How you feel about your financial future? never, ever allow yourself to panic

You have to remain positive, because anxiety muddies your ability to think through problems clearly. Panic fuels rash decisions that could cost you much more in the long run than those made after careful deliberation. If you've plunged into a financial funk, just take a deep, serenity-bestowing breath and follow these guides to regain control.

Get a grip!

List your concerns on paper and then ask yourself, "How realistic is this fear?" Not sure? Ask trusted loved ones whether your worries about the poor performance are justifiable.

Attack saving money

Establish weekly money assessment session to discuss the finances and to identify strategies on how to cut costs. Identify things that can be sacrificed. Also, solicit others' ideas on how to have fun together inexpensively.

One really good way to allay fears is to have a reserve. Assembling a six-month cushion of living expenses can seem as daunting as resolving to lose 150 lbs., so start by setting a small, achievable goal, such as banking an extra Rs. 2500 a week.

Stay financially conscious

Everyday, write down three successes you've had in capital conservation, such as bringing your lunch to work, declining to buy that adorable blouse and promptly paying the electric bill. (Yay, you!) Next, write down three money-related goals you will work on more aggressively, such as quitting bad addictions, checking out books and magazines on investments from the library and exploring retirement account options.

Fight anxiety with action

Facing your fears and taking steps to reduce your anxiety always makes you feel better. Start by gathering information: for example, if you're fearful because you're about to lose your medical insurance, investigate ways to get less expensive healthcare. Will your primary care provider allow you to see a physician's assistant or nurse practitioner at a reduced cost? Use the Internet and patient support groups to investigate medical schools and low-cost clinics that target low-income communities, and to compare medication costs.

Economize, economize, economize

Trim every unnecessary expense (extra phone lines, cable TV, restaurant meals) from the household budget. Grow veggies instead of vegging in front of the tube.

Create new sources of income

Clean out your house, and you won't believe all the things you have to sell. Hold a rummage sale or offer your unwanted items at a consignment shop or sell them to your friends who show a particular interest in those items.

Take a long view of time

Remind yourself that the economy is cyclical: What goes up must come down, but what goes down also eventually goes up!

Donate to charity

It seems counterintuitive to give money away when you're feeling poor, but acts of generosity. Change your self-perception from being a person completely invested in the balance of her bank account to one who doesn't need to hang on to every cent. You can also give of yourself by volunteering or donating unneeded items to a charity. Giving, exhorts Rich, "frees you up!"