Beat Financial Stress: 10 Practical Tips to Ease Money Anxiety

Written By

Helen Kaminski, MSc


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The ongoing COVID-19 pandemic has brought about a wave of financial crises, leading to heightened levels of stress and money anxiety for many people. If you’re struggling to manage overwhelming money stress during this time, know that you’re not alone.

In this article, we’ll discuss ten essential tips for managing anxiety during a financial crisis because we all need a plan due to the fact that about 37% of the adults reported the inability to deal with short-term financial needs.

It’s essential to have guidance during this difficult and transitional time. After all, it is how we manage life’s challenging transitions that we can later look back on and pat ourselves on our back.

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How to manage money anxiety

  1. Acknowledge Your Feelings and Seek Support: The first step in managing stress and anxiety during a financial crisis is to acknowledge your feelings. It’s okay to feel stressed, anxious, and overwhelmed during this time. Once you’ve recognized your feelings, seek support from friends, family, or a mental health professional. Talking about your feelings can help you process them and gain a fresh perspective.
  2. Create a Budget and Stick to It: One of the most effective ways to manage financial stress is to create a budget and stick to it. Take the time to analyze your expenses and income, and create a realistic budget that accounts for all your expenses. You may need to make some temporary adjustments to your lifestyle to manage your finances during this time. According to a study, one of critical factors causing high levels of financial anxiety and stress include a lack of money management skills and low financial literacy.
  3. Focus on What You Can Control: During a financial crisis, it’s easy to feel helpless and out of control. However, focusing on what you can control can help you manage stress and anxiety. For example, you can control your spending habits, your saving habits, and your daily routine. By focusing on these things, you can regain a sense of control and feel more empowered.
  4. Practice Self-Care: Self-care is essential during a financial crisis, as stress and anxiety can take a toll on your mental and physical health. Take the time to prioritize your self-care needs, such as getting enough sleep, eating a healthy diet, and engaging in regular exercise. Engaging in relaxation techniques, such as meditation or yoga, can also help you manage stress and anxiety.
  5. Stay Positive and Look for Opportunities: Finally, it’s essential to stay positive and look for opportunities during a financial crisis. While it’s easy to focus on the negative aspects of the situation, try to focus on the positives. This could include opportunities to learn new skills, connect with family and friends, discuss stress with an online therapist, or find creative ways to save money. By staying positive, you can maintain a sense of hope and resilience during this challenging time.
  6. Limit Exposure to News and Social Media: Constantly checking the news or scrolling through social media can exacerbate stress and anxiety during a financial crisis. While it’s essential to stay informed, limit your exposure to news and social media to reduce stress levels. Consider setting aside specific times during the day to check the news or social media, and avoid using electronics before bed to improve sleep quality.
  7. Stay Organized and Plan Ahead: Staying organized, and planning can help reduce stress levels during a financial crisis. Create a to-do list and prioritize tasks, and break them down into smaller, manageable steps. This can help you feel more in control and prevent feelings of overwhelm. You can also plan for upcoming expenses or bills to avoid any surprises and reduce financial stress.
  8. Seek Professional Financial Advice: If you’re struggling to manage your finances during a financial crisis, seeking professional financial advice can help. A financial advisor can offer guidance and support in creating a budget, managing debt, and planning for the future. You can also explore financial assistance programs or resources in your community that may be available to you. Most banks and credit unions have account managers that can help you analyze your financial situation for free and offer practical advice on money management and debt reduction or consolidation.
  9. Practice Mindfulness: Mindfulness is a powerful tool for managing stress and anxiety during a financial crisis. By practicing mindfulness, you can stay grounded in the present moment and avoid getting caught up in worries about the future. Consider trying mindfulness techniques such as deep breathing, body scans, or guided meditations to help you stay centered and calm.
  10. Practice Gratitude: It’s easy to focus on the negative aspects of a financial crisis, but practicing gratitude can help shift your focus to the positive things in your life. Take time each day to reflect on things you’re grateful for, no matter how small they may seem. This can help cultivate a sense of positivity and resilience, even during challenging times.

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How to stay sane during hardship

In my personal opinion and in conclusion, the key to keeping it together during difficult financial times is to focus on the things you can control and take action toward them. Remember, take small continuous steps toward your goal, and keep track of your progress.

It’s easy to get overwhelmed by financial stress, but taking consistent small steps toward improving your financial situation can help you regain a sense of control and reduce anxiety.

Additionally, finding time to do things you love and seeking support from loved ones can also help alleviate stress and provide a sense of comfort during tough times. – Helen

Looking for more mental health tips? Make sure to follow our Mental Health Board on Pinterest!

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About the author

Helen Kaminski, MSc

Helen Kaminski, MSc

Mindful living for a happier, healthier you. I’m a medical writer, Licensed Mental Health Counselor, and a mental health advocate in Warsaw, Poland, with nine years working as a therapist. I hold a Master's in Clinical Psychology degree from the University of Warsaw. I specialize in writing about mental health, using my experiences and academic background to educate and inspire others. In my free time, I volunteer at a Disability Learning Center and go for nature walks. My writing aims to break down mental health stigma and help others feel understood. Social connections are vital to mental well-being, and I am dedicated to fostering communities of support and empathy. By sharing knowledge and personal insights, I strive to create a more compassionate world. Social

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