By: Kelsey Wooten, LPC
During the holiday season there is often an increase in stress and anxiety. Often it is around buying gifts, making the holidays feel “magical”, the outcome of overspending, going into debt, and/or the emotions that come up if gifts cannot be purchased.
Financial insecurity impacts many people in the United States and worldwide. It can range from the feeling of being unsure about how rent/other bills will get paid, to buying necessities such as gas or groceries, and/or having and paying off debt. The amount of stress is dependent on each person’s situation. Money allows us to feel secure, and without it can impact our physical and mental health.
Impact of financial stress mentally:
Anxiety and worry that feels constant
Panic attacks
Depression
Feelings of hopelessness
Feelings of shame
Low self-esteem
Sleeping too much or not enough
Difficulty concentrating / memory problems
Avoidance / escapism
Substance use
Suicidal thoughts
Impact of financial stress physically:
Weigh loss or gain
Headaches
High blood pressure
Gastrointestinal problems
Skipping doctors appointments due to inability to pay
Other impacts of financial stress:
Chronic stress
Loss of home or business
Divorce or conflict in relationship/family
Food insecurity
Homelessness
PTSD
Coping and resources
– While coping skills will not fix the problem it can make it easier to manage your anxiety. Regulating your nervous system by doing things like deep breathing, taking a walk, stretching, mindfulness/meditation, cold or warm showers- While coping skills will not fix the problem it can make it easier to manage your anxiety.
– DO NOT ISOLATE. It can often make shame worse. The person/people you confide in don’t have to solve your problems, but they can listen or join a support group
– Track all spending and expenses
– Reach out to see if they offer payment plans or scholarships
– Educate yourself about financial literacy. I love the book and Podcast Financial Feminist
– Find non-profits in your area that may be able to help such as:
United Way
Salvation Army
Local food banks
Your local library