Five steps to cope with financial stress

That feeling of anxiety and uncertainty about money is incredibly common. Millions of us experience it, and it can leave us feeling overwhelmed and stuck. When you’re under financial stress, the first thing you need is a roadmap – a clear, pragmatic plan to help you regain your peace of mind.

 

1. Start the conversation

The most difficult step is often the first – don’t bottle up your worries. Talk to someone. This could be a partner, a trusted friend, or a professional advisor. You’ll find that just saying your worries out loud makes them feel less scary and more manageable. Remember, you don’t have to be perfect; you just have to start. Talk Money Week could be a great time to start the conversation.

 

2. Know your reality

Stress often thrives in the dark. Bring your finances into the light. Check you’re on track by listing all your income, expenses, and debts. Use lists and bullet points – clear, concise, and easy to follow. Knowing the exact numbers won’t solve the problem instantly, but it gives you control and replaces vague worry with concrete facts.

 

3. Create a ‘worry-free’ list

Financial stress can make you feel like everything is going wrong at once. Instead of focusing on the big, distant problems, list the things you can change or influence this week. This could be: calling your bank to ask about a lower interest rate, cancelling one unused subscription, or setting up a small automated transfer to a savings pot. Focus on these small, empowering wins.

 

4. Build a small safety net

It feels pragmatic to pay down every bit of debt, but having a small emergency fund is crucial for your peace of mind. This small cushion prevents unexpected expenses – like a car repair – from immediately turning into debt. It’s a huge psychological relief.

 

5. Prioritise your well-being

Remember, you are more than your bank balance. If financial stress is affecting your sleep or your health, it’s vital to seek help. Organisations like the NHS or various debt charities offer confidential support. Taking care of yourself is the best way to ensure you have the energy and clarity to tackle your money problems.

 

We do not offer personal financial advice or make specific recommendations based on your individual circumstances. If needed, seek independent financial advice before making decisions regarding your financial goals.