Therapy for Financial Anxiety
Financial anxiety is a common condition that affects many people. It is characterized by feelings of worry, nervousness, and fear about one's money, fear of loss, and fear of being behind. These feelings can be overwhelming and can lead to discomfort and distress. Individual therapy can be a supportive way to explore the causes and fears behind financial anxiety in order to better manage these feelings.
What causes Financial Anxiety?
Financial anxiety refers to feelings of worry or stress related to one's finances. It can be caused by a variety of factors such as job loss, high levels of debt, lack of savings, or uncertainty about the future. It can also manifest in physical symptoms such as headaches, fatigue, and difficulty sleeping.
Financial anxiety can have a negative impact on one's overall well-being and can even lead to depression. Many people experience financial anxiety. Building tangible skills such as creating a budget and setting financial goals, as well as exploring fears, thoughts, and emotions related to money can help manage financial anxiety. Seeking the help of a financial advisor or therapist can feel supportive while on this journey.
How do I know if I am experiencing financial anxiety ?
You may be experiencing financial anxiety if you are feeling overwhelmed, stressed, or worried about your financial situation. Some common signs of financial anxiety include:
Constantly worrying about money
Feeling hopeless or helpless about your financial future
Difficulty sleeping or concentrating due to financial worries
Avoiding bills, bank statements, or other financial obligations
Feeling guilty or ashamed about your financial situation
Avoiding social situations due to financial constraints
Using drugs, alcohol, or other unhealthy coping mechanisms to deal with financial stress
Struggling to talk to your partner about money
Feeling unable to spend money
Overspending without a plan
What’s the difference between financial anxiety and financial avoidance?
Financial anxiety and financial avoidance are related but distinct concepts.
Financial anxiety refers to the feelings of worry and stress that can arise from financial issues such as debt, job loss, or a lack of savings. Financial anxiety can cause individuals to feel overwhelmed and may lead to physical symptoms like headaches or difficulty sleeping.
On the other hand, financial avoidance is a coping mechanism that involves avoiding financial issues or responsibilities altogether. For example, someone who is avoiding their financial problems may not open bills or may avoid discussing money with their partner.
While financial anxiety and financial avoidance are different, they can often be related. Financial anxiety can lead to financial avoidance as a response to feeling overwhelmed by money related issues. However, avoiding financial issues can often increase financial anxiety in the long run.
It's important to address both financial anxiety and financial avoidance by developing a plan to manage your finances and seeking the help of a financial advisor or mental health professional if necessary.
What can I do to manage financial anxiety?
If you're experiencing financial anxiety, there are several things you can do to help reduce your stress levels and take control of your finances:
Create a budget: Start by tracking your income and expenses and creating a budget. This can help you identify areas where you can cut back and save money.
Set financial goals: Having specific financial goals can help you focus on what's important and stay motivated to save and invest.
Seek professional advice: Consider consulting with a financial advisor who can help you create a plan to achieve your financial goals and address any concerns you may have.
Practice self-care: Make sure you're taking care of yourself by getting enough sleep, eating a healthy diet, and exercising regularly. Taking care of your physical and mental health can help reduce stress and anxiety.
Avoid comparison: Try to avoid comparing your financial situation to others. Remember that everyone's financial journey is unique, and it's important to focus on your own goals and progress.
Use relaxation techniques: Practice relaxation techniques like deep breathing, meditation, or yoga to help reduce stress and anxiety.
Talk to a therapist about financial anxiety in New York
It's important to remember that financial anxiety is a treatable condition that many people experience. With the right treatment and support, you can learn to manage your symptoms and improve your relationship with money. If you think you may be struggling with financial anxiety, reach out to a mental health professional for help today!
Individual Financial Anxiety therapy sessions are typically 45 minutes long and occur on a weekly basis. Learn more about our NYC therapists and contact us to schedule a free financial therapy consultation call today!