Money is easily one of the sources of financial comfort in our lives, simultaneously, money can also be the biggest cause of worry in our lives.
Financial worry is defined as an obsessive fear of things related to money that can often be debilitating. It can be triggered by any number of things, not just a lack of money.
It is identified by the continuous worry about debit orders, monitoring the movements in bank accounts and constantly having anything to do with personal finances top of mind.
As such over the next couple of weeks, we will be exploring three financial worries faced by many individuals and the ways to overcome these worries. We will be exploring them in detail with insight on the alleviation of financial stress and the ability to take control of personal finances.
Further we will emphasise the importance of taking some time to pinpoint what may be causing the worries so that you can feel more in control about how to help yourself or making considerations to consult with financial experts.
Most people feel worried about money from time to time and this can become problematic if it disrupts their everyday life. Further in the case that the worries become severe, this will potentially impact both their physical and mental health.
Therefore, it is important to understand the worries, what causes them and the ways to tackle them. This will allow one to lift the burdens, with the potential of causing serious harm and leading to other types of physical and mental problems, off oneself.
We will dive deep into these three worries as they have been known to be the rising type of financial worries locally and globally.
The worries are, living paycheck to paycheck, inflation and having excessive debt. They are serious and will require additional attention and they have proven to become more challenging to tackle over time for many people.
The aim of the series is both to make you aware of the worries and to begin thinking about managing and hopefully reducing these worries. Being aware of the financial worries that may have the potential to keep you up at night is a good start in attempting to tackle them and building your financial acumen.
As we journey through these worries and provide practical ways to tackle them, it is important to keep in mind that financial education is a continuous learning journey. Many people have financial worries, and they learn to tackle them in different ways.
Therefore, we should not allow these worries to make us weak and burden us emotionally, we should instead be aware of the likelihood for transformation in our financial situations.
*Justine Domingues is an aspiring CA (NAM) with a drive to make financial education widely available. She is the founder of Financial Zula, a YouTube channel that focuses on making financial education available. For more information, please check out Financial Zula on Youtube.
