Whether it’s an unexpected medical expense or planning for big purchases, thinking about your finances can cause stress and anxiety. While almost everyone worries about money at least once in their life, prolonged and elevated financial anxiety can interfere with your day-to-day life. This can lead to poor health and mental well-being. If you find yourself struggling with your finances, here are some tips to combat your money anxiety.
1. Set goals and plan ahead
Whenever you’re not sure where to start, it’s always good to go back to the drawing board and start planning. Think about your goals in the future, whether it’s buying a house, or even saving for a vacation. Once you’ve mapped out your goals, it’s easier to keep track of them and plan around it. Planning helps you achieve your goals better and reduces uncertainty when it comes to your finances.
2. Keep track of spending
Tracking your expenses may be tedious, but knowing exactly where you’re spending your money will allow you to make changes in your budget and build better spending habits. You may be unaware of multiple small expenses that have been stacking up. Sometimes, all it takes is a little understanding of where our money goes for us to make better decisions about our spending.
3. Prepare an emergency fund
Building an emergency fund is something you should start as early as possible. Life can be unpredictable at times, and loss of job, medical emergencies or any other unexpected disruption to your finances could cause added stress if you’re not prepared for it. When you have funds to fall back on, it will help lessen any anxiety due to financial stress.
4. Improve your financial literacy
If you’re wondering how to achieve financial stability, the best thing to do is to improve your financial literacy. Improving your financial knowledge will give you the confidence to manage your money better and tackle any financial problems with greater ease. There are many ways you can improve your financial literacy. With the world at our fingertips, it’s easy to access readily-available information on credit scores, real estate, insurance, investments and so much more! Subscribing to financial newsletters online or even keeping up with the latest financial news will give you a better grasp of financial knowledge.
5. Use financial tools
Dealing with financial anxiety can be challenging. If you’re still struggling with financial stress and it’s affecting your daily life, it’s time to seek external help. These days, there are many financial tools and solutions available to help you with managing your finances. This can range from budgeting apps to financial needs analysis such as the upcoming Singlife Plan & Protect app.
When it comes to managing your money, you can count on Singlife. At Singlife, we embrace technology to help Filipinos be confident and in control of their finances. From 2021 onwards, Singlife Philippines will include products that cater to both saving and investing, including investment-linked insurance. Learn more about our available products now.