Money Rehab with Nicole Lapin - 5 Tips to Manage Financial Anxiety

Episode Date: May 19, 2023

Whether it’s because of the seemingly never-ending round of layoffs, the looming debt ceiling or just the general uncertainty of the future, the current economic situation has many of us worried about money. Today, Nicole shares five tips to make yourself feel better on the hard days.

I love hosting on Airbnb. It's a great way to bring in some extra cash. But I totally get it that it might sound overwhelming to start, or even too complicated, if, say, you want to put your summer home in Maine on Airbnb, but you live full-time in San Francisco and you can't go to Maine every time you need to change sheets for your guests or something like that. If thoughts like these have been holding you back, I have great news for you. Airbnb has launched a co-host network, which is a network of high quality local co-hosts with Airbnb experience that can take care of your home and your guests. Co-hosts can do what you don't have time for, like managing your reservations, messaging your guests, giving support at the property, or even create your listing for you.

I always want to line up a reservation for my house when I'm traveling for work, but sometimes I just don't get around to it because getting ready to travel always feels like a scramble so I don't end up making time to make my house look guest-friendly. I guess that's the best way to put it. But I'm matching with a co-host so I can still make that extra cash while also making it easy on myself.

Find a co-host at Airbnb.com slash host. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. Earlier this week when I was on Good Morning America, I was in the dressing room right before my segment about the debt ceiling. And I saw a promo for that segment, which leaned really heavily on the doom and gloom. Now, this isn't GMA's fault. This is the pervading feeling around the economy

right now. It is stressful, and many of us are facing that anxiety on an individual level. Whether it's because of the seemingly never-ending rounds of layoffs, stock market craziness, or just general uncertainty for the future, the current economic situation has many of us worried about money, understandably so. But all of this reminded me of a listener I spoke with last year. Hey, Nicole. My name is Brett, and I live in Tulsa. I lost my job over the course of the pandemic, and I had to move back in with my parents. And every day that passes, I feel like I'm getting more and more anxious. And sometimes the anxiety is so bad that I can't bring myself to look online for job opportunities. And it's just become this vicious cycle. Do you

have any advice for dealing with that stress? Brett, first of all, I want to thank you for calling in with this question. I have been getting a lot of DMs from people in this exact same situation. Legit a lot of DMs, not like the fictitious ones I get about my skincare. I do not get those. So I want to let you know that you are legit not alone. And by speaking up about how you're feeling, you're helping so many listeners who are feeling the same way, but are too nervous to say things out loud. It's a founding principle of money rehab. We all have problems, and the first and most important step is admitting that you have that problem. I know anxiety can make it really challenging to take on big projects, so I'm going to give you some simple, low-lift ways to work through your stress.

Here are five ways to start tackling your financial anxiety today. Number one, protect yourself from the thief of joy. Always remember that comparison is the thief of joy. It's really easy to look at Instagram and think that someone else has more money than you and by extension, a better, cooler life because they're on a nice beach vacation while you're tied to the computer or because they bought an expensive pair of shoes during the lockdown while you were budgeting like crazy. But remember that you can't tell someone else's financial situation on social media, nor should you care. Focus on yourself and stop comparing. Once you put down the phone,

you'll feel almost instantly better. Number two, take the wheel. Anxiety often comes from feeling out of control or lost. The best way to manage those feelings is to be proactive and take action. First, pinpoint what it is you're worried about. Brett, for you, it's finding a new job. For others, it might be planning for retirement, paying off debt, or trying to navigate life insurance. Once you've identified your main source of concern, do some research. Buy a book on the subject or search through the Money Rehab Archive to find more info on the topic of your interest. Once you're armed with knowledge, you'll feel more in control and better equipped to address your specific cause of anxiety. Number three, give yourself a reality check. Sometimes we suffer more in our imaginations than we do in reality. Take a second

to think about the worst case scenario. What will happen if your paycheck is short this month? Will your family and friends be there to help? Will you be okay? Can you always find another job? The answer to all of those is yes. Don't let your mind spiral to a point where there's a disconnect between your fears and what might realistically happen. Also remember to deal with issues if and when they come up. There's no use in dizzying

yourself over what-if questions. Sometimes you need to take a step back in order to see the way to move forward. Number four, take small bites. Don't try to tackle all of your financial anxieties at once. If you're anxious about a number of things, pick one to address first. It's easy to feel overwhelmed if you're anxious about, say, how much you've been spending on groceries, whether you'll be laid off, and if your company is doing all right financially. Choose the stressor that's easiest to manage first. Once you've gotten one anxiety under control, you'll feel better to move on to the others. If you try to address it all at once, you'll only end up feeling more overwhelmed and unsure of where to

begin. And remember, not everything has to be dealt with right away. It's okay to take a little time. Number five, ask for help. This doesn't mean spending more money on a therapist. Rather, use the tools already available to you, whether that's technology or other people. Perhaps ask your partner to hold you accountable by taking inventory on how much you spend each week or use Mint, let's say, to help you budget. You always have an open invitation to come on the show and work it out with me. It is okay to ask for help. Sometimes anxieties worsen when we feel like we're dealing with them alone. Even just talking to a friend about your anxieties

can really put your mind at ease. Everyone deals with financial anxiety at some point. Remember that you are not the only one dealing with this and that there are resources out there to help. Find whatever it is that works for you. And it might be a mix of things. Now, I know this might be a difficult last pill to swallow, but a little anxiety is good. It keeps us from overspending and impulse buying. There's a scientific theory that humans evolved feelings of anxiety to act as a stopgap on making dangerous decisions. Like for our caveman ancestors, those who were anxious about the lions did much better than the caveman who wanted to play with them. I love hosting on Airbnb. It's a great way to bring in some extra cash. But I totally get it

that it might sound overwhelming to start or even too complicated if, say, you want to put your summer home in Maine on Airbnb, but you live full time in San Francisco and you can't go to Maine every time you need to change sheets for your guests or something like that. If thoughts like these have been holding you back, I have great news for you. Airbnb has launched a co-host network, which is a network of high quality local co-hosts with Airbnb experience that can take care of your home and your guests. Co-hosts can do what you don't have time for, like managing your reservations, messaging your guests, giving support at the property, or even create your listing for you. I always want to line up a reservation for my house when I'm traveling for work, but sometimes I just don't get around to it because getting

ready to travel always feels like a scramble, so I don't end up making time to make my house look guest-friendly. I guess that's the best way to put it. But I'm matching with a co-host so I can still make that extra cash while also making it easy on myself. Find a co-host at Airbnb.com slash host. Money Rehab is a production of Money News Network. I'm your host, Nicole Lappin. Money Rehab's executive producer is Morgan Lavoie. Our researcher is Emily Holmes. Do you need some money rehab? And let's be honest, we all do. So email us your money questions, moneyre's be honest, we all do. So email us your money questions, moneyrehab at moneynewsnetwork.com to potentially have your questions answered on the show or even have a one-on-one intervention with me. And follow us

on Instagram at moneynews and TikTok at moneynewsnetwork for exclusive video content. And lastly, thank you. No, seriously, thank you. Thank you for listening and for investing in yourself, which is the most important investment you can make.