How to RESOLVE your money anxiety so you can make sound financial decisions without all the stress!
Today I want to talk about money anxiety, how it affects you, and what you can do to alleviate it so you can run your small business from a place of JOY every day!
Before I get started I want you to know that you’re NOT alone! So many successful small business owners struggle with money anxiety.
The trick is to work on the things that hold you back so you can grow as a person and in your business.
Ok, let’s dive in.
First, it’s important to understand that anxiety is your body’s way of alerting you to danger. Anxiety is a PREHISTORIC CONVERSATION your body has with you to make sure you’re not going to die.
The way to start to let your body know that your finances won’t actually harm you is to take time to sit down and find out what makes your heart race.
Is it the big-picture retirement and investment stuff that freaks you out? Or is it the smaller day-to-day monitoring?
Once you’ve identified the “trigger” I want you to call it out (name it).
Here’s an example: If you had a child who was worried about a loud booming noise in the sky, you’d calm them down by telling them that the loud noise is just thunder.
The same can be applied to money anxiety.
Identifying that your panicky feeling is coming from opening your monthly credit card bill could help your brain realize you’re not in immediate danger.
Next, I want you to challenge your mental money narrative and think about the worst-case scenario.
For example, you might think, I’m too embarrassed to ask for help with my books.
Instead, challenge your thinking. “How helpful is this thought? How true is it?” Then apply it to the original problem.
“Even though I’m a little embarrassed to ask about my retirement plan, I’m sure I’m not the only one with questions. I can handle feeling a little silly to make sure everything is correct.”
At the end of the day, your financial situation is most likely NOT life-threatening. So think through the WORST-CASE SCENARIO and ask, “what would happen next? Then what would happen?” Keep following the chain of worst possible outcomes.
Figuring out the details helps you realize that the situation, while uncomfortable and inconvenient, is not life-threatening and you can eventually get back in the driver’s seat.
Finally, take the time to learn about your money.
Educate yourself in bite-sized chunks. Learn a bit about retirement one month, then listen to a podcast on emergency funds, or try reading a book on investing the next month.
It’s also important to schedule time each month to understand what your numbers are telling you.
You can start with 30 minutes a week and once you start to feel less anxiety, reduce it to 45 minutes a month. This way, when money anxiety starts to creep in, you know that you’ve dedicated time to focus on it which will help you feel more in control.
HOW outsourced bookkeeping can help you
What it comes down to is that our anxiety elevates when we lack confidence in our abilities. If your money anxiety is making it difficult for you to manage your business you may benefit from help.
Consider working with a bookkeeper/accountant/financial planning professional to help you understand the story your numbers are telling you so you can make sound financial decisions without all the stress.
If you currently don’t have a team to support you in this please feel free to reach out or comment below with “tell me more” so we can see how we might be able to help.
Also – If you know a business friend who might need to hear this information share this info with them or comment below!
Or schedule a free, no-obligation Discovery Call with us: https://hello.burnsidebookkeeping.com/public/appointment-scheduler/630cfb590890c351b5d20c25/schedule
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