10 Sep 2020 • 2mins • Fonk

5 ways to reduce money anxiety

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Does the thought of your bank balance make you quiver? Calm those fears and learn how you could reduce your money anxieties in five easy steps…

1. Be honest

First, take a breath – it’s time to be honest with yourself, review your finances and find out where these worries stem from. You could do this by printing out your statements and grabbing a highlighter or, better yet, use an app to see everything in one place. You may be surprised at how much better you feel by having a clearer picture of where your money’s going.

2. Make a commitment

Now you know where your pennies go, you should be in a better place to set some goals. Write down your three biggest money worries, whether it’s paying your monthly bills, financing your hobbies or saving for the future. Having them down can help you visualise your goals and make a real commitment to better budgeting.

3. Take small steps

It’s okay if you can’t fix all your money worries in one go – these things take time. Keep it slow and steady – try swapping a shop-bought coffee for an office brew, or rounding up your spending into your Yolt Money Jar. Small steps are key to changing your spending habits and getting rid of money anxiety for good.

4. Be realistic

By setting your sights too high, you could end up putting yourself under unnecessary pressure. You’re more likely to achieve your goals and reduce money anxiety by keeping things realistic. Set some reasonable targets and try to stick to them. And, hey. If you end up doing better than expected, that can only feel good.

5. Track your progress

While this might not help you get closer to your goals, progress tracking can make a big difference in the amount of stress you feel every day. Focus on the positives and make your accounts an open book. The unknown is usually far scarier than reality.

Want to find out your money personality type? Have a go at our online quiz.