ›
A stunning new Bankrate survey of 1,030 individuals finds that more than half of American adults (56%) lack sufficient savings to shoulder an unexpected $1,000 expense.
How much income is rich? ›
The survey by financial services company Bankrate.com found that overall, Americans said they would need to earn about $483,000 on average to feel rich or achieve "financial freedom."
How many people live paycheck to paycheck? ›
A majority, 65%, say they live paycheck to paycheck, according to CNBC and SurveyMonkey's recent Your Money International Financial Security Survey, which polled 498 U.S. adults. That's a slight increase from last year's results, which found that 58% of Americans considered themselves to be living paycheck to paycheck.
Is money anxiety a thing? ›
Money anxiety, also known as financial anxiety, is a type of anxiety that is triggered by financial stress. It can be extremely challenging and have a lasting impact on a person's mental, social, physical, and financial health.
What percentage of people worry about money? ›
According to a recent CNN survey, 71% of Americans identify money as a significant cause of stress in their lives. Further, 76% of households live paycheck-to-paycheck and credit card debt is growing. Money-related stress is not just a matter of simple dollars and numbers.
What happens when you worry about money? ›
It can have an impact on your physical health causing insomnia, loss of appetite, or an inability to focus. It's only natural that financial hardship and loss of income will create worry. When that worry escalates to obsession, it can become a true anxiety disorder.
Can too much money cause stress? ›
Transcript. Audrey Hamilton: Money is a top cause of stress for many Americans. That's according to the latest Stress in America survey conducted by the American Psychological Association. Stress can negatively affect health and even contribute to chronic health problems such as diabetes and heart disease.
