Managing Financial Stress
Let’s face it, we live in a capitalistic society that requires us to sell the labor of our minds and bodies in exchange for money, that we then exchange for the basic resources of living, and also tons of stuff we probably don’t actually need. It sucks.
It sucks that a few people decided that their good luck - coupled with the exploitation of countless others - makes them worthy of hoarding money and resources instead of distributing them fairly. It sucks that so many people around the world die early from preventable causes simply because they could not afford the thing that would prevent it. It also sucks that even though we live in one of the wealthiest nations in the world, we too, are plagued by the tangible and psychological woes of inequality.
So what do we do about it?
That is a good question! I do not have a magic wand to wave that will incite the revolution and bring about financial prosperity for all, nor do I have financial advice that will help you get rich quick under our current system. Instead, I can only offer what a therapist can offer: an invitation to take control of that which you can control - your perspective, your thoughts, and your reactions.
Financial anxiety and financial stress are not truly different from other forms of anxiety and stress. When we experience a stressor, we have a physiological and a psychological reaction (I’m sure you’ve all heard of fight or flight at some point). When we experience a stressor that is extreme or persistent, it can affect our executive functioning skills and prevent us from accessing the mental tools needed to make high-quality decisions (Girotti et al., 2018)*. If we apply this to our financial wellbeing, it means that we are less likely to plan for long-term financial outcomes, more likely to spend impulsively, and less likely to conceptualize positive financial outcomes. Because of this, it is critical that we take steps to manage our stress so that our brains can access those higher functions and help us make better decisions.
Some great ways to manage stress include:
Exercise
Meditation and mindfulness practices
Relaxation training
Spiritual and holistic practices
Cognitive Behavioral Therapy
Appropriate psychiatric medications
Stress Reduction Workbook, find here
If you aren’t sure where to start, or if you’ve tried to manage your stress on your own without much success, working with a therapist can get you there. Your therapist will help you find a stress-reduction method that works for you and will help you address any barriers that might be getting in the way. Think of it as an investment in not only your financial wellbeing, but your overall physical and mental health! You deserve it.
Schedule a free consult HERE.
*Girotti, M., Adler, S. M., Bulin, S. E., Fucich, E. A., Paredes, D., & Morilak, D. A. (2018). Prefrontal cortex executive processes affected by stress in health and disease. Progress in neuro-psychopharmacology & biological psychiatry, 85, 161–179. https://doi.org/10.1016/j.pnpbp.2017.07.004