Money management is a significant part of daily life, but for many, it’s also a primary source of stress and anxiety. Financial anxiety arises when concerns about money become overwhelming, impacting mental health, relationships, and overall well-being. This page offers guidance on identifying, understanding, and reducing financial stress, along with actionable tips and support resources.

If you or someone you know is struggling with financial stress, text CONNECT to 741741 for confidential support from a trained volunteer Crisis Counselor available 24/7 at no cost.

Understanding and Recognizing Financial Anxiety #

Financial anxiety goes beyond occasional money stress—it’s a persistent fear or unease about financial situations. There are many signs of financial anxiety; common ones include:

• Overthinking decisions, like spending hours debating minor purchases.
• Avoiding finances, such as ignoring bills or account statements.
• Impulsive spending to cope with stress.
• Experiencing shame or guilt about money issues.
• Strained relationships due to money-related conflicts.

How to Stop Stressing About Money #

Are you worried about money? There is a blend of practical strategies and emotional support available to you. Here are actionable steps to help you regain control and reduce stress:

1. Create a budget #

Use a simple app or tool to track your income and expenses. Gaining a clear understanding of where your money is going can reduce uncertainty and provide a sense of control.

2. Set small, achievable goals #

Focus on manageable steps, like saving $10 a week or paying off one small debt at a time. Achieving these goals builds confidence and creates momentum for larger financial changes.

3. Educate yourself #

Learning financial basics can empower you to make informed decisions. Want to know what interest rates and emergency funds mean? Improve your financial literacy with free resources such as Investopedia. They also offer accessible guides on managing personal finances.

4. Practice stress-relief techniques #

Incorporate activities like meditation, exercise, or journaling into your routine. Managing stress well can boost your mental clarity. It can also enhance your quality of life. Plus, it helps you face financial challenges with more confidence.

5. Seek Professional Support #

Financial counselors and therapists can provide long-term personalized advice for managing financial stress. Manage your money better and meet your financial goals. You can use helpful resources like the National Foundation for Credit Counseling (NFCC).” They offer affordable and reliable assistance. 

By taking proactive steps, you can address financial challenges and ease anxiety. Remember, small changes can lead to significant progress.

The Link Between Mental Health and Money #

Money problems don’t just affect your bank account—they can take a toll on your mental and physical health. Financial stress can increase the risks of depression, anxiety, insomnia, social isolation, and other health problems. To address this, it’s important to:

• Recognize the emotional impact of financial struggles.
• Treat mental health and financial health as interconnected.
• Seek support from therapists or financial counselors experienced in financial anxiety.
• Take steps to manage your finances and spending habits.

Recognizing the connection between mental health and financial anxiety early allows you to seek support from financial counselors and mental health professionals.

How to Support Someone with Financial Stress #

Helping a loved one cope with financial anxiety can be challenging, but your support can make a meaningful difference. Here’s how you can assist thoughtfully and compassionately:

1. Listen without judgment #

Create a safe, nonjudgmental space where they can share their concerns. Financial struggles often evoke shame or guilt, making it hard to open up. Show empathy by:

• Encouraging them to talk at their own pace.
• Avoiding interruptions or assumptions.
• Using validating statements like, “That sounds stressful. I’m here for you.”

Listening empathetically helps them feel supported.

2. Encourage professional help #

Professional help can address both the emotional and practical challenges of financial anxiety. Suggest options like:

• Financial counseling to develop a manageable plan.
• Therapy to navigate stress and build coping strategies.

Support their next steps by offering to help research options or accompany them to their first session.

3. Share practical resources #

Empower them by providing personalized, actionable tools, such as:

• Budgeting apps.
• Local nonprofits or financial institutions offering financial aid programs.
• Reliable community resources.

Frame your suggestions as options, not obligations, to avoid adding pressure.

4. Avoid harmful responses #

Well-meaning but insensitive comments can unintentionally worsen their stress. Avoid:

• Unsolicited advice: Instead of “Why not cut back on spending?” try, “Would it help to explore this together?”
• Dismissive remarks: Phrases like “Everyone struggles with money” can feel invalidating. Acknowledge their emotions: “It’s okay to feel overwhelmed. You’re not alone.”

Be a source of patience and support #

Your role isn’t to solve their problems but to provide encouragement as they navigate their financial challenges. For immediate emotional support, they can text CONNECT to 741741 for free, confidential help from a trained volunteer Crisis Counselor 24/7.

Additional Resources #

Here are tools and organizations that can help:

• National Foundation for Credit Counseling (NFCC)
• Consumer Financial Protection Bureau (CFPB)
• Financial Therapy Association (FTA)
• Mental Health & Money Advice Toolkit 
• The Jed Foundation – 11 Money Terms to Learn Today

If you or someone you know needs immediate emotional support, text CONNECT to 741741 to chat with a trained volunteer Crisis Counselor.