How to Deal With Money Stress in These Uncertain Times

11 Ways to Help Manage Your Money Anxiety During These Uncertain Times

Apr 17 2024 by Izzie Deibe

It's hard to get through the day without hearing those dreaded four words: cost-of-living crisis. It's no secret that, for many of us, our financial situations are getting more difficult as a staggering 89 percent of adults in Britain reported an increase in their cost of living in August 2022.

It can feel overwhelming when news of rising food and rent prices dominates the headlines, and it's easy to feel powerless. While there's no magic solution, there are ways to manage your money anxiety. In order to not let the worry consume your every thought, consider focusing on your mindset. Of course, this won't take away daily struggles, but there are tips to help you feel more in control of your financial situation.

From confronting your bank account to changing the language you use, mindfulness and manifesting coach Melanie Bentley-Moore (@yourcosmiccoach on Instagram) offers some ways that may help to calm your overactive mind and help you channel your money worries into action.

Image Source: Unsplash / Andrew Neel

Focus on What You Do Have, Rather Than What You Don't

This is, of course, easier said than done, and everyone's situation is different, but it can be rewarding to focus on what you do have, rather than what you don't. Bentley-Moore explains to PS UK: "Start with really basic things. For example, you can be grateful to have shelter, food, water, clothes, or anything that you might deem as the bare necessities to start with. Be grateful for everything you physically have."

Try to avoid the compare-and-despair cycle of social media. Making comparisons to others will do you no favours, and remember, while there are always people you might deem "better off" than you, there are also those who are looking at you in the same way.

Every morning and night, spend a few minutes writing down or listing out loud the things you are grateful for. That way, you'll start and end your day with positive thoughts about your financial situation. On top of that, you can send gratitude every time you pay your bills and check your bank account. Bentley-Moore says this will "help you get out of those overthinking and fearful times."

Educate Yourself

You can use knowledge about finance to help yourself through difficult times. "You may not have money now, but you can start learning about money now," Bentley-Moore says. "Don't say, 'I'll start learning, investing, and saving when I'm comfortable.' You have to bridge the gap between your current reality and the reality you want."

Bentley-Moore also recommends consuming content about money practicality and energetics every day. "Fill your mind and your social media timeline with information about wealth," she says. "Listen to motivating podcasts, read books such as "Unleash Your Inner Money Babe" by Kathrin Zenkina and "Rich as F*ck: More Money Than You Know What to Do With" by Amanda Frances, and follow informative accounts that help with these topics."

Change the Way You Speak About Money

Watch your language surrounding money and avoid saying things like, "I'm so broke," "I'll never make as much money as them," "I can't afford it," "I'm not checking my bank balance because I don't want to know," or "I'll never be able to pay for that."

Bentley-Moore says that by tweaking this negative language and rephrasing these statements, you can focus on addressing your situation as temporary. "I'm using my money for something else right now" feels less damning than "I can't afford it." Changing your language will help to change your money narrative and therefore make you feel less shameful or anxious about your finances.

Know Where Your Money Is Spent

Get clear on your incomings and outgoings. You can do this with a physical calendar, where you can write down what's coming out and when. That way, you can keep on top of your finances and understand what takes up the most of your monthly pay. "I have two bank accounts — one for bills/outgoings and one for spending only," Bentley-Moore says. "That way, when you get paid you can put the spending money straight into a different bank account."

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Confront Your Bank Account

When your bank account is sparse, it can be scary to open your banking app. You might be looking to avoid feeling down, but it's crucial to check in on your money regularly. Bentley-Moore insists on treating money like your best mate in order to get comfortable with your financial story. She tells us: "It's time to start building a positive relationship with money. This means you have to stop speaking badly about it and constantly complaining about it."

Peaking at the number on your account is the first step to improving your relationship with money.

Trust Your Gut

That pit you get in your stomach when you sense something is wrong might be telling you it's time to take action, so listen to it. "Listen to the little ideas that your subconscious and your intuition tells you," Bentley-Moore says. "If it's telling you to go and raid the loft for items to sell in a car-boot sale, listen. If it's telling you to start your own dog-walking business, listen. Listen to the little subtle things that you're being guided towards."

The same can be said for when your gut tells you not to do something. Feeling uncomfortable about your monthly manicure? Don't go, and paint your nails yourself. Dreading going on that night out with your friend that you really can't afford? Suggest a night in with films and snacks instead. Need to buy someone a gift? Consider making them something.

Don't Beat Yourself Up About Past Money Mistakes

Have you got trauma or a rocky history with money? Stop beating yourself up about it. "Healing your money trauma means forgiving yourself for mistakes and getting rid of any shame about debt," Bentley-Moore says.

Did you grow up with a fear that you or your family didn't have enough money, or something to that effect? You may have carried these negative feelings into your adult life or gone the other way and created a habit of splurging and treating yourself too excessively. Get to the root of the financial habits or attitudes about money that you can't seem to shake, and attempt to heal them.

Find Small Joys

Saving money isn't about forgoing all the joys in your life. Feeling broke can make matters worse, so it's important to do all you can to make yourself feel secure and "abundant", as Bentley-Moore puts it.

"Get clear on what makes you feel abundant. If spending 30p extra on organic bananas makes you feel rich, do that. It doesn't have to be every shopping trip or every item. Little energy shifts like that make the world of a difference." If you can stretch to small joys, then don't beat yourself up about it. Be sensible, but once in a while, a low-cost pick-me-up can remind you that not all is lost.

Speak Up

Bentley-Moore encourages an open attitude when it comes to discussing your financial situation with to those closest to you. You don't have to pretend as if everything is fine when you're at your breaking point, and it's perfectly OK to vent about your issues to others. "Speak about your difficulties to your loved ones," Bentley-Moore advises. "You'll be surprised how many people are experiencing the same issues or feeling the same. It helps to get things off your chest."

Write Out Your Goals

Sometimes it feels as if you'll never be able to achieve your money goals, but you have to fake it until you make it. Writing down your goals and aims can help to streamline your thoughts into one cohesive "script".

"Scripting is a law-of-attraction exercise that can help you to achieve your dreams," Bentley-Moore says. "It involves writing or roleplaying about what you want as if it has already happened. This helps to visualise the situation so you're more likely to believe you can shift your reality. It can also help you to get clearer on what it is that you want and how you can get there."

Try Meditation

If money worries are getting the better of you, look to practices that can help calm your mind. Why not try mindfulness and meditation, which are know to help with all kinds of anxiety?

You don't need to find an expensive coach or class to do this; Bentley-Moore suggests watching videos on YouTube and following the instructions. Find sessions focused on money to target the specific issues you are experiencing.

If you're worried about your finances and require support or extra advice, visit Turn2Us.

Izzie Deibe was the former Contributing Associate Editor at PS UK.