What is “Savoring” and How Can it Help You Build Wealth?
Anxiety feeds off of a lack of structure and planning, leaving you to ruminate on the what if’s of your finances. Establishing a budget is an effective way to organize your expenses and spending, and sticking to it provides the structure you need to feel secure. Keeping tabs on your cash flow will ensure you stay on the right track and will surely alleviate some of your anxiety.
Goal setting is incredibly important for feeling and knowing that you’re making progress. It also can serve as a way to work towards something so that anxiety doesn’t get the best of you. However, when goal setting, it’s important to set both long-term and short-term achievable goals. Be sure to be realistic in how you set those short-term achievable goals so that you see the progress you want to see to boost your confidence and again, alleviate some of that anxiety.
Anxiety often causes us to ruminate on thoughts of the unknown, usually negative situations. An emergency fund is a sure way to guarantee you feel secure if a financially taxing situation were to happen suddenly. Further, emergency funds can be contributed to a little bit at a time even if it’s just $5-10 a week.
Much of our anxiety can come from things that we’re unsure of or don’t know much about. Instead of stressing about how to correctly budget or when/where to invest, do your research! The more you know the more confident you’ll feel.
Doing this is easier said than done because when money is scarce and expenses are large, it’s hard to see the positive. However, it is proven that worrying does not make the situation any better. Instead of letting your money anxiety get the best of you, find joy and gratefulness in the small wins (ex: successfully having a no-spend day, finding a good deal on something you needed, being resourceful where you can).