How To Cope With Financial Stress

Financial stress can take up a lot of mental space. Even when you’re doing something unrelated to money, the worry stays nearby. A recent poll highlighted that Canadians are experiencing more financial anxiety across the country. If money has been weighing on you, you’re not alone.

When groceries, housing, and other necessities stretch your income, it becomes more important than ever to support your mental health. And, no, we don’t mean “just being more positive.” Here are some tips from our therapists in Sudbury, ON, on real ways to support yourself emotionally while working through financial challenges.

Notice How Money Stress Shows Up For You

Financial worry can look different for different people. It may look like checking your account repeatedly, losing sleep, snapping at your partner, or withdrawing from friends because socialising feels expensive. It can even spread into other areas of your life that aren’t related to finances.

First, start with curiosity. Notice when stress comes up and what you do next. Does your reaction to the stress get better or worse? 

Noticing the pattern gives you somewhere to begin. If you find that the way you’re dealing with your money stress isn’t as helpful as you first thought, let’s start practicing some more helpful strategies instead.

1. Separate the Situation From the Story

Cognitive Behavioural Therapy (CBT) explores connections between thoughts, feelings, and behaviour. One useful practice we use in session is distinguishing what you know from what your mind predicts.

Try writing three short lines:

• The situation: “I don’t have enough to cover this bill.”

• The thought: “I’m a failure. Everything will fall apart.”

• A more balanced response: “This bill is a real problem, but it doesn’t define my worth. I can find out what options are available.”

Separating yourself from the story gives you a more accurate, compassionate perspective, which can help to alleviate your stress.

While doing this exercise, ask yourself: “What do I know right now? What am I assuming? What would I say to someone I care about?” Try doing this 1 - 2 times a week. We suggest doing it in the same notebook so you can spot patterns with your therapist later.

2. Give Financial Tasks a Manageable Place in Your Day

It’s easy to want to avoid your finances, but it won’t help your situation. Constant checking is also a way many people cope with financial stress, but it, too, doesn’t help.

Instead, choose a short, planned period to address one financial task. That might mean opening a statement, noting a deadline, or asking a provider about payment options. Write down your next step, and then stop for the day. This way, you’re acting on a solution while giving yourself permission to think about other things throughout the day.

Time-sensitive matters still need timely attention, but every anxious thought doesn’t require another account check. If worry returns later, remind yourself when you’ll revisit it.

3. Make Space Between You and a Difficult Thought

Acceptance and Commitment Therapy (ACT) offers another way to respond when thoughts keep repeating.

For instance, if you think “I’ll never get through this,” you might instead tell yourself, “I’m noticing the thought that I’ll never get through this.” This is a small, but powerful shift. You’re recognizing the thought without giving it undue power over you.

Afterwards, ask: “What small action can I take that supports what matters to me?” This doesn’t have to be a money-related action. You might take a walk with a friend if you value connection or the outdoors. Or you might send one email you’ve been avoiding if you value responsibility.

Regardless of your values and goals, taking a small action after noticing your thoughts is a way to tell yourself that you still have control over your life and that you’ll be able to overcome your financial challenges.

4. Pause Before Taking the Next Step

When a money task feels overwhelming, briefly turn your attention to your surroundings. Take 3 - 5 minutes to notice the support of your chair, look at three objects, and listen for nearby sounds.

Grounding is an everyday coping practice that anyone can do. It’s a great way to reset and adjust your perspective.

You Deserve Practical and Emotional Support

If essentials are becoming difficult to afford, practical support matters. 211 Ontario can help you find community services and available assistance. Counselling is another way to support yourself if financial difficulties are causing worry, shame, or conflict.

Social Team Work provides in-person counselling in Sudbury and virtual appointments across Ontario. We can help you explore the patterns keeping you feeling overwhelmed and practise responses that fit your current circumstances. Contact our team to discuss support.