Strategies for Regaining Control

Experts agree that addressing money anxiety requires a two-pronged approach that combines practical financial planning with mental health strategies.

Financial Planning Steps

Taking concrete steps can restore a sense of control.

• Create a realistic budget: Allocating portions of a large sum to specific goals, such as an emergency fund, investments, or debt reduction, provides structure.

• Set short-term goals: Breaking down large financial objectives into smaller, achievable steps builds confidence and reduces feelings of being overwhelmed.

• Seek professional help: Consulting a certified financial advisor is crucial for developing a diversified investment strategy, especially during periods of high inflation.

Mental Well-being Techniques

Managing the emotional component is equally important.

• Limit financial stressors: Avoid compulsive account checking by setting a specific schedule, such as once a week, to review finances.

• Practice mindfulness: Techniques like deep breathing and meditation can help regulate emotional responses to financial triggers.

• Consult a specialist: Therapists who specialize in financial anxiety can offer tailored support and coping mechanisms. Organizations like the National Alliance on Mental Illness (NAMI) can be a starting point for finding help.