Financial anxiety is a fear of not having enough money to cover basic expenses and needs, such as housing, food, clothes, and healthcare. It is not uncommon to have stress about your finances, but what sets financial anxiety apart is that it is an ongoing, persistent worry that you will not be able to meet your basic needs. With costs of living rising, learning financial literacy and how to manage anxiety about money can be helpful.
Our inpatient mental health facility in Orange County, California offers anxiety treatment. At Laguna Shores Mental Health, you can learn coping strategies for anxiety and get your stress under control.
This is the most prevalent symptom. Individuals with financial anxiety constantly worry about money matters, such as difficulty paying bills, excessive debt, job security, and unexpected expenses.
Increased irritability, frustration, and anger, is often directed towards family members or others when someone is experiencing a lot of stress about money.
Avoiding financial tasks, such as opening bills, checking bank accounts, or discussing financial matters can be a sign of having financial anxiety.
When someone is constantly worried about their financial situation they may withdraw from social activities due to shame, embarrassment, or a desire to avoid spending money.
Financial anxiety can put a strain on relationships with partners, family members, and friends.
Difficulty falling asleep or staying asleep due to constant money worries is a common symptom of anxiety.
Someone with financial anxiety may have frequent headaches or migraines triggered by financial stress.
Digestive problems such as nausea, indigestion, or irritable bowel syndrome may occur due to constant stress.
People report chronic muscle tension, particularly in the shoulders and neck when they experience anxiety.
For those with money anxiety or any type of anxiety, constant tiredness and lack of energy due to chronic stress is a common sign.
Engaging in compulsive behaviors such as excessive spending, hoarding, or gambling may be an unhealthy way to cope with financial anxiety and a sign to look out for.
Financial anxiety can contribute to or worsen anxiety disorders, and depression, and increase the risk of substance abuse.
What Can You Do for Anxiety About Money?
To ease anxiety about money, it helps to address both the emotional and physical symptoms of your anxiety. While addressing the anxiety you can also seek practical solutions for your finances so that you do not have to worry about money in the future.
For the anxiety symptoms, you can try mindfulness and meditation practices, such as breathing exercises or yoga. These exercises can help be present and refrain from having constant thoughts about money. Talking with someone can also provide some relief. You should also practice self-care. Create a routine to relax and treat yourself well, so you can start feeling better. If your stress about money is constant and you feel it’s disabling you from living a regular life, you may need to seek professional anxiety treatment.
Here are some practical tips to help manage your money and take steps toward getting in a better financial situation that doesn’t cause stress.
Create a Budget
Create a realistic budget for yourself to reduce unnecessary spending and begin to build up your savings. To create a budget, here is what you can do:
- Monitor your income and expenses carefully to understand where your money is going.
- Allocate funds for essential expenses (rent/mortgage, utilities, groceries), debt repayment, savings, and discretionary spending.
- Utilize budgeting apps, spreadsheets, or notebooks to track your spending and monitor progress.
Reduce Expenses
When creating a budget, take note of all your spending and analyze your spending habits to identify areas where you can cut back, such as dining out, entertainment, and subscriptions. Another area to reduce expenses in your bills, call your providers to negotiate lower rates for internet, cable, and insurance. Consider generic brands, shop at discount stores, and find free or low-cost entertainment options.
Increase Income
Increasing your income may be the best way to seek relief from stress about money.
- Consider freelancing, tutoring, driving for a rideshare service, or selling crafts or other items.
- If you feel your current salary is not competitive, discuss a raise with your employer.
- Explore job opportunities that offer higher salaries or better benefits.
Tackle Debt
Create a debt repayment plan that prioritizes high-interest debt (credit cards) and develop a plan to pay it off as quickly as possible. You can also explore options like debt consolidation loans or balance transfers to lower interest rates. Lastly, you should try to minimize the use of credit cards and avoid taking on new loans whenever possible.
Build an Emergency Fund
Saving money can be a challenge for many Americans, but here are some tips to help create a fund for emergencies:
- Begin with small, consistent contributions to an emergency fund.
- Set up automatic transfers from your checking account to your savings account.
- Aim to save 3-6 months of living expenses in an emergency fund to cover unexpected costs.
Seek Professional Guidance
Consult a financial advisor to help manage your money. A financial advisor can provide personalized advice on budgeting, investing, and debt management. Credit counseling agencies can provide guidance on debt management strategies and help negotiate with creditors.
Can Anxiety Treatment Relieve Money Stress?
Yes, anxiety treatment programs can help relieve money stress. Therapy enables you to discuss your worries and seek solutions. A therapist can teach techniques to help relax when you’re feeling stressed. Therapy also teaches coping strategies and gives you actionable steps to tackle your anxiety and find relief. At Laguna Shores Mental Health we provide therapy for mental health disorders, including individual and group therapy.
Get Anxiety Relief in California
If you struggle with constant worries and fears, contact Laguna Shores Mental Health and get relief from anxiety. Anxiety disorders disrupt everyday life and can prevent you from being happy. Our residential mental health programs address anxiety and provide you with healthy coping strategies.
