How to Deal with Tax Day Anxiety and Money Stress

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April 18th, 2023 – the dreaded tax day, is just around the corner. With the ongoing pandemic, the economic uncertainty, and the recent inflation, it’s understandable to feel overwhelmed and anxious about your financial situation. But, there’s no need to panic because there are practical ways to deal with tax day anxiety and money stress. In this blog post, we’ll discuss five tips that can help you manage your jitters and navigate the financial aspects of tax day with ease.

Plan Ahead and Create a Budget

The best way to manage your tax day worry is by planning ahead and creating a budget. Start by gathering all the necessary documents, such as W-2s, 1099s, and receipts. Then create a spreadsheet or use budgeting tools to track your income, spending, and taxes. By setting an achievable budget and sticking to it, you’ll feel more in control of your finances and more confident in filing your taxes.

Take Advantage of Tax Deductions and Credits

One way to reduce your tax burden and decrease your anxiety levels is by taking advantage of tax deductions and credits. If you’re a homeowner, you can deduct mortgage interests and property taxes. If you’re a student, you may be able to claim education credits on tuition and fees. Make sure to research and understand all available tax deductions and credits that apply to you, and you’ll feel better about the whole process.

Focus on Your Financial Goals

Sometimes it’s hard to see the big financial picture when you’re focused on tax day anxiety and stress. However, it’s important to keep in mind your financial goals, such as saving for retirement or paying off debt. By focusing on the bigger picture, you’ll find that tax day becomes just one small aspect of your financial journey.

Practice Self-Care

Dealing with tax day anxiety and every day money stress can take a toll on your physical and mental health. To prevent burnout and reduce anxiety levels, it’s important to practice self-care. This can include exercise, meditation, yoga, deep breathing, or any other activity that helps you relax and unwind. Making sure you’re getting enough sleep, exercise, and healthy food to fuel your body and mind will help you feel more energized, focused, and resilient. Make time for self-care every day, even if it’s just a few minutes.

Seek Professional Help

Lastly, if your taxes seem unmanageable don’t hesitate to seek help. Consider working with an accountant or financial advisor who can guide you through the process and provide expert advice.  If you’re feeling overwhelmed, talk to a trusted friend or family member who can provide a listening ear and offer encouragement, or consider reaching out to a professional counselor or therapist who can help you develop coping strategies and manage your anxiety.

Dealing with tax day anxiety and money stress can be challenging, but it doesn’t have to be. With these five tips, you’ll approach tax day with greater confidence and ease. Remember to focus on the bigger picture, plan ahead and create a budget, take advantage of tax deductions, practice self-care, and seek professional help if needed.

If you’re feeling overwhelmed or experiencing anxiety, reach out to Jennifer Jay Marcenelle, an integrative health and wellbeing practitioner who can help you manage your stress and overcome your anxieties. Don’t let tax day ruin your mental and financial well-being, take control of your finances and let Jennifer Jay Marcenelle help you overcome your anxiety today!

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