How to Manage Financial Stress

Financial stress is an extremely common problem in America. A 2010 American Psychological Association (APA) study found that 76 percent of respondents saw money worries as a major stressor in their lives. Financial stress spills over and impacts the entire family if it's not managed effectively, the APA warns. Money problems cannot be solved overnight, but there are many strategies for dealing with money-related anxiety, and getting control of finances, to relieve the problem at the source.

Instructions

1

Write out a list of your specific financial stressors, the APA advises. Money worries take on various forms, such as being without a job, or having too many high-balance credit cards. You must know exactly what is causing your anxiety before you can effectively tackle the problem.

2

Review various strategies for handling your specific financial problems. The Federal Trade Commission explains that debt relief is sometimes as simple as making and sticking to a tight budget, while more serious problems require negotiation with creditors, professional credit counseling or even bankruptcy. Examine the pros and cons of every option.

3

Create a specific, realistic financial plan. The APA states that you might feel some short-term anxiety while making it, but it relieves stress in the long run, because it empowers you to take control of the situation.

4

Call your creditors to negotiate reduced payments, make a credit counseling appointment, or do whatever steps you listed in your personal financial plan. These actions give you a place to channel your efforts, so there is less time and energy available for feeling stressed.

5

Talk to others as a stress relief technique. Helpguide.org, an online mental health site, recommends making time to be with family members and friends. This gives you an opportunity to share your feelings. Make a counseling appointment if you don't want to discuss your finances with people you know. Many social service agencies offer affordable mental health assistance for people who are uninsured and cannot pay full counseling rates.

6

Meditate, go for walks, exercise at home, listen to relaxing music, or practice other low-cost or free stress management techniques. Devote some time every day to stress release, and adopt financial habits that don't bury you more deeply in debt.