Stress is a part of life. And one stressor that’s front and center for many of us right now is money. Money provides access to necessities and opportunities, but it’s also a common source of anxiety. With a few key tips, you can learn to manage financial stress and have a healthier relationship with money that promotes financial stability and supports your mental and emotional well-being.
Tips for managing financial stress
- Talk to people you trust. Consider sharing your worries about finances with trusted friends, family or mentors. You may be surprised how many will relate and have creative solutions.
- Seek financial advice. Consulting a financial expert can help, because not feeling knowledgeable or confident about managing money can feed financial stress. A financial adviser or even free online resources can help you take inventory of your money, create a budget, take steps to improve your finances and monitor your progress.
- Make a financial plan. A concrete plan is a great step toward easing financial stress. Be honest about your current financial situation so you can start working to improve it. From that factual base, you can create a budget. This gives you some power back and helps you avoid surprises like coming up short on bills. Once you have a budget, you can start looking at longer-term financial goals and seek advice as needed.
- Practice self-care. Self-care practices like exercise, relaxation, mindfulness, connecting with friends and participating in activities you enjoy can help you manage stress. Consider setting a goal to practice self care every day, even if only for five minutes. And most importantly, practice self compassion. Most people never learn about money management in school or from family, and it takes time to forge a path that works for you.
- Seek mental health support when needed. Most people worry about money sometimes. But if money anxiety affects your daily life, or if you feel “stuck” and unable to make strides toward a financial plan, consider mental health support.
You are more than your net worth
Finances are a concern for many people—even those considered wealthy. Acknowledging financial stress and taking steps to address it can help even if your bank account isn’t picture-perfect.
Join or Learn More
Vanderbilt employees and their families are eligible to receive 12 counseling or coaching sessions per household member each calendar year, at no cost to employees.
Sign up today at vanderbilt.lyrahealth.com or call 877-804-2856.
You can view frequently asked question on the Office of Health, Wellbeing and Belonging’s website.
The Office of Health, Wellbeing and Belonging (HWB) aims to strengthen health, well-being and a sense of belonging among employees. We are dedicated to promoting mental health, work-life balance and a supportive work environment. For more information, email HWB at wellbeing@vanderbilt.edu.
