A Yogi’s Guide to Addressing Financial Worries
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Try these four tips for assessing and addressing your financial worries.
When intense emotions develop, it is critical to remain in the present moment and be with the breath. It is possible to discover the ground beneath your feet by letting go of your mind’s images of impending financial catastrophe. From there, you can make smart financial judgments.
2. Identify the worst-case scenario.
Exaggerate the worst-case scenario that your anxious imagination has conjured up. “I’m afraid I’ll lose my job!” What else is there? “I’m not going to be able to pay my mortgage.” Then consider what you would do in that situation. Instead of saying, “I’d be a basket case,” say, “I’d move in with my sister and obtain a temporary position.” Make your points in a detailed and realistic manner. Your life force is dedicated to your survival, and it will mobilize resources to ensure that it is sustained.
3. Get help.
In the event that you are not confident in your ability to appraise the situation, get assistance from a trusted friend or a fee-only financial advisor who can help you see the objective facts of your position without being influenced by your emotions.
4. Remember we are all one.
Consider this variation on a typical lovingkindness(metta)meditation: “May I feel this fear for all of the other people who are frightened and nervous right now, so that they don’t have to” when you’re experiencing negative emotions such as worry or anxiety. The act of doing so will lift you out of your self-concern and remind you of your connectivity with all beings, which will provide you with a profound sense of comfort. See also The Yoga of Money: Applying Lessons Learned on the Mat to Your Financial Situation.
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The Financial Anxiety Solution: A Step-by-Step Workbook to Stop Worrying about Money, Take Control of Your Finances, and Live a Happier Life: Bryan-Podvin, Lindsay: 9781646040070: Amazon.com: Books
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Tips for dealing with financial anxiety
It’s unlikely that your financial position will cause you to perish. Your financial stress, on the other hand, can be fatal. As a result, it is critical that it is managed efficiently. Here are five suggestions to assist you deal with your financial difficulties.
1. Know you are not alone
Stress in the United States Affiliation with the American Psychological Association
2. Take a time-out
“I owe money on my credit cards. I’m a complete and utter failure. At anything and anything.” “I was fired from my work. I’m going to be in financial trouble. Forever.” When our financial situation appears to be out of control, it is easy to fall into the trap of catastrophic thinking, in which we speculate wildly about what is going to occur and who we are. Because of these inflated ideas, tense emotions are triggered. You must have a sense of perspective in order to limit the harmful consequences of illogical worry.
4. Think about the worst-case scenario
I don’t see why I would suddenly advise you to think about the worst-case situation if I had just suggested that you avoid catastrophic thinking. Your financial condition is most likely not life threatening, but the financial stress that you are experiencing may be. This practice will assist you in confronting your concerns head-on. Looking at the worst-case situation with a critical eye might have the counterintuitive effect of lessening your level of worry. The process is similar to exposure therapy and might assist you in maintaining your sense of humour.
If you were to lose your employment, what would be your next step would be?
Continue to follow the sequence of the worst-case scenarios. Most people find that fleshing out the circumstances of their position helps them understand that, while painful and inconvenient, their predicament is not life-threatening and that they will be able to get back on track eventually.
5. Ask for help
When we aren’t confident in our capacity to confront a task, our anxiety levels surge to dangerous levels. This is prevalent in the world of personal finance, where many of us lack even the most fundamental understanding of financial concepts. In the event that your financial worry is causing you severe grief or making it difficult for you to manage your life, you may benefit from seeking professional assistance. Consider collaborating with a mental health and/or financial planning specialist to help you manage with your anxiety and make progress on addressing your financial difficulties in order to reduce your stress.
5 Smart Ways to Mindfully Manage Your Money
Whenever we are unsure of our abilities to confront a situation, our anxiety skyrockets and we become extremely stressed. This is prevalent in the world of personal finance, where many of us lack even the most fundamental understanding of financial concepts and principles. The following services may be of assistance to you if you are experiencing severe financial worry and finding it difficult to manage your life. Consider collaborating with a mental health and/or financial planning specialist to help you manage with your anxiety and make progress on addressing your financial difficulties in the long term.
1. Create an Insightful Budget
Knowing where your money goes and how it is spent is critical to being financially mindful—and, eventually, to being financially secure. Budgeting is a simple but essential method of keeping track of your expenditures. You may keep track of your income and costs by constructing a budget in which you describe your income and expenses. It is possible to get more confidence in your financial situation by increasing your knowledge of your spending and classifying your expenses based on their relevance (fixed vs variable costs).
2. Become a World Class Saver
Forbes reports that around 49 percent of Americans live paycheck to paycheck every day, with little or no savings in case of an unexpected need. ¹ Because, let’s face it, emergency scenarios can arise at any point in time. And they may happen to anyone at any time. The psychological impact it has on you is highly dependent on how well you have financially planned for it. It is possible to go from being concerned about your finances to feeling more confident about your future and financial well-being by setting up an emergency fund that is separate from your personal retirement savings and contains a minimum of six to twelve months’ worth of expenses for emergencies such as job losses, health issues, and car accidents.
3. Educate Your Way to Financial Zen
If handling your finances is causing you stress, don’t be concerned; you’re not alone in feeling this way. The majority of Americans struggle with money management. Educating oneself about the present economic condition and exploring your choices are critical to being financially prepared, as is the adage “knowledge is power.” The most financially secure Americans place a strong focus on gaining a better understanding of key financial ideas and products, according to the survey.
Since you’re reading this right now, congratulations on your progress; you’re already on your way! ²
4. Breathe Before You Spend
During this time, you may find yourself leaning to internet shopping for convenience; even the act of purchasing products may be a conscious experience. Take the time to browse through your shopping cart with care. Consider if it is something you require—a necessity—or whether it is simply something you desire. This will benefit both your mental health and your financial well-being, since it is frequently the case that this may make all the difference in the ultimate amount of your bill. Leave products in your basket for 24 hours and you will have the opportunity to take a deep breath and ponder whether those items are the greatest use of your hard-earned money at that moment.
5. Find a Financial Yogi to Guide You
As taking the necessary time for self-care while you self-isolate will be extremely beneficial in helping you emotionally and psychologically through these difficult financial times, maintaining an open line of contact with a financial professional will be equally beneficial. Making use of a connection, such as one with a financial professional, might assist you in “offloading” financial stress. They can give you with excellent financial advise as well as access to tools that can assist you in staying on track with your long-term goals, regardless of the market circumstances.
- Mindfulness, which is the practice of bringing one’s attention to the present moment, aids in the development and maintenance of good mental health.
- Financial well-being and emotional well-being are directly related, and understanding how to manage your money in a proactive manner is essential to reducing the stress that might naturally arise as a result of changes in the market and your own circumstances.
- You’re on top of it.
- The Guardian Life Insurance Company of America®, New York, NY2020-101574, expiration date: 5/2022 The Guardian Life Insurance Company of America®
1 Are you retooling your budget in preparation for COVID-19? Forbes published a piece titled 5 Smart Steps to Take Now on March 27, 20202 2016. The Guardian Study of Financial and Emotional ConfidenceTM is an annual survey of financial and emotional confidence.
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1. Lee, J.Y., et al (2013). « Private tutoring in Korea: An investigation of its influence on students’ academic success, formal schooling, and educational inequity ». Doctoral dissertation that has not yet been published. Columbia University is a private research university in New York City.