Money Rehab with Nicole Lapin - Do This to Tackle Financial Anxiety

Episode Date: November 4, 2021

The last two years have been marked by uncertainty in every area of our lives—including our finances. Today, Nicole gives her best tips on how to combat money anxiety.

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Well, it doesn't. Charge for wasting our time. I will take a check. Like an old school check. You recognize her from anchoring on CNN, CNBC, and Bloomberg. The only financial expert you don't need a dictionary to understand. Nicole Lappin. In addition to pandemic anxiety, many of us are also having financial anxiety right now.

Whether it's because of job losses during COVID or the uncertainty of the future. The current economic situation has many of us worried about money. Today's Money Rehabber called in with this question. 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, 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. 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 is 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 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. But at the same time, like you said, Brent, too much anxiety can be paralyzing. For today's tip, you can take straight to the bank. Balance isn't just for your checkbook. If your spending plan is a source of stress, try to balance it out with another money practice that celebrates your wins.

Keep a success folder. I do it. Whenever I negotiate a big contract or get a raise, I print out the paperwork and I keep that shit in my success folder. When I was broke and in a lot of debt, that was my financial self-care. When I looked at credit card bills, I felt gross and major anxiety. But in those moments, I could turn to my little success folder and know that I was doing all the right things that I could at the time to get me to where I really wanted to go.

Money Rehab is a production of iHeartRadio. I'm your host, Nicole Lappin. Our producers are Morgan Lavoie and Mike Coscarelli. Executive producers are Nikki Etor and Will Pearson. Our mascots are Penny and Mimsy. Huge thanks to OG Money Rehab team, Michelle Lanz for her development work, Catherine Law for her production and writing magic,

and Brandon Dickert for his editing, engineering, and sound design. And as always, thanks to you for finally investing in yourself so that you can get it together and get it all.