Coping With Financial Stress

Financial stress can come from many sources. Whether facing challenges because of transitions in your job or personal life or weathering a crisis with the rest of the nation, such as a recession or pandemic, you may feel like there is no relief in sight. 

The good news is you do have control. When you feel money anxiety taking over, you can take some practical measures to ease both the financial and emotional burden while you work on improving the situation. Here are four steps you can take to start taking back control:

Face Your Finances Head On

When financial stress looms, it’s tempting to ignore that pile of bills on the table just one more day. Avoidance, while seemingly easier in the moment, only compounds your stress as bills continue to go unpaid and you lose sight of where you stand. 

Set aside a day or two—or longer, if you need it—to sort and pay whatever bills you can, take stock of your credit cards, and check your accounts. Face the reality of your total debt and monthly spending. Taking an honest, realistic look at your financial situation and noting which areas cause the most stress will be your first, most important step in easing it. 

Make a Plan

Many people report that as soon as they make a plan, no matter how stressful the process feels at the outset, they notice some emotional relief. Whatever steps you can take to control your money rather than allowing it to control you will make a powerful impact not only on your wallet, but your state of mind. 

Part of your plan may include implementing a tracking program or app to monitor your spending, cutting expenses, and creating a budget to help you control your purchases, pay down debt, and even save. You may also find creative ways to earn extra income (while keeping spending down) or consolidate your debt. A local credit union, like Millstream Area Credit Union, that understands your challenges and works with your best interests in mind can be an important resource in getting you back on the road to financial health. 

Develop Healthy Coping Strategies

The sad irony is that financial stress often causes people to spend more money in an effort to feel better. Shopping, eating and drinking to excess, and gambling are all unhealthy strategies that will not only compound your financial problems but increase your loss of control. 

Take some time to develop a list of healthy coping strategies so you’re prepared with an action plan when those heightened times of anxiety hit. Whether walking, journaling, playing an instrument or making art (with supplies you already own, of course), or volunteering, you will find relief in activities that fill your spirit without draining your money and health. 

Seek Support 

A support system is key to staying positive and reaching your goals. Take heart in the fact that when it comes to financial stress, you are not alone. Seek out therapy, join a local support group, and surround yourself with people and organizations you trust who will respect and encourage your new financial boundaries. 

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