How to Beat Money Anxiety and Regain Financial Control | Money Monday

• Your financial challenges do not define who you are or what you’re worth.
• Keep track of every expense, even the smallest ones, and give each dollar a job.
• Look for extra income through side work such as selling items or offering services like tutoring or cleaning.

Checking a bank account can be overwhelming, especially when credit card debt is growing, savings are shrinking and daily costs keep rising. But business expert Dave Anderson says ignoring those numbers only makes it tougher to improve your finances.

In a Money Monday discussion with Cheryl Jackson, Anderson urged listeners not to let financial trouble shape how they see themselves. He said debt or a bad money choice does not make a person a failure.

“Your bank account is not your identity. Your debt isn’t your character. A bad financial decision doesn’t make you a bad person,” Anderson said.

Rather than feel embarrassed, he wants people to treat their finances as useful information. That means knowing how much money is coming in, how much is going out, which bills are due and how much is in savings.

Anderson also said small purchases can quietly eat away at a budget. Transactions of $10, $15 or $25 may seem minor on their own, but they can add up quickly.

His advice is to assign a purpose to every dollar before spending it. That includes setting money aside for bills, groceries, transportation, savings and debt payments, while still leaving room for fun and personal enjoyment.

“A budget isn’t punishment. It’s permission with boundaries,” he explained.

One way to stay disciplined is to set a weekly limit for flexible spending, including dining out, entertainment and other miscellaneous costs. Anderson also cautioned against signing up for free app trials without tracking when they end, recommending a calendar reminder to cancel before the trial period is over.

For those who think they do not make enough money to budget, Anderson said that is all the more reason to pay close attention to every dollar. He also encouraged people to search for ways to earn more.

That might mean selling unused belongings on Depop, eBay or Facebook Marketplace, or turning a skill into a side business. Cooking, tutoring, babysitting, cleaning, organizing, doing hair and fixing things are all examples of ways to bring in extra cash.

Anderson also discussed his new book, Fall Into Freedom, which is sold through his online store. He told listeners to follow him on Instagram at @thebusinessbully and said shoppers can get an 80% discount on items in his store, including the book, by using the checkout code ERICA.

His overall message was straightforward: financial freedom begins with facing the numbers, making a plan and using the resources you already have.