Strategies for Coping With Financial Stress
Concerns about money are making many Americans edgy. In a recent survey, more than two-thirds said financial uncertainty has made them depressed, while more than half say it’s keeping them up at night. And it’s not just sleep that’s suffering — money woes are the second-leading cause of divorce.
Financial worries can take a heavy toll on your mental and physical health. But you can help take back control and calm fears with a few simple steps.
Find Your Financial Footing
Start by focusing on what’s currently within your reach. Write down your options — things like cutting non-essential expenses, delaying major outlays or consolidating credit card debt into a loan with a lower interest rate. Seeing everything laid out on paper (or on screen) will help make the situation feel more manageable. Ideally, you should try to build an emergency fund before a crisis hits — something to help cover unexpected costs like a major home repair or medical bill.
Even a few dollars at a time can add up and provide some peace of mind when your financial life takes a turn.
As of early 2025, the average American had nearly $6,500 in credit card debt — an amount that could double in the 87 months it would take to pay off if you only made minimum payments (assuming the average APR of 21.91% charged to cards with balances). A consolidation loan with a lower interest rate could not only save you money, but also significantly reduce your stress. Discuss repayment options with your creditors and consider taking advantage of nonprofit credit counseling services or speaking with a Financial Professional available to you through your employer.
Review Your Budget and Make a Realistic Plan
A budget is a plan for what is most likely, not the best-case scenario. Sit down with your recent bank statements and bills. While it may seem intimidating at first, seeing everything in black and white will give you a realistic view — and take the guesswork out of knowing where your money is going.
Then make three lists: Things you must pay (mortgage, utilities, cars, insurance), things where you have some flexibility (groceries, personal care, subscriptions) and things you might be able to do without — at least for now (eating out, entertainment, online shopping). Then it’s time to make some decisions.
A Little Help From Your Friends
Talking about finances with friends and family can be difficult, but it can also be a source of emotional support. Just talking through the situation with someone who genuinely cares and doesn’t judge you can reduce anxiety and clarify options. If the stress is significantly impacting your sleep, appetite or mood, consider talking to a mental health counselor. A Financial Professional can also be a huge support. Someone who is supportive and can offer sound strategies can help you move past the paralysis and put you on track to a solution.
Take Control, One Task at a Time
Just as decluttering your home can make you feel more in control, so can organizing your finances. Don’t try to do everything at once, just pick one small task — for example, setting up auto pay for your mortgage or making time to check account balances regularly — and start putting your plan into action.
Face the Future With Confidence
With a plan and a positive attitude, you can make significant strides toward financial wellness. Take advantage of all the resources at your disposal. And remember, seeking help is a smart strategy for building a more secure financial foundation.
Sources
https://www.ramseysolutions.com/company/newsroom/releases/money-ruining-marriages-in-america
https://www.forbes.com/advisor/credit-cards/average-credit-card-debt/