How to deal with financial worry
May is Mental Health Awareness Month, and unsurprisingly, there is a strong correlation between
finances and anxiety. A recent Bankrate survey revealed that 52 percent of Americans name money as
the top factor negatively impacting their mental health. Given the recent increases in inflation and
interest rates, it’s understandable that money has become the primary source of stress for Americans.
If concerns about money are impacting your well-being, here are three steps to move towards financial
peace:
- Consider the big picture and focus on your why. Dwelling on the details without an overall
plan can create additional anxiety. Zooming out and remembering why you are being purposeful
with your money will help provide perspective when stress rises. Even budgeting works better
when considered as a part of a larger picture tied to your why, as we’ve written previously.
Consider setting time aside to discern what you are truly hoping for in life so that you can live in
the present with more peace. - Determine what you can control and focus your action around one habit. Pick one habit
that could improve your financial situation and focus your energy there. Perhaps this could be
waiting 24 hours before making any purchases over a certain threshold or reviewing your
budget once a week. Atomic Habits author James Clear says, “Habits are the compound
interest of self-improvement. The same way money multiplies through compound interest, the
effects of your habits multiply as you repeat them.” Clear further illustrates this point, “if you can
get just 1 percent better each day, you’ll end up with results that are nearly 37 times better after
one year.” That’s a great return on investment! - Engage professionals. Human beings are wired for connection, and processing your situation
with a professional will help decrease anxiety and create forward momentum. Talk to one of our
wealth planners about your goals, or use NAPFA Find an Advisor to find a financial planner.
Additionally, the National Institute of Mental Health provides helpful guidance regarding caring
for your Mental Health and insight regarding when to seek professional help. If symptoms such
as difficulty sleeping or an inability to complete usual tasks have been impacting you for over
two weeks, it’s time to contact a primary care doctor or related professional.
It’s unrealistic to expect that we never worry, but when we do, returning our hearts to gratitude and
giving our worries over to God is an evergreen path to financial peace. Philippians provides a helpful
reminder to channel our anxieties into prayer: “Do not be anxious about anything, but in every situation,
by prayer and petition, with thanksgiving, present your requests to God. And the peace of God, which
transcends all understanding, will guard your hearts and your minds in Christ Jesus” (Philippians 4:6-7
NIV).
Finances don’t have to be so stressful. If you’re feeling unclear or overwhelmed about your financial
situation, we would love to help. Move towards financial peace of mind and connect with us for a
personalized plan today.
P.S. – Sound Stewardship’s May webinar is hosted by Dr. Kristy Archuleta:
Managing Financial Anxiety & Stress
May 23rd, at Noon (Central) via Zoom
Join us to go even deeper into this topic! Register here >>>
Kristin Schroeder is passionate about empowering individuals through financial literacy. She has supported clients in multiple capacities within the financial services industry, including a period running her own firm. She holds a Graduate Certificate in Personal Financial Planning from Kansas State University, alongside her degree in Business, studying finance at The University of Kansas.
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