Are you suffering from financial anxiety?
- Joanna
- Sep 1, 2022
- 3 min read
Updated: Jan 30, 2024
The current financial climate as we head into Autumn and Winter makes for tough reading.
Price hikes are grabbing every headline.
The impact is in the everyday living so there is no escaping it.
Maslow hierarchy states all we really need is to be warm and fed.
Heating and food costs are both going to unprecedented levels. Which means our basic needs are going to be challenged and potentially go unmet.
Gas kilo watt per hour was 4p last year, currently 7p and in October going to 15p.
Electricity kilo watt per hour was 20p, now 26p and going to 52p in October.
Plus we already know it's going to go up again in January.
So financial anxiety is a real thing that many are already facing into and many more will experience. You don't have to be in the lower income bracket to feel this. For a lot this will be a new experience.
So, what can we do ..
Here are some hints and tips...
Firstly, don't hide away face into your expenditure. Understand what you have coming in and what is and will be going out. Build in the rising costs so you can see how the end of the year looks to you.
Reach out to get advice and support. Speak to your bank , your energy suppliers, citizens advice.
Rejuggle, if appropriate, what you pay out. Is consolidation the right thing for you? If you move products to the one supplier, do you get a better deal?
Understand your mortgage. If you have a fixed rate mortgage , when does it expire, what are the current rates being offered. Then assess the impact on your monthly budget. If you are on a tracker mortgage, do you know what it means to you when the Bank of England raises the interest rates?
Be smart and keep a separate bank account for your bills and transfer what you need on pay day to cover that month. This can stop you overspending.
Think quality over quantity if you are use to 6 takeaways a month just have 1 or 2 and pocket the difference. Savour the event rather than it being the norm.
Also use the NO technique with your friends and work colleagues. I would love to go out with you but on this occasion I am going to pass and enjoy it all the more next time. Use the money you would have spent to go into your bills account.
Make a weekly food plan. Then shop to it. If online shopping is for you it can really help you budget and stop impulse buying. Create a meal plan, check cupboards for what you already have, order online, then revisit your order later and make sure you have not over indulged. Use this as an opportunity to get everyone involved. Share the load of the ordering and the cooking.
Plan and make this a different Christmas put limits in place, think do you really need to buy for all these people , suggest a secret Santa for the whole family with a price cap. Go with homemade gifts or the gift of time.
Keep an eye on how much social media you are watching and consciously step back from it. Hearing the same message day in day out will only heighten anxiety.
Use this time to dig out old clothes, toys, games and sell them. Good for the planet, good for your neighbour, good for your bank balance.
Use mindfulness to keep yourself present and in the moment.
By keeping proactive and taking control you then have the space to work on you..
Exercise ( walking / yoga / swimming / running / etc) move that anxiety out of the body.
Make some 10 minute gaps in your day to undertake some deep breathing exercises.
Talk about how your feeling, don't bottle things up.
Find a Cognitive Behavioural Therapist (CBT) to support you with your thoughts. I can help you with this.
Use charities to help you and if you have time work for those charities it can help by giving back.
If things become too much, and you can't see a way out then speak to your Dr or call the Samaritans. You are not on your own and there are always options.
Remember this is a moment in time, it won't last, and you will get through it.
If you want support to help bring this to life or to work on your personal anxiety, then reach out to me at ....
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