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Say Goodbye to Financial Anxiety

March 20 // 6 Comments // 5 Minute Read

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This post may contain affiliate links. Read my full disclosure policy here.

If financial anxiety keeps you awake at night, it's time to create an action plan to help conquer it right away. Whether you're worried about covering an unexpected expense, stressed about paying the monthly bills, or frustrated with an unattractive retirement plan, this in-depth post will ease your worries and help YOU take back control.

Financial stress is a very very real thing. It doesn’t matter how much or how little you make, I’m 99.9% positive you’ve experienced it at least some time in your life. In fact, you might be experiencing it right now.

Take a moment and see if any of these statements resonate with you:

  • You earned significantly less income last month, and now you’re wondering how you’ll ever pay all the bills.
  • An expensive appliance suddenly stops working, and you didn’t anticipate having to buy another one. Where will you find extra money for that?
  • Retirement is looming closer and you’re not sure you’ll have enough to live comfortably, let alone cover all your expenses.
  • Or one of my absolute favorites….Ahem…..the renovations that reveal more problems than you could have ever imagined. Now you’re in way over your head and still have to fix them, making your project cost more than double to finish.

It’s enough to cause a financial anxiety attack, yes??

Maybe you think you’re struggling through these kinds of feelings alone, but let me assure you that you are most definitely not. A recent survey by SunTrust Bank found that 70% of Americans are financially stressed and 80% say their personal finances keep them awake at night.

Personally, I think money {or a general lack of it} makes us feel like we don’t have control anymore, and that’s why we’re always so stressed about it.  It ebbs and flows with our income and expenses, and a quick turn in the wrong direction makes us feel entirely helpless and insecure.

But what if I said you actually did have control? Because you have more say over your money than you might think.

From now on, I want you to stop seeing money as source of stress, and instead, view it as an amazing opportunity to improve and achieve the life you really want. But the first step is to figure out exactly what is causing that anxiety in the first place, address it head on, and move forward with a plan in place to reverse it.

When You’re Stressed About Paying Your Monthly Bills….

Step 1: Cut expenses wherever you can.

Maybe you’ve already cut costs and made huge sacrifices in this area, but I’m a firm believer there’s always more you can do. Dig deeper into your finances and find even more non-necessities that you can cut temporarily, or eliminate completely. I actually wrote an entire series on this called 31 Days to Radically Reduce Your Expenses, with hundreds of ideas to spend less, and save more. Many readers have gone through this series and saved hundreds, even thousands, on their monthly bills!

Step 2: Start a budget, or rework the one you already have. 

If you’re new to budgeting, go through The Beginner’s Guide to Budgeting series and learn how to start a budget from scratch, or you can use it as a reminder to audit the budget you currently have.  Figure out what’s not working and change it right away, using the core principles I outline each day in this in-depth series. Then keep track of your spending every week so you always know how much you should and should not spend.

The only thing standing between everyday chaos and a streamlined, well-organized life are these five organizational tools. Learn how to set goals, stay on top of your to-do's, come in under budget, and keep your life on track and running smoothly!

Step 3: Earn more income.

When you’ve cut everything you can, and still don’t have enough to pay upcoming bills, it’s time to bring in a little more income. Look for unique side hustles and ways to earn extra money from home. Consider getting another part-time job that’s still flexible with your current schedule. Declutter your home and get familiar with how to sell on Craigslist and Yard Sale Facebook Groups. When it gets hard, remember…..this is only until you can get back on your feet again.

You should also read: How to Make Money as a Virtual Assistant and 5 Surprising Items to Rent for Extra Cash

When You’re Stressed About An Unexpected Expense….

Step 1: Compare prices and shop around.

When something unexpected happens, our initial instinct is to get it fixed right away. This does not mean you ignore the issue, because some things {like mold} you just don’t mess with, but don’t let panic overpower your ability to reason either. Call a few different companies, read product reviews, and be very sure that you’re paying a reasonable price for a quality product or service before you commit.

review

Step 2: Request a payment plan.

Anytime Joseph or I have encountered an expense we didn’t expect, or didn’t have enough money stashed away for, we talk to the company to arrange a payment plan ahead of time. Most businesses are very willing to work with you provided you give them a down payment, after which they’ll roll the remaining balance into an interest-free or very low interest payment plan. No, it’s not ideal to have more debt attached to your name, but it’s definitely better than putting it on a high interest credit card!

Step 3: Build an emergency fund. 

An emergency fund prevents panic from an unexpected expense from happening in the first place…and believe me, it will happen! While this probably sounds extremely negative, the key is to be prepared for these things as much as possible. I’d encourage you to start your emergency fund with a goal of at least $1,000, then when you become more financially stable, you can increase that amount little by little. If you’re not sure where to find the money to build your Emergency Fund, learn how we did it in 90 days.

When You’re Stressed About Retirement….

Step 1: Set a goal, and outline the steps to reach it.

One thing I’ve learned over the years is that you will rarely meet your goals without a concrete step-by-step plan. Take time to sit down with the exact amount you could live on each year {aim a littler higher to make room for unexpected expenses}, then create a pie chart with various streams of income, and how much you need in each income stream to meet your yearly goal. Make it tangible, then outline action steps to achieve those exact income amounts.

Retirement Chart Example | Creative Savings Blog

Step 2: Cut your cost of living.

Much like those who have a hard time making their monthly bill payments, you need to be careful about how much you currently spend in a year and look for ways you can easily cut back. Think about what are truly a necessity and what you can get by without. You may need to downsize to a smaller home, negotiate with utility providers, and even cut your landline or cable phone for a few months or indefinitely. Again, my 31 Days to Radically Reduce Your Expenses series is essential to achieve this.

Step 3: Earn more income.

If you don’t have enough income to currently support your retirement goal, it’s time to think outside the box and bring in more money. Depending on age, consider getting a different, higher paying job with better benefits. Look for ways to make money from home and online. Comb through the rooms in your house, and part with items you don’t need anymore or are just taking up clutter. Be diligent in looking for these opportunities now, so you don’t find yourself in big trouble later.

Each of these steps gives you one very important thing — financial breathing room. And when you have more breathing room, you worry less and feel more in control. Feeling in control will inspire you to save for your goals, and when you know what you’re saving for, you have the freedom to spend intentionally on what matters most.

It’s a domino effect with the BEST consequences, yet it starts with that very first step –acknowledging your source of stress, then creating an action plan to help conquer it.

I can’t wait to see you take control of your finances and focus on the moments that really matter. You deserve it!

What about your finances keeps you awake at night?

Want more tips for how to manage money better? Check out this page for 60+ more tips!

Disclosure: Some of the links in the post above are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. Read my full disclosure policy here.

This is a sponsored conversation written by me on behalf of SunTrust. The opinions and text are all mine.

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Comments

  1. Kristen @ Joyfully Thriving says

    February 9 at 12:33 pm

    Well written! The anxiety doesn’t have to be felt. Perfect example. My husband and I just filed our taxes last night and realized our income has dropped 46% in the past 2 years, since I started staying home with our son. (And we weren’t making a lot before!) Still, we’re able to pay all our bills and tuck money away in savings, travel and save for retirement. We’re not doing it as quickly or as much as we were before, but we get creative and earn extra money when we need it. It’s another reminder that God always provides!

    Reply
    • Kalyn Brooke says

      February 9 at 8:29 pm

      What an amazing story, Kristen! Thanks for sharing. I’m pretty sure there will be many occasions when I am going to come back to this post to remind myself to let go of the anxiety and embrace action!

      Reply
  2. Marislynn says

    February 9 at 10:03 pm

    I always felt like I was the only that totally lost my cool over money stuff. I’m slowly working my way to more confidence with money, but I spent a long time feeling very helpless about money. Thank you for writing this post.

    Reply
    • Kalyn Brooke says

      February 12 at 5:11 pm

      You are most certainly not alone, Marislynn! I’m glad you found this encouraging. Getting rid of the anxiety can be a long journey but you can do it and I promise you that it is very rewarding!

      Reply
  3. Becky says

    February 18 at 9:38 pm

    I really like this article. The statement you made about “thinking about money as a way to achieve what you want in life” is completely empowering. Beautiful statement. Thanks for posting so many great tips!

    Reply
    • Kalyn Brooke says

      February 22 at 6:41 pm

      Thank you, Becky. It’s so difficult for many to have that positive relationship with money.

      Reply

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Hi, I’m Kalyn—a recovering perfectionist who nerds out about organizing systems, personal productivity, and helping you prioritize what matters over the pressure to do it all. I have a feeling we’re about to become the best of friends! Learn more >>

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When you want to “make over your finances”, wh When you want to “make over your finances”, what first comes to mind? 🤔💭

Cutting back on a few expenses? Overhauling your budget? Establishing an Emergency Fund...or increasing its size? 💰

These are ALL worthy endeavors. 👏

But none of those things matter if you don’t check in on your finances on a regular basis. 😳

It only takes a couple of days (or weeks) for that motivational wave of “I’m gonna become a financial rockstar” to wane... then fizzle out completely. 🤯

That’s why the most important financial habit you’ll ever create is a weekly finance routine. 📆

In this newly-released blog post, I’m sharing why a weekly finance routine will influence your bottom line more than anything else, as well as dish ALL the details of what I do, every Friday, to get in tune with my bank accounts and budgeting app. 📱

Want the link? Leave a money bag emoji in the comments below! 💰

If you have a similar routine (or want to adopt one for the first time!), I’d love to hear about it! 👇🏻
Over the past six months, I’ve changed. ⁣ ⁣ Over the past six months, I’ve changed. ⁣
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1️⃣ Joseph and I adopted a plant-based diet.⁣
2️⃣ I got the tattoo I’ve been wanting for years.⁣
3️⃣ And last November, we bought a motorcycle.⁣
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Needless to say, people have commented about my recent changes too.⁣
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Most are positive. 🥰⁣
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Others are not. 😳⁣
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And of course, in typical people-pleasing fashion, I tend to focus on the critics more than the cheerleaders. 📣⁣
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But you can't live your life by other people's expectations of you.⁣
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I'm not saying to disregard what anyone has to say or ignore every opinion that doesn't line up with your way of thinking. Listen to wise counsel and learn everything you can from those who've walked whatever road you want to travel. 💞⁣
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But know the difference between wise counsel and someone who wants to subconsciously direct your life.⁣
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Because the critic doesn't get to live your life.⁣
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You do. 🥳
I’ve seen a lot of new faces follow me this mont I’ve seen a lot of new faces follow me this month—welcome! 👋

My name is Kalyn (swipe right to see my husband, Joseph, and I shivering at the beach). We travel full time in an RV, but are Floridians at heart. 60 degrees is NOT warm enough for a beach day! 🏝️

I started blogging in 2012 to share my love for saving money. Today, I help thousands of women live a more minimalist lifestyle, establish planning systems and routines, and pursue positive personal growth. 💪

It is a huge privilege to connect with you here. 🥰

Other random facts: I love to read (lately I’m a fan of psychological thrillers), crocheting relieves my anxiety, and I’m five months into eating a plant-based lifestyle. 🌱

I used to hate meal planning and being in the kitchen but going vegan helped me fall in love with cooking nutritious meals. 🍽️

New or not, thank you for adding me to your feed. I’m so grateful we connected on social media. 

Now it’s your turn! Share a random fact about yourself in the comments. I want to get to know you better! 💞
Minimalism ≠ Deprivation.⁣ ⁣ Sadly, I find m Minimalism ≠ Deprivation.⁣
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Sadly, I find most people resist minimalism because they can't wrap their head around "having less." People tend to equate this movement with blank walls, white IKEA furniture, and decluttering everything in your home down to practically nothing so you can live full-time in an RV. Like me. 😉⁣
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But, while minimalism could be all that, this mindset misses the point. Minimalism is not only about “having less.” 🚫⁣
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It’s so much more than that.⁣
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This week on the blog, I'm sharing the REAL definition of minimalism (that people who love their stuff can totally get behind!) as well as practical ways to incorporate minimalism into your life. 🎉⁣
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Drop a heart emoji in the comments below and I'll send the link to your DM's! 💖
I love lazy Saturday mornings...as long as I have I love lazy Saturday mornings...as long as I have a book and a cozy blanket! 😍
I wrote this in my journal the other day: 📓⁣ I wrote this in my journal the other day: 📓⁣
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“I’ve been thinking about what tech boundaries I want to instill, including boundaries related to work and productivity. I’ve become less careful about my media consumption, and it’s having a negative affect on my mental health.” 💞⁣
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Have you ever felt a similar tug? ⁣
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I can’t begin to tell you how many times I pick up my phone because I’m bored or lonely or jealous or unhappy. It almost always makes me feel worse. And yet...I struggle to stop. 😝⁣
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Here are the ideas I’ve been trying this month and I’m already seeing a positive effect:⁣
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➕ No logging into social media after 8pm. I need to wind down for the night, not get lost in my phone! 📲⁣
➕ Open Instagram with a purpose—either to post or to interact. Stop endlessly scrolling.⁣
➕ My only screen time before 9am should be for Bible Study apps or News. 🗞⁣
➕ Turn my phone on Do Not Disturb during Tiger Time (when I need the most focus for work) 💪⁣
➕ Work no more than 4 hours on my business per day. If a task isn’t complete, push it to the next day. This time frame has really helped me prioritize! 💻⁣
➕ Watch one show per day (or two if they are short!) and leave movies for the weekend. 📺⁣
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What tech boundaries have you set up? Are any new as of this year? I’d love to hear your ideas! 😃
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