With an ongoing cost of living crisis, high inflation rates and stagnant wages, it’s probably no surprise that money is one of the biggest worries for people at the moment. For a lot of us, the majority of our salaries are now going on mortgages and rents, leaving us with a smaller proportion of income to pay for other essentials such as food or transport.

It’s no wonder then that, according to Google trend data, searches for ‘anxious about money’ have seen an increase of 8500% and ‘how to be better with money’ up by 2200% in the last month alone.

But how can we reduce some of this anxiety? We asked Finbri finance expert Georgia Galloway for her top tips on how to approach your finances in a healthier way and how to practise some financial self-care.

Be patient with yourself

“Financial self-care isn’t just about managing your bank account and miraculously fixing all your problems; it’s about changing your mindset towards money. By trying to embrace a more positive and forgiving attitude, avoiding comparing yourself to others and dealing with issues head on rather than hoping they’ll go away, you can improve your overall wellbeing,” Galloway says.

However, these things take time and are much more of a gradual process. “Challenges and setbacks are a natural part of the journey, so it’s important to not be too hard on yourself. Just like physical, emotional or spiritual self-care – looking after your financial health is an act of self-love that pays off in the long run,” she adds.

Save, but only if you can

Galloway recognises that saving isn’t always possible, especially in a cost of living crisis.

“Prioritise what you can afford, rather than having the mindset that you need to be saving as much as possible, even if that means you won’t allow yourself to spend any money on things that bring you joy. Set realistic targets and establish short term goals as well as long term plans. Whether it’s paying off debt, a holiday or just saving up to go out for dinner, having something to plan for gives you financial purpose.”

Try different budgeting techniques

Galloway also explains that budgeting isn’t a one size fits all and “if one method doesn’t work for you it can be easy to give up, but it’s important to try different techniques to see which is best for you, your finances and your mentality.”

She recommends reviewing your budget weekly to see how you can best adapt it to work best whilst also allowing yourself some flexibility.

Educate yourself

“Educating yourself about things like money management, personal finance and investments will make you feel more confident in your financial decisions. Understanding how it all works will help you be able to adapt to changing circumstances, unexpected expenses and economic environments, as well as helping you make better decisions and have a better attitude towards spending.”

Treat yourself to things that bring you joy

“Try and budget for something that makes you happy. It doesn’t have to be every day, or even every week, but a little treat every now and then prevents feelings of deprivation that can lead to impulsive overspending,” Galloway says.

She continues: “Being mindful about what you spend will mean that the treat is worth the expense, and studies have shown that experiences make us happier than possessions – so treat yourself to those gig tickets, brunch with friends or that book that you’ve wanted to read for ages.”

Check your bank account daily

“Spend a couple of minutes each day checking your account and keep an eye on all your outgoings. It’s tempting to ignore your account for weeks on end and only ever look on payday, but the anxiety-avoidance can lead to more money going out than you notice. Check it every day, and you’ll be able to keep track of where you’re making unnecessary purchases that can be avoided,” Galloway says.

Discuss your finances and worries with others

Galloway believes open communication about any financial struggles or worries can help ease some of the anxiety you may be feeling. “You don’t have to tell everyone exactly how much or how little is in your bank account, but having a support system is vital for financial self-care.”

Celebrate milestones

“Remember to acknowledge and celebrate financial achievements, whether it’s reaching a savings milestone or successfully sticking to your budget for a week. Positive reinforcement will help you stay committed to your financial self-care,” Galloway shares.

Image: Getty