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How Financial Stress Can Impact Your Mental Health

If your financial situation is causing you sleepless nights, you’re not alone. Numerous studies show that financial problems are a significant source of stress, which can lead to serious mental, emotional, and physical issues if not addressed.

The Connection Between Financial Stress and Mental Health

Stress is a common term in today’s world, often linked to busy jobs, parenting, health challenges, or major life events like death or divorce. However, your financial status can equally impact your mental and emotional well-being.

A 2019 survey by Everyday Health found that over half (52%) of Americans regularly felt stressed by financial issues, more than any other stressor, including jobs and careers. The pandemic further exacerbated financial stress, with a 2022 survey by the American Psychological Association revealing that stress around money and inflation is at its highest level since 2015.

Financial distress can lead to various emotional and psychological symptoms, such as substance misuse, relationship difficulties, low self-esteem, and feelings of shame, fear, anger, or despair. Addressing financial stress healthily is crucial to finding financial stability and inner peace.

6 Ways to Cope With Financial Stress

Feeling overwhelmed by debt and financial stress can be isolating. Here are some strategies to help reduce financial anxiety:

• Talk about it: Sharing your financial concerns with trusted friends or family can provide relief and support.
• Get mental health support: Working with a counselor or therapist, especially a financial therapist, can help address the mental health impacts of financial stress.
• Create a budget: A budget helps you see your income and expenses clearly, making it easier to allocate funds to meet your goals.
• Hire a financial expert: A financial planner can help create a customized plan to get out of debt and meet savings goals.
• Explore temporary solutions: Short-term strategies like part-time work or canceling subscriptions can provide quick wins and motivation.
• Practice self-care: Healthy self-care practices like exercise, healthy eating, and spending time with loved ones can help manage stress.

Other Financial Resources to Consider

If you need additional help managing your finances, consider these resources:

• Credit counseling: Nonprofit credit counseling agencies can help create a budget and debt payoff strategy, often for free.
• Government services: Explore government-subsidized housing, medical care, and food assistance programs at Benefits.gov.
• Rent relief programs: Look into short-term rent relief programs and grants offered by nonprofits, community programs, religious institutions, and local governments.

The Bottom Line

As you work to improve your financial situation, avoid taking on more debt, especially if you struggle to make payments. High debt balances and missed payments can harm your credit score. Consider safer borrowing options like debt consolidation loans or intro 0% APR credit cards. Stick to a budget and build an emergency fund to reduce financial anxiety.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey with confidence.

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