How to tackle money stress
Stress. It's a word we bandy around often but what does it actually mean? According to the NHS, stress is the body's reaction to feeling threatened or under pressure.
A bit of stress is normal – after all, things challenge us daily. The key is recognising when stress is a problem.
When we're stressed, our body releases hormones such as adrenaline and cortisol and this can be helpful, as it can help us focus and get things done.
But too much stress can affect our mental and physical health – from money worries keeping us awake at night to bristling with irritability and snapping at loved ones.
Stress Awareness Month has been held every April since 1992 to raise awareness of the causes and cures for our modern-day stress epidemic.
Around one in four adults in Great Britain say they find it fairly or very difficult to get by financially, according to the Office for National Statistics' National Wellbeing Dashboard.
Here's what my clients tell me about stress: 'Talia, I want to stop stressing about money. I want to know I have enough money to live well – now and in future. I live with a constant level of stress because money is always nagging away at the back of my mind.'
So, what can be done to alleviate money stress? Knowing you're stressed about money is one thing but knowing isn't doing. It's important to focus on what you can control.
Pause and reflect
In my experience, it's common for people to spend more time stressing about their finances than actually working on their finances.
The result? Nothing changes. And people live with a constant level of stress because money is always nagging at the back of their mind.
Stress is a sign that something needs dealing with, so listen to what your stress is telling you.
Reflect on what's causing your stress and consider what changes are needed. It can help to put pen to paper to slow your racing mind and write down what's causing you stress. Seeing it written down can give you clarity needed to take action.
Give yourself permission to learn
There's an assumption that because we all use money, by the time we're adults we should all know how to manage money. And if we struggle, it's easy to consider it a personal failing.
But let's consider managing money a skill like any other. A skill that has to be learned, honed, developed.
Give yourself permission to learn about money – your money. And understand the cause of your financial stress so you can address it.
One step at a time
Baby steps to bigger goals is what I say to my clients. It's easy to be overwhelmed by all the things that need to be done and then to be 'overwhelmed into inaction', as one client said to me.
The result is that nothing changes. Instead, focus on what you can control. Work backwards and break that bigger financial goal down into small steps, baby steps. And then take action one step at a time.
Keep doing what keeps you well
When stressed, it's common to drop all of the things that keep us well, such as exercising or spending time with family and friends. Can't manage a workout? Go for a walk. Can't spend time with a group of friends? See people one-on-one. Self-care isn't just a nice to have – looking after your physical and mental wellbeing is key to managing stress levels.
Open up, seek help
A problem shared is a problem halved. A trusted person can listen and provide new perspectives and solutions. Is there a friend, family member, colleague or peer you could speak with? Does your workplace or trade union or professional body offer a financial support service?
There are brilliant organisations doing great work to support people with money. If you're worried about debt, charities such as StepChange can help. Citizens Advice can help with money, legal and other problems. Financial guidance website MoneyHelper has a range of resources.
Talia Loderick is a money coach. Talia helps people understand and take control of their behaviour with money so they can stop stressing about money and have enough to live well – now and in future. Visit: talialoderick.co.uk.
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