Recognising Financial Anxiety and Four Ways to Cope

By WARREN HADLOW, Director of Hadlow Edwards Wealth Management Ltd

We’re still in a time where everyday costs are continuing to rise around us and it’s increasingly difficult to keep on top of.

These continued additional costs could lead to financial stress and it’s essential to notice how it may impact your mental health. A great way to start is being able to recognise the symptoms of financial anxiety.

Here are some of the most common indicators that you may be experiencing financial anxiety…

• Overspending: Shopping provides a temporary relief from money anxieties, which then becomes a vicious cycle.

• Hoarding: Comfort in material items to relieve the anxiety from money challenges.

• Fear of spending: Obsessive saving could prevent you from doing things that you enjoy.

• Out of control finances: Difficulty in budgeting or prioritising household spending.

• Depression: Feeling depressed can stem from financial anxiety.

Whatever your circumstances, there are ways to get through these tough economic times, ease stress and anxiety, and regain control of your finances.

So here are four ways that could help you cope with your financial stress:

1. Talk to someone: sharing your thoughts with another person could help ease your anxiety. They may be able to give some advice or share their own experiences.

2. Keep track of your finances: being aware of what is going in and out of your accounts is a start to understanding where you could make savings and how much you can afford for leisure activities after your essential payments are made.

3. Keep a regular routine: knowing that specific payments are going to be taken regularly and that you have enough to cover them can help you gain control – a great antidote to anxiety.

4. Make a plan: Set yourself small, achievable goals for those bigger payments or future life events that you would like to reach. Checking in regularly can help you keep on track and amend your path as you go. Speaking to a financial adviser or wealth management consultant could help you with where to start and putting that plan into place.

If you would like to discuss how we could help to make a financial plan for your future, please feel free to get in contact on: 01978 311611 or via email: hadlow.edwards@sjpp.co.uk for a no obligation chat.

By Warren Hadlow of Hadlow Edwards Wealth Management Limited hadlow.edwards@sjpp.co.uk Tel: 01978 311 611 www.hadlowedwards.co.uk