Alleviating the Burden of Financial Stress

Whether your fears revolve around losing a job or the stress of today’s economy affecting your ability to survive and provide in the future, there are many people experiencing unprecedented levels of economic anxiety.  These worries can affect our whole lives, and can cause a great deal of damage to our mental health. But there is always hope, and there are steps you can take to lessen your burden while under heavy financial stress.

Budget Immediately

The first step – and maybe the most important one – is to set a budget. It will help you figure out exactly where your money is going, what is truly essential, and what needs to be cut out. Looking at all those numbers might seem daunting, but the sooner you understand what you’re working with, the better off you’ll be. One of the biggest pitfalls in any budget is eating out, so this will probably be one of the first things to go. But that doesn’t mean you can’t eat well! There are plenty of recipes to be found online, and even a couple cookbooks will cost you less than one week’s worth of takeout. And make sure to check each week to see what is on sale at your grocery store, and try to buy in bulk when you can.

Another thing to keep an eye out for is non-essential expenses. When we are stressed, many of us tend to buy things that we do not actually need, and you’re probably familiar with the term “retail therapy.” Clothes, food, alcohol, gadgets; none of these are wrong to buy, but during a period of financial stress is not the time to shop for fun. It might give you a slight boost of temporary happiness, but will just cause more problems down the line.

Ask for Help to Alleviate Your Financial Stress

If you’re still struggling after setting a budget and cutting out the non-essentials, then your next step might be to look into payment options. Companies that provide electricity, mortgage payments and rent will most likely offer payment flexibility as long as you communicate with them and get the details figured out before you’re too far behind. A lot of people wait until they’re in too deep to recover because they’re ashamed of their situation. It’s important to remember that it is always okay to ask for help. It might not be easy, but it might be essential.

Government programs, banks, and even loved ones, are also forms of help that you can reach out to. You can also look into filing for unemployment and temporary rent assistance.  However, it can be especially hard to reach out to family and friends due to embarassment. It takes humility to ask your family or friends for help and admit that you are struggling. But what would you do if the situation was reversed? If your family or friends were in need, would you help them in any way that you could? The answer is probably a resounding, “yes!”.

It is important to be honest with your whole family, keep everyone on the same page and come together as a team to save and earn money. You can work together to find extra sources of income such as walking dogs, mowing lawns, or running groceries to those who cannot go to the store themselves.

Take care of yourself

Constantly watching the news and worrying about the economy isn’t the healthiest use of your time when it comes to caring for your mental health. Try to limit the amount of time you spend watching and reading the news. It’s important to keep up with current affairs, but it doesn’t have to consume your every waking thought. It is also important to get a good night’s sleep every night. Do not use electronics an hour before bed, as it makes your brain stay active for longer. Getting good sleep is the first step to becoming healthier, which will help give you the energy and will to tackle the amount of stress you’re under. Stay away from alcohol or other substances that temporarily take the pain away; these are dangerous, do not actually help and fall under the “non-essential spending” category. Ask yourself “do I have everything I need at this moment?” You might not for tomorrow, next year, or even retirement, but “Let tomorrow worry about itself, for today has worries of its own” (Matthew 6:34).

If you or a loved one are struggling with the stress of a tricky financial situation, we are always available to help. At Stenzel Clinical Services, we offer low cost or free counseling based on income level if you need someone to talk to.