“How to Cope with Financial Stress and Improve Your Mental Health”

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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 health issues if not addressed.

Understanding the link between financial stress and mental health is crucial. Financial stress can be as impactful as other major life stressors like job pressures, health challenges, or significant life events. A 2019 survey by Everyday Health found that over half of Americans regularly felt stressed by financial issues, more than any other stressor.

The pandemic exacerbated financial stress, with many Americans experiencing heightened psychological issues. Even as the economy recovers, personal financial stress remains high. A 2022 survey by the American Psychological Association found that stress around money and inflation is at its highest level since 2015.

Financial stress can lead to various emotional and psychological symptoms, including substance misuse, relationship difficulties, low self-esteem, and feelings of shame, fear, anger, or despair. Addressing financial stress in a healthy way is essential for achieving 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 and make your situation more manageable:

Talk About It

Discussing financial problems can be difficult due to societal taboos, but sharing your struggles with trusted friends or family can provide relief and support.

Get Mental Health Support

Consider working with a counselor or therapist to address the mental health impacts of financial stress. A financial therapist, trained in both finance and psychology, can be particularly helpful.

Create a Budget

Creating a budget is one of the best ways to manage debt and regulate spending. It helps you see your income and expenses clearly and allocate funds to meet your financial goals.

Hire a Financial Expert

If you need professional help, consider hiring a financial planner. They can help you create a customized plan to get out of debt and achieve your savings goals. Nonprofit credit counseling agencies can also provide valuable assistance.

Explore Temporary Solutions

Short-term strategies, like taking on part-time work or canceling unnecessary subscriptions, can provide quick wins and boost your morale.

Practice Self-Care

Engage in healthy self-care practices like exercise, healthy eating, spending time with loved ones, and relaxation techniques to cope with financial 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 you create a budget, develop a debt payoff strategy, and more, often for free. They can also help you get on a debt management plan.

Government Services

Explore government-subsidized housing, medical care, and food assistance programs if you qualify. Visit Benefits.gov for more information.

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 and reduce anxiety, 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 0% APR credit cards.

For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We’re here to help you achieve financial stability and peace of mind.

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