Something that so many of us are struggling with now is money stress - the kind that keeps you up at night, staring at the ceiling and wondering how you're going to make ends meet, or to buy a house, pay for your kids’ education, the list goes on. It feels like the cost of living keeps skyrocketing and as a counsellor I understand the impact this can have our mental health. In this blog post, I wanted to share some coping strategies to help manage the mental strain of any financial worries you might be having.
Firstly, and this is something I always say, feel what you are feeling. Try not to dismiss your feelings or shame yourself for feeling the way that you do. It’s absolutely okay to feel stressed about money. Give yourself permission to feel those emotions – whether it's frustration, anxiety, or anger. It's all valid.
Another thing I’m huge on is being kind to yourself, practice some self-compassion. Avoid self-blame and negative self-talk, as this is no help whatsoever, it will lead to you feeling worse and less likely to be able to do anything productive. Instead, focus on nurturing yourself and doing some self-care, as this will help you to feel more encouraged and focused.
If you have supportive friends or family, try telling them what’s going on for you. Or a support group can be a good place to receive some emotional support. Talking things through, with someone who cares, can make a world of difference. It can offer you some relief, encouragement, and perhaps a different perspective. When we feel more supported, we can then feel more motivated and able to make changes.
Another thing I often say to my clients is to focus on what you can control. We can’t control the cost of living, but we can work on controlling how we handle it. Maybe you could start by creating a budget, prioritising your spending, and looking for ways to save some money here and there, or a way to increase your income. If you can take some proactive steps, no matter how small, it can help you regain a sense of control over your finances.
When you are finding things particularly stressful or overwhelming, try to take some time each day to practice mindfulness, meditation, deep breathing exercises, or other relaxation techniques that feel good for you. By doing these practices regularly, they can hugely help to manage stress and help you stay calm and regulated.
Setting some realistic goals can also be very helpful. Maybe try breaking your financial goals into small, manageable steps and when you hit these goals, celebrate your progress.
We all know money is important and helps us to live the life we want, but money really isn't everything. Try to find joy in the little things, whether it's spending time with your favourite person/people, playing a sport you love, walking, or just chilling out. Whatever it is, it’s important that we find meaning and purpose in our life, things that bring us joy or fulfilment. Identify activities, hobbies, or relationships that bring you joy and fulfilment. It helps to be grateful for the things you do have, rather than always focusing on what you don’t have.
Coping with the mental impact of financial struggles requires resilience, self-compassion, and ideally, support. By acknowledging your feelings, seeking support, focusing on what you can control, setting realistic goals, and finding meaning and purpose, you can reduce the negative impact it can have on your mental health and move closer to the place that you want to be.
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