As they often say, money doesn\u2019t buy happiness, but what happens when your money doesn\u2019t bring you any feeling of contentment, even when you\u2019re financially comfortable?<\/p>\n
Take James, for example. James is 45 years old and describes himself as financially responsible. He has an emergency fund that would cover three months of his family\u2019s expenses, $250K in his IRA and is on track to pay off his mortgage right before he hits retirement age. He and his wife also own their two cars outright and have no consumer debt.<\/p>\n
Yet in spite of this sound financial footing, James constantly feels stressed about his family\u2019s money decisions in the past. James earns a decent salary, but he often wonders if it was a mistake for his wife to become a stay-at-home mother during their children\u2019s early years. He also knows he could have contributed more to his retirement savings, but financial pressures while his children were young kept him from saving as much as he would have liked.<\/p>\n
While James describes himself as \u201cgripped with regret\u201d over his past lifestyle choices, his worries are quite common. A study from Capital One, in partnership with The Decision Lab, found that 77% of Americans<\/a> reported that their financial situation has them feeling anxious, while 68% worry about not having enough money to retire.<\/p>\n James has his worries, but many of his fellow Americans find themselves on much more precarious financial footing. For example, only 46% of Americans have an emergency fund<\/a> that can cover three months\u2019 worth of expenses.<\/p>\n Moreover, according to Ramsey Solutions, the average household carries $19,865 in credit card debt<\/a>, and a further $36,832 in car loans. Meanwhile, only 65% of Americans own their homes<\/a>, according to the Census Bureau\u2019s quarterly report for Q1 2025.<\/p>\n Still, James worries that it\u2019s too late for his wife to find a decent job with a comfortable salary, and that he will struggle to provide for his family in the future.<\/p>\n Read more: Americans are \u2018revenge saving\u2019 to survive \u2014 but millions only get a measly 1% on their savings. Here\u2019s how to quickly earn 280% more on your cash<\/a><\/strong><\/p>\n If you feel like financial anxiety is taking control of your life, there are several steps you can take to feel more grounded and confident with your finances.<\/p>\n Story Continues <\/p>\n If you\u2019re in good shape financially but still feel worried about money, it may be helpful to have a professional review of your financial progress. Consider speaking with a fiduciary financial advisor who can give you a professional, bias-free account of your retirement plan and financial goals.<\/p>\n An advisor can help you feel more confident about your financial path by reviewing your budget, emergency fund and investment portfolio while also offering advice on how you can improve.<\/p>\n Whether you need to improve your financial situation or you’re on track for a healthy retirement, an advisor can help you create manageable goals that can give you a feeling of control over your money and your future.<\/p>\n James could help to ease his worried mind by carefully creating a budget for his household. By focusing on everyday expenses and cutting costs wherever possible, James can free up some more cash that he can then invest in his family\u2019s future.<\/p>\n If you too are worried about your financial future, creating a budget and investing what you save is a great way to help assuage your money worries. Whenever the anxiety over your future finances crops up, you can feel a little bit better knowing that you\u2019re budgeting well and investing your savings for your golden years.<\/p>\n When creating a budget, the first step should be to take a good look at your current numbers. \u201cYou have to know what you’re working with before you can start working toward anything,\u201d wrote Kara Perez in an article for Moneywise.<\/p>\n For more help on creating a budget, check out Perez\u2019s advice on how to make a budget that works<\/a>.<\/p>\n