Among all of the results of Financial trauma, we have what is now popularly called financial anxiety. A common yet often overlooked topic that can prove to be a significant roadblock for many female entrepreneurs.
In fact, according to a report by the Federal Reserve Bank, around 15% of people experience financial anxiety, and from those, at least 60% are women. The uncertainty and stress associated with managing finances can not only hamper their business growth but also negatively affect their personal well-being. So let’s talk about it and how to clear it.
Understanding Financial Anxiety
Financial anxiety is more than just occasional worries about money. It’s a constant stress condition that arises from the fearing financial instability – And let me tell you, this happens to 10/10 clients – .
As female entrepreneurs, many women carry the additional burden of societal expectations and roles, often feeling isolated in their financial struggles. The result? Persistent worry and an all-encompassing fear of failure, which can have a severe impact on one’s mental health, relationships, and business performance.
A study reveals that financial stress can lead to poor mental health outcomes. But I dont need to tell you this because if you are reading this post, chances are that you have experienced it yourself and probably know how is this experienced.
Identifying Symptoms of Financial Anxiety
Identifying the symptoms of financial anxiety can be the first step towards relesing it or healing it as many will refer. Many other people will tell you how to “cope” or “deal” with it, but I don’t want you to only do that, I want to clear that anxiety for you – That’s the way we work inside of TMMH – .
Like I said, You might have already experienced some of these symptoms, but probably never linked them with your financial stress. Symptoms can range from physical issues like headaches and fatigue to psychological impacts such as reduced sleep quality. Research from the American Psychological Association confirms that financial concerns can indeed cause such symptoms.
For many of my clients, this shows up of lack of sleep when they are thinking about the future of their business and the next income, emotional breakdown when arriving at the end of the months and seeing their expecatactions were not fulfilled, looking bank accounts and engaging in a coping behaviour or in the other hand avoiding to look at the bank account predicting bad results. Recognizing these symptoms can be a critical step toward understanding and addressing the root cause – financial anxiety.
Money Beliefs and Financial Anxiety
Our money beliefs play a significant role in shaping our financial behaviors and thus, our financial stress. These money blocks, or unhelpful beliefs about money, can significantly contribute to financial anxiety. According to a report by MarketWatch, negative money beliefs can deter us from achieving our financial goals. Especially if we consider that:
The path to Financial success when having a business starts by understanding that nothing of what we have been told to survive in todays economy will be helpful for us to create the economy of tomorrow. – Alejandra Rojas
In the entreprenurial world, the redefinitions of concepts and beliefs tight to financial security and stability is inevitable. In a traditional setting, making money in a consistant basis is what calms down the nervous system, because you brain understands that you’re going to survive in today’s society.
However, when at least the first 3 years of business, that income is more experimental than predictable, all of that that you knew to be helpful beliefs for a traditional setting stand btween you and your financial freedom path. You know the”Find a stable job” “Get another certification to prove yourself” “Work harder” “Make more effort and you will see the money”
Tips to Overcome Financial Anxiety
1) Understand Your Money Beliefs:
Beliefs are stored in your subconscious mind and are the main drivers of your behavior.
This is why it is so important to us to work in recognizing your money beliefs as the first step to clearing the financial anxiety.
It may not always be so evident that something is a belief you hold or the depth of that belief(s) driven the unhelpful behavior, however, once you can consciously identify your beliefs, how they were formed, and how they affect your decisions, the anxiety reduced and clear up.
This all can be done by the way in as little as 20 min. Just like how we do it with the SPS Series
2) Reframe Your Mindset:
There is nothing better for your nervous system that a good critical mind. It works every time1
Unhelpful beliefs about money and business can hold you back. Instead, reframe these beliefs for something that is useful and would feel good to think about. For instance, instead of “People won’t pay more”, try “I provide valuable services and deserve to be paid accordingly.”
3) Set Financial Goals:
Having clear, achievable financial goals can give you a sense of control over your financial situation, reducing anxiety.
Overcoming financial anxiety is crucial for the growth of your business and personal well-being. By understanding and addressing your financial stress and money blocks, you can set yourself on a path of financial success and freedom.
I Have 2 more crucial tips for you in this podcast episode, go ahead and check it out here: 5 Steps For Female Entrepreneurs
If you’re struggling to overcome financial anxiety and money blocks, The Money Mindset Hub is here to help. Our programs focus on subconscious reprogramming with money, helping you build a healthier relationship with money and grow your business. Learn more about our programs here.