But in the privacy of therapy sessions, my patients tell me, as a certified financial therapist and psychologist, that their financial situation impacts their quality of life.
“I feel nauseous when I think about money.”
“I asked you to rate my stress on a scale of 1 to 10 and it’s an 11!”
“I feel trapped and hopeless. I honestly don't know where to start.”
Like my patients, you may be struggling to find stable financial footing and cope with anxiety. But there are strategies you can take to improve the way you feel, think, and act around money.
Money is a common cause of stress
For many American adults, the financial situation is a serious issue. cause of great stress This is because expenses and debt will increase.
financial stress may harm you health and relationships.can Affect Sleep and sex drive decrease, leading to stomach upset, headaches, and body aches. It may also be less effective. immune systemmaking you more likely to get sick.
your mental and emotional well-being may also be affected. My patients may complain of low self-confidence, anxiety, depression, anger, and feelings of overwhelm due to unmanageable debt, living paycheck to paycheck, financial disagreements with a partner, or other financial stressors. It happens often.
This stress can lead to behaviors that may make you feel good in the short term but are harmful in the long term.
Some people may shop or spend money on other things to make themselves feel better. Shopping can release feel-good chemicals like dopamine and adrenaline in your brain and body. However, in the long run, excessive shopping can make your financial situation even worse.
One of my patients was drowning in department store credit card debt. She said: She says, “I know I have to stop going shopping, but I always end up justifying it. I tell myself, “One day I'll pay it back,'' but in reality I'm fooling myself.'' only. ”
Other common unhealthy coping strategies include ignoring money issues, sleeping less, and sleeping less. eat too much or too little drug abuseand isolate From others.
Here are some steps I suggest to my patients to help them deal with financial stress in a healthier way.
Recognize triggers and spending patterns
If you find yourself shopping, ordering takeout meals, or booking expensive self-care sessions when you're stressed, frustrated, or overwhelmed, you may be emotionally wasting money. there is.
Be aware of what situations may arise before spending money. Have you had a tough day at work or a tense conversation with a loved one?
Open your heart to a trusted loved one
Consider sharing your money stress with someone you trust and who cares about you. It helps you release pent-up emotions, consider new perspectives, and identify possible solutions.
One of my patients felt anxious every time she talked about her income and expenses. She became short of breath, had trouble concentrating, and felt a strong desire to talk about something else.
Determine whether you feel anxious, frustrated, angry, or sad when faced with financial situations and what you need to do to control these emotions. These tips will help you if:
- Name the emotion that arises.
- Admit that you are not your feelings.
- Remember, they will pass.
- Try to replace negative or unhelpful thoughts with empowering ones. For example, some patients often think: He feels so stupid. '' Instead, she started thinking, “This information is new to me and I'm learning,'' which helped her calm down and focus.
- Identify non-monetary coping techniques, such as doing breathing exercises, venting to a friend, or taking a walk.
- Set a time limit to work on your money management so you don't get overwhelmed.
- Take a break and rebuild the group. Exercise, listen to music, play with your children, or do other activities that bring you joy.
Create a plan and track your progress
Most people seeking help don't have a budget or don't consistently track their money. For example, my patients who are in debt often don't have a repayment plan in place. Having a plan for your money situation and staying on top of it can help reduce financial stress.
If you're feeling overwhelmed by the idea of improving your personal financial situation or facing your relationship with money, a professional can help. Most communities offer free or low-cost financial assistance for debt collection, budgeting, and savings. You can also work with a paid financial advisor who can provide you with a financial plan tailored to your needs.
A financial therapist or counselor can help you repair your relationship with money. A financial therapist is a financial or mental health professional with additional training in the emotional and mental aspects of managing money. These providers can be found by: Financial Therapy Association.
Finally, if your mental health concerns, such as anxiety, depression, or ADHD, are affecting the way you handle money, talk to a qualified mental health professional to address them. Search through your insurance company or online directory. Local mental health agencies and large universities offer free or low-cost treatment.
Financial stress can affect you physically, mentally, and emotionally. But by recognizing your emotions, becoming aware of your behavioral patterns, and making adjustments to how you spend your money, you can reduce stress and regain control of your life.
Traci S. Williams, PsyD, ABPP, CFT-I, is a board-certified clinical psychologist and certified financial therapist. She helps her family improve their emotional, mental and financial health.
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