But in the privacy of therapy sessions, my patients tell me, a certified financial therapist and psychologist, that their financial situations are affecting their quality of life:
“Thinking about this money stuff makes me feel queasy.”
“You want me to rate my stress on a scale of 1 to 10, but it’s an 11!”
“I feel trapped and hopeless. I honestly don’t know where to start.”
Like my patients, you may be struggling to find stable financial footing and manage your anxiety. But there are strategies you can take to improve how you feel about, think about and behave with money.
Money is a common source of stress
For many U.S. adults, their financial situation is a source of major stress because of rising expenses and debt.
Financial stress can harm your health and relationships. It can affect your sleep and sex drive and cause stomach upsets, headaches and body aches. It can also reduce the effectiveness of your immune system, making you more prone to illness.
Your mental and emotional well-being can be affected as well. My patients often report low self-confidence, anxiety, depression, anger and feeling overwhelmed because of unmanageable debt, living paycheck to paycheck, financial disagreements with their partners, or other financial stressors.
This stress can lead to behaviors that might make you feel better in the short term but