Top tips to feel less stressed about money

This is a collaborative post.

Financial worries can cause significant stress, so many people are stressed about money. In serious cases, money can even trigger the onset of anxiety disorders and other mental health conditions.

With the strain of the ongoing cost-of-living crisis, hundreds of thousands of households missed their rent or mortgage payments in April – and there’s no sign of immediate government support for most families either.

If you’re under pressure with your money, try not to let things spiral out of control.

Whether you’re living independently for the first time or supporting your family, it’s always worth knowing how to control your financial stress and prepare for the future.

Managing money worries: Our 5 practical tips

Don’t give up your routine

Even though money worries might have you feeling hopeless. Despite your stress, try to keep waking up at your usual time and going ahead with your working routine.

If you lose this, you might stop cooking, miss breakfast, or even start snacking instead of eating nutritious meals.

Try not to turn to unhealthy coping mechanisms like alcohol either. Staying active and seeing friends will be useful for boosting your mood, and seeking counselling or other professional support could be an invaluable preventative measure too.

Tackle one area at a time

If you’re feeling motivated to start improving your personal finances, it’s important not to take on too much at once.

If you give yourself too much work to do within a short space of time, it’s likely that you’ll only feel overwhelmed and burnt out too.

Instead, try to compartmentalise and work on your finances in different focus areas.

For example, if your worries are linked to debt and loans, you can access tools and resources to help you improve your credit score as a priority.

After addressing credit, you could move on to managing a budget and paying your bills.

Learn about money management to be less stressed about money

To start managing the money you earn, you’ll need to come up with a personalised plan. But this isn’t always an easy thing to do if you’re barely earning enough to cover your living expenses.

If that’s the case, it’s important not to feel out of control. The first step could be cutting back on monthly subscriptions and only keeping what’s necessary.

When you get paid, try to put a set amount aside to cover your expenses, and then you’ll be able to budget for the rest of your spending throughout the month.

Over time, small actions turn into habits that help to promote a healthier relationship with money.

Know how much you’re spending

Try to keep an eye on where your money is going. When you spend freely without a budget, checking your bank account can become stressful – especially if you find a lower balance than you’d expected.

In turn, this might lead to avoiding opening your banking apps entirely, which could leave you in a worse situation.

Some of the most popular online banking apps allow you to receive a notification every time you spend money on your card, along with providing detailed metrics and summaries on your monthly spending too.

Get back on your feet

If your personal situation has worsened to the point you can’t afford to live on your monthly pay, you might need to make some temporary changes.

Waiting for your financial situation to improve, especially after a house move, might feel frustrating, but any sudden setbacks or unexpected bills could quickly see you facing mounting debt.

In some cases, taking some time away from your biggest financial responsibilities could be the best option.

If you have the chance, you could also consider moving back in with your parents until you are less stressed about money and you’ve saved enough money to rent or share a house again.