Finances are a major concern to individuals, couples, and families. Especially in our present state, unemployment is at an all time high, everyone is focused on ways to create jobs, and most everyone is changing spending habits. Even in a healthy economy, the issue of finances can make us feel pressure, stress, and anxiety.
Stress from finances can lead to numerous issues, such as unhealthy coping behaviors, less money and resources for self-care, and loss of sleep. In addition, financial stress can often open the door to more unhealthy emotions like anxiety and hopelessness.
The experience of emotional strain due to money cannot only impact us on an individual level, but also it can affect our relationships. Finances can be a big source of frustration and disagreement among couples. Financial stress has been linked to marital unhappiness, instability, and divorce.
Unfortunately financial concerns will never go away; however, there are ways to cope with the stress. Learning to deal with the stress from finances can help your overall sense of well-being and promote wellness in your relationships. One of the first steps in coping with financial stress is becoming aware of your financial situation.
Evaluate
There are many ways to evaluate your finances and the emotions tied to spending.
- Income vs. Bills – Are you spending more than you make? In addition, examine your bills closely. Make sure you know what all the charges on your bills are for.
- Needs vs. Wants – What do you ABSOLUTELY need to survive? Are there things you can live without? If you do need something, look for sales and compare prices.
- Emotional Spending vs. Wise Spending – Do you spend money depending on how you feel? If you feel angry, sad, stressed, or want to celebrate an achievement, what else can you do besides buying something?
Other things to consider
Now that you have evaluated your finances and the emotions tied to spending, consider a few more things:
- Lifestyle – How do you and your family live now? How do you want to live? What are you doing to keep you financially stressed or stuck?
- Debt – Do you know how much you owe? Are you making regular payments?
- Savings (e.g., retirement, college, travel, car, home) – Are you saving?
Finances cannot be ignored. The way you handle dealing with your financial state is as important as how the stress from finances effect you mentally, emotionally, and physically. Contact our therapists at Integrity Family Therapy, PLLC to receive support during this difficult time.
