Have you heard of the bag lady syndrome?
Women tend to worry more than men about their financial security. According to a 2015 study by the American Psychological Association and Harris, extreme anxiety over finances is common among women, leading to the phrase, “bag lady syndrome.”
It represents the fear of running out of money, losing your home and ending up destitute and alone.
The anxiety caused by this fear can erode a woman’s mental and physical well-being, and have a negative impact on her career and relationships. Due to this crippling anxiety, the situation she fears can become a reality even if she is money-savvy.
When fear takes over decision-making, people tend to make poor decisions. Or no decisions at all.
So what can you do to avoid the bag lady syndrome?
Here are three ways that to effectively manage the financial stress:
1. Take Action
Taking action is the best way to feel and be in control of your money. Even small steps like budgeting, cutting back on spending or boosting the amount you save each month can help.
Instead of allowing anxiety to ruin your mood, you’ll feel better for taking control back even with small steps. Start by aligning your actions with your goals.
2. Take care of yourself
Doing something simple to nurture yourself can be a huge stress reliever. It doesn’t have to be expensive. In fact, taking care of yourself does not have to cost anything at all.
Simple activities like taking a bubble bath, singing along to your favorite tunes, and putting on your best outfit can take your mind off your financial worries.
Watch the fear recede as you remind yourself of the things you enjoy in life.
3. Ask for help
Sometimes you won’t be sure what to do on your own, and that’s normal.
You may want to hire a coach and a financial advisor to get back on track and keep you there.
Having support from friends, friends, and professionals can make it easier to get unstuck and manage your finances better.
You are not alone in feeling the anxiety that has been labeled the bag lady syndrome. Just know that help is always near.
Click Here to TAKE CHANGE OF YOUR FINANCES TODAY
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