Financial stress and anxiety have become increasingly prevalent today as a result of an abundance of information right at our fingertips. This was especially evident during the Covid-19 pandemic, as many people were affected financially due to various regulations. However, it is important to recognize that financial stress and anxiety cannot always be resolved by simply having more money or less debt. Therefore, it is crucial to understand what these feelings mean, and how to deal with them.

What is Financial Stress?

Financial stress is triggered by the belief that one is unable to cope with their financial obligations. These demands often result from external stimuli, like planning for retirement, tax obligations, rising household costs, or paying bills. Unfortunately, discussing one’s financial situation has become stigmatized in our society, which can intensify feelings of financial stress and anxiety.

Strategies for Managing Financial Stress

To manage financial anxiety, you want to focus on the problem and find a strategy that will help you solve it. The good thing about stress is that it often causes a response, meaning people are more likely to face the issue head on. The hardest part about dealing with financial stress is finding the right strategy. This is the perfect time to call a financial advisor and get some help. As financial advisors, we deal with these problems daily, helping our clients to better understand the problem and work together to find a solution.

What is Financial Anxiety?

Financial anxiety is the uneasy and nervous feeling you get when you are dealing with your finances. This feeling is often caused by internal forces, usually resulting from a negative mindset. There are various factors that can create these feelings, such as a sense of unpreparedness, difficulty in comprehending information, shifts in the market, and numerous other factors. Sometimes this anxiety can even originate from your childhood and growing up in a household where your parents were constantly financially anxious.

Strategies for Managing Financial Anxiety

Unlike financial stress, people experiencing financial anxiety are more likely to shut down and try to avoid the problem as a whole rather than face it. This often only increases your anxiety and makes the problem worse. The best strategy for dealing with financial anxiety is to find a safe environment and talk with someone about it. You want someone who is supportive and that you feel comfortable talking to. A great person to fill this role can be your financial advisor.

How JGUA Can Help

It is important to remember that financial stress and financial anxiety are two very different issues that both require different responses. At JGUA, we pride ourselves on helping our clients to reduce their financial stress and anxiety by reducing their workload. JGUA is a full-service financial planning firm that takes a comprehensive approach to helping you achieve your goals. By analyzing all aspects of your financial life, we can identify areas for improvement and create a personalized plan that optimizes your resources. Our experienced team can guide you through complex financial issues, such as retirement planning, tax optimization, and investment management. Our goal is to help you reclaim your time and energy so you can focus on what truly matters to you, whether that’s pursuing new hobbies, spending quality time with loved ones, or simply enjoying life. Contact us today at 607-936-3785 or [email protected] to learn more about how we can help you achieve financial peace of mind.