Payday is the golden date in your calendar that we all anxiously wait for every month. While this is some people’s favourite day of the month, some dread this day because of the anxiety it comes with.
According to Virgin Money, payday anxiety relates to feelings of stress, nervousness and worry, which are triggered in the run-up to payday.
Payday anxiety can be a common experience, especially if you are living salary to salary or have financial worries. Here are some strategies that may help you overcome payday anxiety:
- Create a budget: Creating a budget can help you plan your expenses and avoid overspending. Make a list of your fixed expenses, such as rent, utilities, and transportation, and allocate money for variable expenses like groceries, entertainment, and clothing.
- Set financial goals: Setting achievable financial goals can help you feel more in control of your finances. You may want to save for an emergency fund, pay off debt, or start investing. Break your goals into smaller, manageable steps and celebrate your progress.
- Automate your finances: Automating your finances can help you avoid late fees and overdraft charges. Set up automatic bill payments and savings contributions, so you don’t have to worry about remembering to make payments or transfer money.
- Practice self-care: Payday anxiety can be stressful, so it’s important to take care of your mental health. Practice self-care activities such as exercise, meditation, or spending time with loved ones.
- Seek professional help: If payday anxiety is a persistent problem, it may be helpful to seek professional help. A financial advisor or therapist can provide support and guidance to help you manage your finances and cope with anxiety.
Also see: Signs it’s time to look for a new job
