Experiencing money anxiety? You’re not alone — here are ways to deal with it
In times of socioeconomic uncertainty, it’s very normal to experience money anxiety. In fact, in 2022, the American Psychological Association reported that 87% of surveyors cited inflation as their primary stressor, like increasing gas prices, energy bills, and grocery costs.
Money anxiety can be debilitating, especially if you’re experiencing a big life change or you’re unsure of how to address it. However, there are ways to approach it, and small steps you can take to ask for help if you need it, too.
Symptoms of money anxiety
Symptoms of money anxiety may be similar to those of regular anxiety. You may also experience signs that are more specific to your financial worries, like:
- Constantly thinking and worrying about money, bills, and stocks
- Avoiding paying or looking at bills
- Difficulty maintaining a healthy work-life balance
- Persistently checking your bank account, stocks, or financial news
- Getting upset when you spend money, regardless of whether or not it’s for an essential
How to deal with anxiety about money
The best way to cope with money anxiety can depend on where your worries stem from. Here are some different ways to deal with these nerves:
Trauma-informed care
Money trauma can definitely impact the way you feel about your finances today. You may have grown up in a financially unstable environment, and now you constantly fear ending up in the same place. Maybe you witnessed family members struggling to keep a job, pay bills, or you were evicted from your home. Regardless of what you experienced, trauma-informed care is a treatment option that may help you address the root cause of your anxiety.
Trauma-informed care can look different for everyone depending on what you’re most comfortable with. Some examples include:
- Walking through a traumatic memory and reprocessing it with the help of your therapist (this is most similar to Eye Movement Desensitization and Reprocessing, a type of trauma therapy otherwise known as EMDR)
- Discussing money habits and practices you do today that you may have learned from watching worrying behaviors from those around you
- Understanding why money is a trigger for you
The best way to figure out your trauma-informed care plan is to be honest with your therapist. Trauma can be difficult to talk about, so you should make sure you feel 100% comfortable as you move through different subject matters.
Get started with trauma-informed care for money anxiety
Talk therapy and solution-based therapy
Maybe your money anxiety stems more from socioeconomic or political factors. If that’s the case, talk therapy can be a good option. At each appointment, you can chat about what’s on your mind, whether it be breaking news or fears about the future.
You can also discuss potential solutions to limit constant worries, like setting boundaries with checking stocks, your bank account, and doing your best to pay bills on time. Solution-based therapy is meant to help clients with setting and meeting short-term goals, which can include building personal payment schedules or restricting your access to financial news.
Get started with solution-based therapy for money anxiety
Take steps to work on your finances
Working on your finances will look different for everyone. It can depend on whether or not you have a job, savings, consistent income, and resources to lean on. Regardless, many communities offer helpful financial resources, like:
- Money assistance
- Reduced-cost financial help
- Government and state benefits
- Credit counseling
- Homebuyer education
- Savings programs
If it’s possible, other steps to take can include:
- Building an emergency fund or savings account
- Creating a budget and tracking your expenses
- Talking to a financial advisor (some communities may have these for free, while bank institutions may offer these, too)
- Using your local library to read and learn about financial literacy
Takeaway
Money anxiety isn’t an easy thing to address. Symptoms and causes can vary based on your upbringing and current situation, and it’s important to give yourself grace as you figure out how to healthily manage your feelings. Mental health care is a helpful step in healing and dealing with your worries, while community-based resources are another useful way to receive assistance.
Get started with mental health care for money anxiety
