Being anxious about money isn’t new.
Even in the best of times, many people struggle with making enough money to take care of even their basic needs. Unfortunately, at times, certain situations can cause even more financial worries. Does this apply to you?
Are you having trouble paying your bills or have had to sell personal items to stay afloat? Did your work role get downsized or your job eliminated because of the economic impact from COVID-19?
Financial stress and anxiety over money can be an ever-present force in your life, leaving you feeling drained. However, there are things that you can do to cope with the issue.
Focus on What’s in Your Control
First, to cope with anxiety over money, take a moment to consider what is in your control. You can’t help the fact that your employer has cut your hours or let you go. However, there are plenty of other things that you can direct your attention to finding a solution.
For example:
- Researching other jobs in your field
- Reviewing your resume and cover letter (perhaps with professional help)
- Taking a course to brush up your skills
- Piecing together freelance or contractor work
- Applying for unemployment benefits
Of course, there is also the matter of taking control of your finances. You may want to cut back on some expenses for the time being. Go over your expenses to determine what you truly need and what you don’t, and then make a sensible budget.
Build Your Resiliency Towards Financial Stress
When coping with a problem that leaves you absolutely drained, you need to do more than “self-care.” Self-care is part of the process, of course. However, you also need to build your resiliency toward financial stress.
It’s this resiliency that keeps you going even when times are tough. Why? Because you have faced other challenges in the past and have met them as well. To build your resiliency now, consider your inner narrative—your thoughts or what you’re telling yourself.
Are you catastrophizing, thinking that the sky is going to fall? Or are you thinking about the new opportunities that have just opened up for you?
Some other ideas for building resiliency include:
- Starting the day off with a positive phrase or inspirational quote (and repeating that often throughout the day).
- Maintaining a daily schedule that provides structure.
- Doing things that are still important. Maybe you are not working, but you can help around the house, take care of projects, etc.
- Remind yourself that you got a job once before and you can do it again.
When Money Causes Too Much Anxiety
Even with your best efforts, you might still struggle with having anxiety over money. There are bills that are due and decisions to be made. Should you tap into your retirement savings or even forego paying some bills now in the hope that you can pay them later?
Being with all these choices will bring on anxiety. That makes complete sense. However, that doesn’t mean that the anxiety has to take over your life. What can you do when money causes you excessive anxiety?
Try to keep your life balanced and consider adding daily habits such as:
- Practicing stress-relieving techniques such as deep breathing
- Exercising
- Avoiding drinking too much an stay away from other unhealthy substances
- Writing down your thoughts or express them in art
However, the best way to cope with anxiety is by talking to someone about your financial stress. For example, confiding in a caring and supportive friend or family member is a good idea. In some cases, though, when anxiety becomes excessive, it’s wise to seek out a therapist, especially one experienced in anxiety therapy.
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Why, do you think, are you experiencing anxiety over money? Is it because you feel out of control and powerless? Are you worried that there is no hope for the future? If the answer is yes, don’t hesitate to seek out a knowledgeable therapist. Feeling drained due to financial stress should not be ignored.
If you would like to know more about how my approach to anxiety treatment can help you cope with feeling anxious and exhausted due to stress about money, please feel free to contact me.
