Financial stress isn’t just an economic issue; it’s impacting people’s mental well-being. In a 2023 survey, over half of consumers reported that money concerns negatively impacted their mental health.² According to the According to the American Psychological Association, financial stress affects not just your mind, but also your body, causing a range of conditions from severe headaches to increased rates of heart disease.³

If you’re feeling overwhelmed, focusing on what you can control can help relieve financial stress.  Here are some ways to get started:

1. Automate your finances. Set up recurring bills such as rent/mortgage, car payments, and utilities to pay automatically. If your employer offers a 401(k), participate through automatic paycheck withholdings. Set up automatic deposits into IRA, Roth IRA, and 529 accounts. While you’ll want to review your payments and savings periodically, automating them can help relieve the daily burden by ensuring you don’t miss payment deadlines and can keep you on track towards your savings goals.
2. Tackle high-interest debt. Paying off just one high-interest credit card could yield tremendous savings. If student loan debt contributes to your financial stress, see if you qualify for a debt forgiveness program. If you don’t qualify for debt forgiveness, explore student loan refinancing, which should become more impactful as interest rates continue to fall.
3. Make sure your family is protected financially. Having the right insurance can provide peace of mind, especially during uncertain times. We offer a range of affordable coverages, many with discounts. Supplemental Health insurance can help with cash payments for unexpected accidents and illnesses, which can be critical if you don’t have a sufficient emergency fund. Long Term Disability insurance provides income protection should you become too sick or injured to work. And Life insurance can provide a financial safety net for your family if you’re no longer there to provide for them.
4. Get help. A support system is an invaluable part of becoming financially healthy. Whether with friends or family, a therapist, or a financial advisor, discussing your financial situation provides an opportunity to talk through your finances and receive a helping hand. A financial counselor can help you manage both your financial situation and the stress it creates.
5. Invest in yourself. Maintaining a healthy lifestyle is important to managing any type of stress. Exercise, a healthy diet, and adequate sleep will help you think more clearly and be in a better position to manage financial stress. Scheduling regular times for healthy activities you enjoy, such as reading or spending time in nature, can also help offset some of the stress you’re feeling.

Money and mental health go hand in hand. While tough economic times have many of us concerned, focusing on those areas you can control can go a long way towards reducing stress and improving your financial and mental health.

¹  “Americans Say Their Financial Situation Worsened in 2023, What Will 2024 Bring?” www.creditkarma.com, December 2023.
^{2, 3 “}Most Americans are significantly stressed about money— here’s how it varies by demographic,” www.bankrate.com July 2023.