‘I’m Always Worrying’: How to Cope With Financial Stress

For Erie Alvarado, three teachers and mothers in Elgin, Illinois, understanding how to pay invoices causes anxiety and tension, especially when she and her husband discuss reduction methods. I did.

“When I say,’I can’t buy anything this week, or I’ll be overdraft,'” he says, “No, what are you talking about? We both work. That shouldn’t happen, “Alvarado said.

Soaring food costs mean that there are no more instant trips to McDonald’s. Famous brand cereals and other small luxury items are also available. Gas prices, which recently fluctuated around $ 5 per gallon, are also eating up the budget.

“Every time I fill my van, I’m surprised,” said Alvarado, who sometimes sees only $ 100 in his family’s checking account. “I’m always worried,” she added.

My husband, who works at the factory, pays a lot per hour, so he decides to work at night. However, her family was still lagging behind in paying for their homes.

“I can postpone my mortgage for two weeks,” said 38-year-old Alvarado, who is tracking his family’s budget. “But then another two weeks, suddenly they call you.”

Inflation has reached its highest level in 40 years, forcing many families to do less. According to data released this month by the Bureau of Labor Statistics, the consumer price index rose 9.1% year-on-year, showing the largest rise in prices of essentials such as food, rent and gasoline.Not only is the added financial stress severe on the bank account, it can also bring emotions depression, shameAnger and fear.

Elderly research Published in 2017 We have found that the way someone recognizes and reacts to financial burdens can affect their mental health. People who are upset by financial conditions tend to have higher depression scores than those who are under financial burden but less concerned, even when managing other factors such as health and income. had.

Fortunately, “there is a lot we can do to manage and resolve that stress and emotion,” said Sarah D., the lead author of the treatise, director of financial planning at Texas Tech University in Lubbock, Texas. Asebed says. ..

We talked to financial experts about how to deal with the emotional depression of money worries and had a productive conversation with family about finances.

Accept introspection and communicate with empathy

When couples disagree about how they treat their finances, partners usually try to persuade each other to change their minds, said co-founder Rick Koehler. the A financial therapy association cooperating in a book for couples with money problems.

Instead, Mr. Koehler suggested think about how you react when you discuss your finances. What is being caused from your past? Do you have a living story or script about your finances? For example, do you think that working hard always leads to rewards?

Empathize with your partner and ask, “What is your hope for spending this money?” Or “what is your fear of cutting this item?” Koehler said.

Both partners may eventually find that they want the same thing. For example, each wants the best for the family.

Amanda Clayman, a financial therapist in Los Angeles, said that any request should be specific when communicating about the differences. So instead of saying “I need to save more,” I say “find a way to save an extra $ 200 a month.” Also, if possible, try to use an “I statement” like this: “I’m worried about how much I’ll pay for my entertainment subscription and I’m wondering if I can reduce it.”

For this to work, both partners speak equally about their needs, and the problem, regardless of who is more worried or who is making more money. You have to feel what you’re doing, Clayman added.

Use it wisely, but don’t rob yourself completely

Megan McCoy, a licensed marriage and family therapist who teaches financial planning courses at Kansas State University, before solving money problems, whether you live alone or manage the finances of a large family. He said it was important to think about the goals.

What are you saving for? What do you need to cover on a limited budget? Make a note of it. Next, think about potential reductions, but try to keep what brings joy.

Please ask yourself. “What can we cut so that it doesn’t adversely affect our mental health?” Dr. McCoy said. “I think people tend to put too strict restrictions.”

For 36-year-old Sarah Davis, essential (but expensive) costs include mental health therapy and her beloved cat with health problems.

“He’s like my little furry kid,” she said.

To better buy such things, she left Boston, where she works as a project manager, and now lives about 25 miles north of the city of Lawrence, Massachusetts.

What keeps her up late is that something may go wrong and she doesn’t know how much the price will continue to rise.

“I’m one bad tire change away from a really disastrous financial crisis,” said Davis, who lives alone without another income to rely on.

Dr. McCoy said that there have been so many uncertainties over the last few years that they have “permanently created anxiety.” But whether you’re accumulating savings or taking steps to repay your debt, planning what you’re working on can provide a sense of power and control.

Orly Hersh and her family decided to move with their mother to a house raised in Boulder, Colorado five years ago. This allowed her mother to grow older in the right place and stay in her beloved town. Both her teacher and her husband cannot afford to be homeowners.

“It’s a great mutual benefit for all of us,” said Hirsch, 53, two mothers.

They save money on housing costs, but Colorado now has some Highest inflation cost In Japan, rising prices have significantly reduced budgets. To pay the invoice from her youngest daughter’s recent hospitalization, they would need to immerse themselves in Mr. Hirsch’s retirement fund, which “seems depressing,” she said.

But she added that her stress level should pay off as soon as possible. “I really hate this debt coming to my mind,” she said.

Look for support from different types of professionals

Meeting a financial counselor can be helpful to anyone looking to develop financial literacy. For example, if you need some tips on budgeting, or if you want to learn the basics of investing.If you are concerned about costs, the Financial Counseling and Planning Education Association offers Free virtual financial coaching session For those who are experiencing financial uncertainty.

Financial therapy is another type of counseling that can help people understand their thoughts and beliefs about money, especially when they feel stuck.

“The question is: what’s happening internally? What needs to be done to end an unfinished business in the past?” Koehler said.

For example, one of his clients insisted on spending all the money that came into his checking account. During his financial therapy, he realized that he had taken this action because he did not believe it would be safe to set his money aside. This was partly due to his childhood when his parents withdrew all the money from his savings account after losing his money during bankruptcy.

Talking to a financial therapist allows people to reach the roots of their feelings for money and understand their long-standing beliefs. This “allows us to take new actions in the best interests,” Koehler said.

A nasty economic outlook means that rising living costs are out of our control. But if you know you should make wise economic decisions and you haven’t, “that’s when we have to look inside,” he said.