How Americans Are Coping With Financial Stress And Mental Health

July 19, 2022 | June Mckaig

coping with financial stress 

Finances are a very common source of stress in the United States, especially during the past four years of a volatile economy, global pandemic, and political uncertainty.

About 72% of Americans say they feel stressed when thinking about money, according to the American Psychological Association. Financial stress can easily become overwhelming and take a toll on one’s overall mental and physical health.

Thankfully, there are ways to cope when it comes to financial stress and mental health. Here are just a few of the helpful approaches to consider if you’re struggling.

Ways To Cope With Stress

Talk It Out

It’s never easy talking to someone about money, let alone about the stress you’re feeling over your finances. But talking to someone — friends, family, a financial expert — about it can go a long way.

It’s easy to feel like you’re the only one struggling with financial stress and just talking out your feelings prevents you from bottling up the stress until it completely overflows. The person you talk to may have some advice, but they don’t have to. All they need to do is listen and all you need to do is share your feelings.

Through such a conversation, you may determine that you’d benefit from professional advice and help. Numerous organizations are focused on helping others understand their financial problems and provide options, such as financial counseling and debt management services.

Talking about your finances and stress also helps you avoid coping methods that are unhealthy, such as gambling, drinking, taking misguided financial risks, or even thinking about self-harm.

Identify Financial Stressors And Take Financial Inventory

Talking about your feelings of stress is one thing, but it should also eventually be paired with having an honest conversation with yourself about your finances in general. Take a hard look at your spending habits and your income, figure out the major sources of your financial stress, and determine tangible ways to make some vital changes.

Setting some goals will help. This could mean everything from cutting back on eating out to paying off loans to setting a savings goal for a home, car, or vacation. Be realistic and be willing to make some sacrifices.

Consider Other Income Avenues

Lack of sufficient income or assets is arguably the largest factor contributing to financial stress and related poor mental health. One solution is outlining some possible additional income streams that would both fit in your schedule and not impact your mental health. Do you have time to babysit or house-sit one weekend each month? Is there a side hustle that could help you lower debt?

Take Time For Yourself

Adding income or paying down debt are just part of the solution. Try to find activities that you know help your mental health and integrate more of those into your week. This could be taking a walk or going for a hike, gardening, reading, or praying. This also helps you avoid turning to some of the unhealthy coping mechanisms.

gardening

Stay Positive And Hopeful

About 40% of Americans say they are not hopeful that they will have enough money to eventually retire, according to the most recent Natixis Global Retirement Index. It’s tough to get out of the rut of negative financial thinking. But almost all financial problems can be alleviated with a positive attitude, help, a solid plan, and setting long-term goals. You can do it. Now believe that you can.

Consider Assistance Through Installment Loans

If your financial stress is exacerbated by an unexpected financial emergency, installment loans may provide the assistance you need to get back on track.

Financial emergencies such as an unexpected hospital visit, last-minute but necessary travel, or pressing home and car repairs can come out of nowhere. Installment loans are specially designed to help you overcome such emergencies.

Installment loans at Nevada Title and Payday Loans, Inc. are easy to qualify for and it may take as little as 30 minutes to qualify for an installment loan of up to $1,500. All you need is proof of income, a blank check from an active checking account that’s in your name, and a driver’s license or state-issued I.D.

Simply head to our homepage and fill out the installment loan inquiry form. One of our loan representatives will then give you a quick phone call to invite you into a store, review everything you need to know about our installment loans, and walk you through the rest of the easy process.

Those who qualify can receive the cash they need the same day or the very next business day.

Get Started Today

Financial stress and mental health are serious issues impacting millions of Americans. We’re here to help. Pursue installment loans today by starting on our homepage, giving us a call, or visiting one of our locations near you.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

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