5 answers
Blythe
Student
Orlando, Florida
1
Question
Asked
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How do you cope with anxiety when it comes to money?
I am an incoming freshman to UCF and since housing was full by the time I accepted, I will be living off campus. My rent is very expensive, but I am relying on some financial aid money that will be left over after covering my tuition and am currently in search of a job to make ends meet. My family is supportive, however I will be responsible for my tuition, rent, insurance, and anything else I need in Orlando. My mom doesn’t think this will be a problem for me, but I’m very anxious when it comes to spending any little bit of money I make at my job now, thinking about how I will soon be struggling to come up with the money for my rent in the future.
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5 answers
Kimika Banfield, MSHRM, PAHR, CDR
Head of People and Talent
19
Answers
Dallas, Texas
Updated
Kimika’s Answer
Managing anxiety related to money can be challenging, but there are several strategies you can try to lessen the things to stress about with these tips:
1. Budgeting: Create a comprehensive budget that outlines your income, expenses, and financial goals. This will give you a clear understanding of how much money you have and how it needs to be allocated. Budgeting can help reduce anxiety by giving you a sense of control and allowing you to plan ahead.
2. Prioritize and cut expenses: Identify your essential expenses, such as rent, tuition, and insurance, and prioritize them in your budget. Look for areas where you can reduce expenses, such as dining out, entertainment, or unnecessary subscriptions. Cutting back on non-essential expenses can free up more money for your essential needs.
3. Seek employment opportunities: As you mentioned, finding a job is crucial to make ends meet. Look for part-time job opportunities on or near campus that can help cover your expenses. Additionally, consider exploring work-study programs or internships that offer financial compensation.
4. Explore financial aid options: Speak to the financial aid office at your university to explore additional financial aid opportunities, scholarships, or grants that may be available to you. They can provide guidance on how to maximize your aid and assist you in finding resources to fund your education.
5. Build an emergency fund: As you start earning money, try to set aside a portion of it each month into an emergency fund. Having a safety net can alleviate some of the anxiety related to unexpected expenses or financial challenges.
6. Seek support: Talk to your family, friends, or a trusted mentor about your concerns. Sharing your worries with someone who understands and supports you can provide emotional relief and help you gain perspective on your situation.
Financial challenges are common, especially for students. It's important to stay proactive, seek resources when needed, and maintain a positive mindset. With careful planning, budgeting, and perseverance, you can navigate through this financial transition successfully.
Coping with the emotional aspect of financial anxiety can be just as important as managing the practical side. Here are some strategies to help you cope emotionally:
1. Acknowledge and accept your feelings: It's normal to feel anxious or overwhelmed about money, especially when you're facing new financial responsibilities. Allow yourself to acknowledge and accept these emotions without judgment. Recognize that it's okay to feel this way and that many people experience similar concerns.
2. Practice self-care: Take care of your physical and mental well-being. Engage in activities that help you relax and destress, such as exercise, meditation, or hobbies. Make sure to get enough sleep, eat nutritious meals, and maintain a balanced lifestyle. Taking care of yourself can help you manage stress and anxiety more effectively.
3. Challenge negative thoughts: Our thoughts can often contribute to anxiety. Identify any negative or catastrophic thoughts you may have about your financial situation and challenge them. Ask yourself if there is evidence to support these thoughts or if there might be alternative, more positive perspectives. Remind yourself of your strengths, capabilities, and the steps you are taking to manage your finances.
4. Seek support and guidance: Reach out to trusted friends, family members, or mentors who can provide emotional support and guidance. Sometimes, simply talking about your concerns with someone who understands can help alleviate anxiety. Additionally, consider seeking counseling or therapy services provided by your university to help you process and manage your anxiety.
5. Focus on what you can control: While there may be many financial aspects beyond your control, it's important to focus on what you can control. This includes creating a budget, finding a job, and seeking financial aid options. By taking proactive steps towards managing your finances, you can regain a sense of control and reduce anxiety.
6. Practice mindfulness: Engage in mindfulness exercises or meditation to help center your thoughts and bring your attention to the present moment. Mindfulness can help reduce anxiety by allowing you to let go of worries about the future and focus on what's happening right now.
Remember, coping with financial anxiety is a process, and it may take time to find strategies that work best for you. Be patient with yourself and celebrate small victories along the way.
1. Budgeting: Create a comprehensive budget that outlines your income, expenses, and financial goals. This will give you a clear understanding of how much money you have and how it needs to be allocated. Budgeting can help reduce anxiety by giving you a sense of control and allowing you to plan ahead.
2. Prioritize and cut expenses: Identify your essential expenses, such as rent, tuition, and insurance, and prioritize them in your budget. Look for areas where you can reduce expenses, such as dining out, entertainment, or unnecessary subscriptions. Cutting back on non-essential expenses can free up more money for your essential needs.
3. Seek employment opportunities: As you mentioned, finding a job is crucial to make ends meet. Look for part-time job opportunities on or near campus that can help cover your expenses. Additionally, consider exploring work-study programs or internships that offer financial compensation.
4. Explore financial aid options: Speak to the financial aid office at your university to explore additional financial aid opportunities, scholarships, or grants that may be available to you. They can provide guidance on how to maximize your aid and assist you in finding resources to fund your education.
5. Build an emergency fund: As you start earning money, try to set aside a portion of it each month into an emergency fund. Having a safety net can alleviate some of the anxiety related to unexpected expenses or financial challenges.
6. Seek support: Talk to your family, friends, or a trusted mentor about your concerns. Sharing your worries with someone who understands and supports you can provide emotional relief and help you gain perspective on your situation.
Financial challenges are common, especially for students. It's important to stay proactive, seek resources when needed, and maintain a positive mindset. With careful planning, budgeting, and perseverance, you can navigate through this financial transition successfully.
Coping with the emotional aspect of financial anxiety can be just as important as managing the practical side. Here are some strategies to help you cope emotionally:
1. Acknowledge and accept your feelings: It's normal to feel anxious or overwhelmed about money, especially when you're facing new financial responsibilities. Allow yourself to acknowledge and accept these emotions without judgment. Recognize that it's okay to feel this way and that many people experience similar concerns.
2. Practice self-care: Take care of your physical and mental well-being. Engage in activities that help you relax and destress, such as exercise, meditation, or hobbies. Make sure to get enough sleep, eat nutritious meals, and maintain a balanced lifestyle. Taking care of yourself can help you manage stress and anxiety more effectively.
3. Challenge negative thoughts: Our thoughts can often contribute to anxiety. Identify any negative or catastrophic thoughts you may have about your financial situation and challenge them. Ask yourself if there is evidence to support these thoughts or if there might be alternative, more positive perspectives. Remind yourself of your strengths, capabilities, and the steps you are taking to manage your finances.
4. Seek support and guidance: Reach out to trusted friends, family members, or mentors who can provide emotional support and guidance. Sometimes, simply talking about your concerns with someone who understands can help alleviate anxiety. Additionally, consider seeking counseling or therapy services provided by your university to help you process and manage your anxiety.
5. Focus on what you can control: While there may be many financial aspects beyond your control, it's important to focus on what you can control. This includes creating a budget, finding a job, and seeking financial aid options. By taking proactive steps towards managing your finances, you can regain a sense of control and reduce anxiety.
6. Practice mindfulness: Engage in mindfulness exercises or meditation to help center your thoughts and bring your attention to the present moment. Mindfulness can help reduce anxiety by allowing you to let go of worries about the future and focus on what's happening right now.
Remember, coping with financial anxiety is a process, and it may take time to find strategies that work best for you. Be patient with yourself and celebrate small victories along the way.
Thank you so much for answering my question! I will be sure to put your advice to use, thank you again! :)
Blythe
Taj Kachaamy, PhD
Lecture
26
Answers
El Cajon, California
Updated
Taj’s Answer
Hello, how are your parent supportive is they do not help you financially? Can you clarify more! or they cannot afford to help? I believe you need to find a roommate to lower your rent and you need to add your name on the waiting list on campus. moreover, you need to live the moment and concentrate on your studies. Listen to some calming music while doing your chores. This will lower your stress. Ultimately, work hard on everything while you are living the moment and you will get what you need.
Taj Kachaamy, PhD
Lecture
26
Answers
El Cajon, California
Updated
Taj’s Answer
Hello, how is your parent supportive is they do not help you financially? Can you clarify more! or they cannot afford to help? I believe you need to find a roommate to lower your rent and you need to add your name on the waiting list on campus. moreover, you need to live the moment and concentrate on your studies. Listen to some calming music while doing your chores. This will lower your stress. Ultimately, work hard on everything while you are living the moment and you will get what you need.
Robert Harding
Sales
5
Answers
San Francisco, California
Updated
Robert’s Answer
Dealing with worries about money requires active steps and a change in thinking. I learn about personal finance, plan a budget, and build a safety net fund to gain more control. Getting expert advice when necessary offers helpful direction. Activities such as meditation and deep breathing help me handle stress. I concentrate on what's within my power, set achievable targets, and steer clear of comparing myself to others. Putting self-care first and sharing my concerns with people I trust gives me emotional backing. By doing all these, I foster a better connection with money and lessen the effect of anxiety on my happiness.
A. Michelle Hawkins
Make contributions and identify volunteer opportunities for employees
108
Answers
New York, New York
Updated
A. Michelle’s Answer
Blythe - Having a plan can help reduce your anxiety. The first step is finding a job. Once you know how much money you will net (salary minus taxes or any other required deductions), begin to build a budget, starting first with mandatory and priority expenses such as rent. If possible, I encourage you to have rent automatically deducted from your account to avoid the possibility of nonpayment. Look for discounted services and items. Some companies offer discounts for students. You can also buy second-hand textbooks. If your schedule permits, look for ways to supplement your income with one-off jobs, such as serving at parties or doing surveys or research projects. Do add in a modest budget for fun. This will help to offset the stresses of coursework and employment.
Thank you so much for the advice! I really appreciate it!! :)
Blythe