Financial stress is far from uncommon. The cause could be something specific to you, like an unexpected string of expenditures — say, your car breaks down just days after an emergency trip to the veterinarian — or a sudden job loss. Or maybe, you are feeling overwhelmed due to broader economic uncertainty.
Lately, consumers have faced “more uncertainty than usual about the economy,” and the Trump administration’s tariff plans have “rekindled worries about both inflation and a possible business slump,” said The New York Times. Whatever the reason for your financial unease, these three tips will help get you through the tough period.
1. Try to stay focused
This may be easier said than done — especially if your current financial situation feels like a four-alarm fire — but whenever you can, try to keep your eyes on your own finances as they are and stay the course on any existing financial plans.
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A good first step when financial panic strikes is to “start by sitting down and gathering your financial details in one place to assess where your budget — and bank account — is really at,” said Citizens Bank. While looking at these figures may “seem like a stressor,” in actuality, “being aware of your expenses sets you up for a greater sense of control over your situation.”
Similarly, it is important not to “let the news, social media or group chats about the economy ‘incite fear and make you second guess your financial plans,’” said NPR, citing Lauryn Williams, a certified financial planner and the founder of Worth Winning, a financial coaching firm.
2. Look for ways to adapt
While a moment of stress is not the time to throw in the towel on your financial priorities, it is not a bad idea to look for shifts you can make that might ease the strain. Just keep in mind that it is “generally best to wait until you feel calm before making any big financial decisions,” said NerdWallet, citing Nathan Astle, a certified financial therapist and founder of the Financial Therapy Clinical Institute in Kansas City.
After evaluating your budget, you might realize there are areas where you can easily cut back. Or, you might come up with some ways to increase your income, which you can then put toward paying bills or padding your emergency savings.
3. Avoid going it alone
One way to alleviate stress — whether or not it is related to finance — is to talk about it. Trusted friends and family members can help you work through challenges or simply offer a space for you to vent. Communication with lenders is also vital, as they “may be willing to make a modification on the loan, such as extending its term or lowering the interest rate, to reduce your monthly payments,” said Bankrate.
Talking to a financial professional, such as a financial adviser, can additionally prove helpful. They may “take some of the weight off your shoulders when it comes to things like setting goals, saving money and decreasing debt,” said Bankrate, as well as offer a gut check to avoid a scenario where your heightened emotions send you off course.
