A Guide To Managing Financial Anxiety

Yves SchoofBusiness

Finances are one of the biggest sources of stress in Australia. Whether it’s worrying about making ends meet or planning for the future, anxiety around money can be a huge burden and can affect the quality of your work, life and relationships.

And trust me, financial stress does not solely affect low income earners. Many high income earners experience financial stress due to high tax burdens, mortgages and private school fees.

I hope this article provides you with a few proactive steps you can take to lighten the mental load.

 

  1. Recognise your anxiety and try to determine the source

Anxiety can rear its head in lots of ways – maybe you’re short-tempered, not sleeping well or lacking the motivation to do things around the house. The first step to ridding yourself of money anxiety is to acknowledge that it is affecting you, and to try to pin down what specifically is causing you concern.

Rather than feeling overwhelmed, work with friends, family or an adviser to narrow down the real problem. Even the biggest issues can be solved if you know exactly what they are. If you’re struggling with anxiety, reach out for advice and support.

 

  1. Make a plan

According to the Australian Bureau of Statistics, 38% of Australian households experienced financial stress in the June quarter of 2020, so if you’re experiencing financial stress you are not alone.

When it comes to money worries it can be easy to get into a spin. Rather than dreaming up the worst-case scenario, to begin with, make a tangible plan to get yourself back on track in the short-term. Once this is in place, turn your attention to the medium and longer-term to make sure you’re doing everything you can to set yourself up for future success. If you’d like support setting up a plan, you can always reach out to us.

Having the clarity to know where you are heading and that the current financial pressures will pass eventually, can make a huge difference to your stress levels.

 

  1. Get expert advice

Whether it’s from your financial adviser or other service providers, there are people who can help you to manage your money effectively. Choosing the right service will depend on the nature of your concern, but talking about your problems with people who can provide you with accurate, practical advice can be an effective way to reduce your stress.

 

  1. Learn what you can

Money management is a skill, and if your concern is longer-term, then taking some classes either online or in person could help you to take control and achieve your objectives. There free ebooks available on my website, click HERE

 

Money anxiety can play on anyone’s mind. Don’t be ashamed to speak up, ask for help and take the right steps for you and your family. If you’d like to discuss your specific concerns then please don’t hesitate to get in touch via Yves@affluenceprivate.com.au or 0432 885 295.

Yves Schoof
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Yves Schoof

Author | Specialist Adviser for Medical Specialists and Surgeons at Affluence Private Wealth
I specialise in managing and coordinating the financial affairs of medical professionals and have been recognised as one of the best financial planners in Australia. I am a Certified Financial Planner and member of the Financial Planning Association of Australia.

As I understand your time is extremely valuable and scarce, I am able to offer flexible meetings times, including outside business hours and during the weekend. I can even come and meet you somewhere convenient, or talk via videoconference on Skype.

My first consultation is free. I allocate up to 90 minutes to discuss your personal circumstances and to establish how I may best assist you. Where you already have an existing adviser, I would be happy to offer a second opinion. I always quote a fixed dollar fee before we start working together.

Please contact me on yves@affluenceprivate.com.au or call me direct on 0432 885 295. You can follow me on Twitter @YvesSchoof or connect with me on LinkedIn to receive new articles.

DISCLAIMER
Yves Schoof and Affluence Private Wealth are Authorised Representatives of Synchron, AFS Licence No. 243313. 

The information posted is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs.
Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making a decision.
Yves Schoof
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