How to Tackle Financial Anxiety
By: Alyson Moss
We’ve all been there. Up late at night worrying about what’s clearing the account in the morning, seeing that dreaded dash light pop up on your way to work, feeling like each time you take one step forward, you take three steps back. Financial anxiety seems never-ending. Between having to make impulse financial decisions to building mounds of credit debt, it took many years of struggle for me to finally feel like I was in control.
If you find yourself feeling stuck in a financial rut, here are a few steps I took to gain control of my wallet’s GPS and direct myself down the path of financial wellness.
1. I Stopped Ignoring My Debts
For a long time I pretended my debts—especially credit my cards—didn’t exist. But I was constantly reminded by my statement that high interest was accruing month after month. In plain English, I just didn’t care enough to tackle them. The beginning of my “financial awakening” included pulling the total of all of my loans and monthly bills together so I could create a starting point.
My advice: Face your debts head on.
2. I Started Communicating with My Lenders
Lenders. Just. Want. To. Get. Paid. And to most people’s surprise, they are usually willing to be flexible with your financial situation. The moment I called my lenders to reassess my debts, it not only looked better on my credit score, but I could feel my anxiety melting away.
My advice: The loan balance is a number, but the lending institution is made of REAL people who are just like you. Never be afraid to ask for help!
3. I Educated Myself with the Help of My Credit Union
“The more you know” may be a circulating GIF you see in Facebook comments, but the statement is real. One of the biggest assets I provided myself with my finances was knowledge. Before I worked at a credit union, I had a history with a bank that focused on providing banking services to people with low credit scores.
My advice: The best financial topics you can read up on:
Don’t be intimidated by numbers.
Your credit union has the resources necessary to get your finances on the right track!