Financial stress is not uncommon for many Americans. Financial stress and uncertainty are an inevitable part of life for a lot of people. Maybe you are someone who is trying to pay off student loans. Perhaps unexpected expenses have popped up and now you have to deal with it. Or maybe you are going through something more temporary like the loss of a job. For more information, check out our blog “Navigating Job Loss with Career Counseling.”
Even before the COVID-19 pandemic, it was estimated that over 72% of Americans have had financial concerns at some point in time according to the American Psychological Association (APA). With the current cost of living on the rise, financial struggles and hardships become a part of the equation.
Like any other form of stress, financial stress can negatively impact many aspects of your life, including taking a toll on your mental and physical health. Your relationships and overall quality of life can be affected as well. Money worries can go as far as to impact your energy levels, ability to get a good night’s sleep, and self-esteem. If you do not know how to exercise healthy coping skills, you may turn to unhealthy habits, such as smoking or drinking. No matter how you feel right now, there are stress therapists at Anchor Therapy who can help you regain control of your life and ease your stress levels.
Anchor Therapy is a counseling center in Hoboken, NJ with mental health therapists specialized in helping children, teens, adults, couples, and families with anxiety, depression, relationship issues, trauma, life transitions, and more. Anchor Therapy is accepting new clients and is now providing in-person sessions and teletherapy sessions to residents of New Jersey, New York, and Florida.
Examples of financial stress
Financial stress is any emotional concern you feel about money. While anyone can experience financial stress, it tends to impact families with low incomes the most. Stress can come from not being able to meet basic needs, such as the ability to secure shelter, paying the bills, and buying groceries.
Financial stress can also occur in less dire situations, such as not having enough money to enjoy your life and nourish your hobbies. This tends to be the case for many Americans as our financial state is quickly changing. Perhaps you can no longer afford those yoga classes that once provided you with so much stress relief. Or maybe you may have enough money to pay your rent and put food on the table, but when it comes to being able to send your kid to summer camp, things look a little different.
There are other factors that can trigger financial stress. For example, let us say that you were working as a doctor. You made a great salary but your work-life balance was not ideal. If you are in a similar situation, our blog “Tips for Healthcare Workers Experiencing Burnout” is a must-read. Now, you have decided that you want a career change to find something that truly fulfills you. This career change may enhance your emotional health in the long-term, but you may experience financial stress due to a salary cut. For more support, read “How Counseling Can Help Your Career.”
You may even be someone who is a self-described ‘workaholic.’ You love to work and even live to work. On the surface, you may think that there is nothing wrong with this but, after some self-exploration, perhaps you find that financial concerns are driving your motivation. You fear not having enough money, and you may even work for someone who can be inflexible when you want time off.
If you are the breadwinner or sole provider for your family, there is a lot of stress that comes with that role. You may have to provide for a spouse, children, parents, siblings, and so on. For instance, let us say that a couple has decided that the husband will work while the wife stays at home to raise the children. Having the entire financial burden rest on one’s shoulders is a lot to carry. Financial responsibilities can add up quickly and there may be limited financial freedom. If you are in a similar situation, check out our blogs “Everything You Need to Know About Stress Management Therapy” and “When to Seek A Therapist As A Stay-At-Home-Mom (SAHM) in Hoboken and Jersey City.”
Most people stress about money from time to time, but it should not be impacting your mental and emotional health to the point that you cannot enjoy the little things in life.
Getting to the root cause of financial stress
If you cannot afford to live, it is normal for financial stress to occur. In extreme situations, not knowing where your next meal is coming from or where you are going to lay your head down at night is extremely stressful. But, there are many other causes of financial stress too.
There are many reasons why people experience financial stress, including:
Insufficient income - Your job may not offer enough income to cover basic living expenses which triggers chronic financial stress. You may also be someone who experiences job instability, such as getting temporary jobs or working freelance.
High expenses - Housing, food, healthcare, and education have all taken extreme rises, especially in recent years. You may also be someone who is experiencing high levels of debt at the same time in the form of student loans, a mortgage, credit card debt, and other sources.
Unexpected expenses - Car repairs or a medical emergency, to name a few, can create unexpected financial strain. Natural disasters are another unexpected expense that may arise, such as hurricanes, floods, and fires.
Economic factors - Inflation can lessen purchasing power, and a nation-wide recession may lead to a salary cut or job loss altogether.
Personal responsibilities - If you are someone with dependents, your financial burden immediately becomes bigger. Being a sole provider can cause emotional problems. Having children and funding their education can be another issue.
Emotional and mental factors - Constantly wondering about your future financial stability can cause a lot of stress. Worrying about money all the time can even impact your ability to make decisions. For more, read “How Mental Health Counseling Can Help Your Decision Fatigue.”
Societal pressure - In an effort to maintain a certain status or lifestyle, you may overspend and even get into debt. You may also compare your life to another person’s life which triggers dissatisfaction within you. Check out our blog “How to Stop Comparing Yourself to Other People.”
What are the symptoms of financial stress?
If your financial stress is severe, it is only a matter of time before you start experiencing stress and anxiety symptoms. Various physical, emotional, and behavioral symptoms can occur.
Here are some common financial stress signs and symptoms:
Physical Symptoms of Financial Stress:
Muscle tension - You may experience stiffness or pain in your muscles, especially your neck and shoulders.
Fatigue - You may feel tired and sluggish all the time.
Headaches - With financial stress, it is not uncommon to experience tension headaches or migraines.
Digestive issues - Ulcers and stomach pain can occur.
Sleep disturbances - You may have a hard time falling asleep, staying asleep, or experiencing insomnia. For more information, read “How CBT Can Help With Your Insomnia.”
High blood pressure - Constant stress can raise your blood pressure.
Behavioral Symptoms of Financial Stress:
Overspending or underspending - You may feel the need to check your bank account multiple times a day to feel better or start cutting back on necessary items.
Withdrawal - You may begin to isolate yourself and no longer take part in social activities you once enjoyed.
Avoidance - You may avoid checking your bank account, opening bills, or discussing finances altogether.
Substance abuse - In an effort to cope with the stress you are experiencing, you may resort to drugs, alcohol, or other substances. Check out our blog “5 Ways to Help Someone Battling Addiction and Substance Abuse Issues.”
Work issues - Your low-pay or inability to cover basic expenses can actually make you less productive at work, decrease your focus, and increase absenteeism.
Emotional Symptoms of Financial Stress:
Anxiety - You may constantly feel worried about your finances and future. If you believe you are struggling with anxiety, take our Anxiety Quiz to find out more and read our blog “5 Breathwork Techniques to Decrease Anxiety.”
Depression - Your financial situation may be causing you to feel sad, hopeless, or overwhelmed. If you believe you are struggling with depression, take our Depression Quiz to find out more and read our blog “4 Ways to Naturally Treat Depression.”
Irritability - You may have a short temper or experience enhanced irritability.
Mood swings - You may feel happy one moment and then sad and/or angry in the next, experiencing mood swings.
Feeling overwhelmed - You may feel unable to cope with your financial stress.
Cognitive Symptoms of Financial Stress:
Difficulty concentrating - Difficulty focusing on tasks or making decisions may occur.
Memory problems - It may be hard to remember important details of specific situations if your mind is so focused on financial factors.
Negative thinking - You may experience constant negative thoughts about your finances and overall future. For support, read “6 Ways to Handle Intrusive Thoughts.”Negative thinking - You may experience constant negative thoughts about your finances and overall future. For support, read “6 Ways to Handle Intrusive Thoughts.”
Financial stress can also impact the relationships in your life, from romantic connections to familial ties. For instance, you may argue with family members or partners about money. You may self-isolate and avoid hanging out with friends due to not being able to afford activities. Lastly, you may have to depend on other people for financial support which can strain certain connections.
How to cope with financial anxiety
Financial stress can occur when you feel like there are a lot of aspects of your life out of control. By attending anxiety counseling, you can learn to gain control over your life while lessening your stress and building a better future.
Here are some ways to gain control over your financial stress:
A practical way to cope with financial anxiety may include generating extra sources of income. Perhaps your 9-to-5 job simply is not cutting it anymore. Knowing how to increase your finances can be tricky, but it is possible. There are endless ways to boost your income.
You should aim to get clear on your budget. Maybe for you this means cutting back on eating out on the weekends and making more meals at home. Perhaps it means making your own cup of coffee in the morning instead of heading to your local cafe. Life is not constant, and you should aim to regularly check-in on your budget. You could do this by setting time aside each month to declutter your budget and organize your paperwork. As you are getting started in this organization process, you may want to do it more frequently, like on a biweekly basis. The more in control you feel, the less stressed you will be.
When you are experiencing financial stress, it may feel like you only need to focus on your finances and not the stress component of your situation. Stress management techniques should not be dismissed or glossed over. As you attempt to change your financial status, you still need to manage the stress you are experiencing now. Stress management does not have to look like attending an expensive workout class. It can simply be going for a walk outside, spending time with loved ones, eating a well-balanced diet, meditating, and so on.
If you feel like you cannot manage your own stress, working with a stress counselor can be extremely beneficial. A stress therapist at Anchor Therapy can help you uncover the emotions behind your financial stress so you can effectively manage it and alter unhealthy behaviors.
If you attend stress therapy for financial stress, you may experience the following benefits:
Emotional support
Healthy coping strategies
Trigger identification
Behavioral changes
Goal setting
Learning about the impact on relationships
Long-term support
You do not have to struggle with financial stress alone. Getting emotional and practical advice from a professional mental health counselor shows your strength in recognizing that your stress levels are impacting your quality of life. Seeking the support of a stress mental health counselor does not mean that you have failed as a spouse, parent, or provider. Do not be afraid to reach out for structured support.
Victoria Scala
is the Social Media Manager and Intake Coordinator at Anchor Therapy in Hoboken, New Jersey. She is a graduate of the Honors College of Rutgers University-Newark. In her roles, Victoria is committed to managing the office’s social media presence and prioritizing clients' needs.
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