3 surefire ways to manage financial anxiety

Naturally, we all have worries when it comes to our finances—from debts, retirement, job loss, housing costs to economic uncertainty.

But, if your financial concerns are beginning to interfere with your daily life or you’re finding it hard to think about anything else, then it’s time to take back control.

Here’s what to do the next time you find yourself dealing with financial anxiety:

• Identify the Trigger: Identifying the causes of your financial anxiety is often the first step towards managing it. So, take a moment to think about which financial tasks give you the most anxiety. Is it day-to-day money management that rattles you or are you more bothered about big picture retirement and investment thoughts? Start from there.
• Paint a worst-case scenario: Although it sounds counterintuitive, this strategy can help you stay calm when facing a stressful situation. If you went over budget, for example, could you cut down on some other things? If so, what would happen next? Would you be able to get back on track quickly? By imagining the worst possible outcome, you will realize that the situation is not life-threatening and can get resolved.
• Get educated without the rush: Financial education is frequently promoted as the way to overcome financial anxiety and for good reason. But it can be daunting to learn everything about personal finance at once. My advice? Take it one bit at a time. That way, you won't end up feeling overwhelmed and discouraged when you don't immediately master all the concepts.

While these tips may help you lessen your financial anxiety, they might not take it away and that’s not your fault. Yet, if you find that your financial anxiety is causing significant distress and making it difficult to live your life, it's time to ask for professional help.

At RBC Wealth Management, our clients get access to highly trained and respected professionals with expertise in portfolio management, financial planning, relationship management, and so on.

This way, you can rest assured knowing you can meet your financial needs without the worries of running out of money before [or even in] retirement.

Here's to better financial clarity,

-Rachelle