For many, money can be a source of consistent stress and anxiety. On top of this, when one finds themself in a particularly devastating financial setback, stress and anxiety can become completely overwhelming. Thankfully, those out there who find themselves in these situations aren’t alone.
Many people experience money-related stress and there are resources out there to help one deal with subpar mental states amid an acute monetary challenge. Being aware of resources and tactics to bounce back from finance-related mental ailments can help make the process easier and more manageable.
Here is how to take control of stress and anxiety after a bad financial situation.
Seek Out a Financial Therapist
Though many people are completely unaware of their existence, some therapists specialize in helping those with money-related mental health issues. These specialized professionals are called financial therapists and they can be a tremendously impactful and effective resource for those dealing with financial stress.
Financial therapists are trained to counsel their clients through certain mental ailments — such as anxiety — and provide financial advice with the aim of helping their clients reach financial security. For those who are experiencing a significant amount of stress or anxiety due to a bad financial situation, reaching out to a financial therapist is a powerful first step to healing and recovery.
Reach Out to Family or Friends Who Can Help
Oftentimes, many people experience an acute sense of shame when it comes to financial problems. This shame can deter people from reaching out when they find themselves in difficult financial situations. For those who find that their mental health is being negatively impacted as a result of a negative financial situation, trying to reach out to loved ones for financial assistance can help lessen the severity of one’s symptoms.
While sometimes one is in a position where they must take out a loan from a financial institution, avoiding this can make recovering from financial pitfalls more manageable. Family members may loan one money without charging interest and offer more lenient payback terms. This means that monetary help may function more like a grant than a loan.
Accordingly, those suffering from money-related stress or anxiety should make it a point to reach out to close ones before taking a loan from a bank.
Try to Save Wherever Possible
When one is devastated by a significant financial setback, it’s easy to become stressed and overwhelmed by the thought that one has no control over the situation. A way to combat this while also improving one’s financial situation is by taking control of one’s finances and being purposeful with saving and spending.
Whether one saves large amounts of money or small amounts of money, making the effort can help one regain a sense of control. For some this may mean switching from name-brand food products to generic products.
For others, this could mean sewing holes in clothes rather than buying new ones. However one chooses to save, engaging in this type of behavior can help one regulate negative emotions and get on track to achieving financial security.
Explore Ways to Earn Extra Money
While saving money is one way to feel like one is making progress after a financial setback, finding new ways to earn extra money can also help relieve some money-related stress. Today, there is a multitude of free resources out there intended to help people develop side hustles and earn a little bit of extra money. Though one doesn’t need to follow these exact resources, they can be great sources of inspiration.
One can earn money in many different ways with some ways being simpler and others being more complex. If one has a specific skill or hobby they’re knowledgeable about, this can be a great place to start trying to make a little bit of extra money.
Whether it’s washing the windows of local businesses, mowing lawns, or selling crafts online, making a little bit of extra money can help relieve money-related stress and improve one’s mental state.
Create Clear Goals to Work Toward
No matter how dire one’s financial situation is, sitting down and creating clear goals can help one feel better. Without having goals to get back to a state of financial security, uncertainty can exacerbate one’s feelings of money-related stress and anxiety. By defining what one wants to achieve and determining the steps one needs to take to get there, one will have a guide that one can refer to in order to stay on track.
Having an understanding that one is taking the right steps can instill one with a sense of calm. This can be incredibly helpful when one feels crippled by anxiety related to a financial setback.
Accordingly, sitting down and writing out clear financial goals is something one can do immediately to help combat money-related anxiety and stress.
Financial Setbacks Can Be Overcome
Though bad financial situations can feel insurmountable at times, it’s important to remember that one is capable of getting through it. Many people have recovered from financial setbacks in the past, and if they’re capable of doing so then so is everyone else.
By taking advantage of some key resources, taking control of stress and anxiety after a bad financial situation will become easier, more manageable, and less daunting.