Financial stress can happen at any time. A job loss, depletion of an emergency fund, credit card debt, and more can undermine your ability to feel confident and in control of your finances. 

Learning how to deal with financial stress is a critical skill for our mental health and well-being — which becomes even more important when we consider that approximately 340 million people in the United States alone are experiencing some form of debt overwhelm. 

Fortunately, it’s possible to reach your financial goals while preserving your mental health and physical health. It just comes down to how you manage stressors related to your personal finance landscape. 

Below, we’re going to review possible causes of financial stress, the impact of ongoing strain, and supportive strategies to address our stress around financial health and success.  

Topics Covered:

• What causes financial stress?
• The impact of financial stress 
• How to deal with financial stress
  • Seek professional assistance
  • Establish a plan to move forward
  • Practice daily meditation
  • Lean on a support system
• Ease the burden of financial stress with breathwork and meditation

What causes financial stress?

There are a variety of factors that contribute to financial stress. Some of the most common can include: 

• Job loss. The Bureau of Labor Statistics estimates that 5.8 million people in the United States are currently experiencing unemployment. With job loss comes the possible loss of healthcare benefits and a tighter monthly budget, which can compound feelings of strain. 
• Reduced hours at work. This can lead to financial problems down the line, skyrocketing stress levels. 
• Newly acquired debt. This type of change can cause money worries, especially for those who consider themselves focused on money management and success. The debt in mention can be for any reason — including unexpected medical expenses, larger purchases, or life transitions (such as moving from home to college). 
• Family status change. Divorce or loss can directly impact your financial anxiety, especially if earning roles are changing or if the amount of money in the family runs thin. 

The number in your bank account or the presence/absence of a financial plan doesn’t have to impact financial anxiety. This type of nervousness can happen anytime someone feels threatened, concerned, or experiences higher stress levels as a result of worrying about having enough money. 

Learning how to address this stress by shifting spending habits, seeking professional help, and making lifestyle changes (like adding meditation to your day) can lead to a higher quality of life for many. 

The impact of financial stress

Understanding the true impact of financial anxiety can be our motivation to pursue healthier lifestyles and stress management techniques. 

Some of the most notable physical symptoms of financial anxiety can include: 

• Insomnia. Worry and anxiety can directly impact your ability to get a good night’s rest. Your physician or practitioner may be able to offer supplement guidance to assist, as well as lifestyle changes to reduce symptoms. 
• Anxiety. Anxiety can have a range of physical and emotional effects — all of which can impact your quality of life. Meditation is an accessible and affordable method of addressing this symptom, promoting more mindful and healthful ways of living (even under financial strain).
• Increased blood pressure. Stress can directly impact your body’s ability to regulate your cardiovascular system. If you’re concerned about your financial situation, consider calming yourself with deep breathing. You can also use other healthy methods of release to support you during this time, like exercise. 
• Lowered self-esteem. Many people might feel that their financial decisions and status impact their self-esteem. Focusing on elevating your self-perception and acceptance through meditation can be a helpful way to address this symptom. 

It’s important to note that while these are all common forms of responses to financial stress, this is not an exhaustive list. If you’re experiencing a symptom that falls outside of this list, it doesn’t invalidate your emotional experience. 

Taking a holistic approach to address your symptoms is often the most effective means for full and effective resolution. You can reach out to a physician or practitioner, counselor, financial advisor, or peer to open the conversation and begin your path to healing. 

How to deal with financial stress

Money stress doesn’t have to rule your life. Read on to learn more about our professional tips to help you overcome the effects of financial stress in your personal lives. 

Seek professional assistance

We weren’t meant to do it all alone. Seeking professional assistance for financial and emotional support can be a great first step to resolving any financial issues or health issues that are currently impacting you. 

A trained therapist or financial specialist has the know-how needed to give you sustainable strategies for future financial success — no matter where you find yourself now. An example strategy might include accessible tools, such as guided meditation for beginners or other lifestyle changes. 

If you aren’t sure where to begin, you might consider consulting resources like the American Psychological Association (APA) to determine which type of therapy you need and what to look for in your local therapist. 

Establish a plan to move forward

Establishing a future financial plan is one of the best tools to keep yourself moving forward — even in times of stress. Whether you create your plan or leverage the services of a financial advisor, you’ll find that it’s an effective tool to visualize exactly where you are financially and to determine your next right step. 

Common first steps can include opening a savings account or setting a savings goal. You might also remove any unnecessary subscriptions or ask for forbearance on any student loan debts.

Practice daily meditation

Daily meditation can be a powerful practice to center your energy, bringing a sense of driven calm to your next financial steps. Regular meditative practice has also been correlated with a reduced stress response, as well as other benefits — such as clarity, inner peace, and self-acceptance. 

Meditation, in this sense, doesn’t have to be formal. You can meditate anytime and anywhere. Simply relax your body, shut your eyes and actively clear your mind. While it may be difficult at first, it can become easier over time. 

Lean on a support system

Leaning on support systems and staying connected to trusted friends can be a great way to preserve your mental health during this time of stress. 

We’ve all fallen on hard times before. Chances are, your friends may have gone through something similar. They might also have resources to help, such as referrals, or can simply be a listening ear as you process your feelings. 

While it can be uncomfortable to start the conversation, honesty and transparency in this step can go a long way to preserving your sense of confidence and self-acceptance. 

Ease the burden of financial stress with The Art of Living

Financial stress can affect us all differently. Understanding the possible causes and symptomatic range of our experiences is the first step to opening a rapport around the sensitive topic of money stress and strain. A holistic approach addressing the physical, emotional, and mental effects of financial strain is often best for complete resolution. 

For more information about meditation for resilience and mental stamina, connect with the team at The Art of Living and learn more about SKY Breath Meditation. We’re here to help elevate your daily experience using meditative techniques that are both accessible and affordable.