Coping with Anxiety & Financial Stress During Tough Times

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This week, we talked about ways to cope with anxiety and financial stress during tough and tragic times as we mourn (and stand united) with the Black community.

The panel included Talaat & Tai McNeely, Personal Finance Educators, Writers, Vloggers, and Podcasters at HisandHerMoney; Forbes Advisor; Molly Ford-Coates: Founder, Ford Financial Management; and Beverly Harzog: Credit Card Expert and Consumer Finance Analyst for U.S. News; Jordanne Wells: Founder of Wise Money Women; Daniella Flores: Creator and Author at iliketodabble.com; Jennifer Salter, Blogger & Creative Entrepreneur; and Paulina Likos: Investing Reporter at U.S. News and Rod Griffin: Senior Director, Consumer Education and Advocacy, Experian.

Questions We Discussed:

Q1: What are current issues causing people a lot of stress and anxiety?
Q2: What are ways to uplift and help those who are hurting or anxious right now?
Q3: What are lies we tell ourselves when feeling anxious and stressed out? How do we combat those lies?
Q4: How can the anxiety we’re feeling right now impact our spending, budgeting, and saving?
Q5: What are ways to manage anxiety levels when confronted with unemployment, reduced income, or unexpected bills?
Q6: What should we do about anxiety due to overwhelming debt?
Q7: Sometimes financial debt can lead to shame (or even hiding bills from our partners). How can couples work through this?
Q8: What are ways to build financial systems to help reduce financial anxiety?
Q9: Financial anxiety can impact our physical and mental health. When is it time to seek help? What resources are available?
Q10: Any other suggestions to help people struggling with finances and anxiety right now?

Retweet these insights from our community:

Q1: Many of us are feeling the stress of being under stay at home COIV19 orders for just about 2 months. Many have also had to tackle financial stressors from being furloughed or laid off. Not to mention the general anxiety of the current economic/social climate#creditchat

— WiseMoneyWomen (@WiseMoneyWomen) June 10, 2020

A2: Don’t judge others. Show kindness and empathy. I know many people who are suffering from depression after sheltering in place for months. Be there for anyone who needs to talk. #creditchat

— Beverly Harzog (@BeverlyHarzog) June 10, 2020

A3: One big lie we tell ourselves is ‘I’m the only one’ or ‘Everyone else has it all together except me.’

Everyone is dealing with something right now, don’t let the insta-worhty pics fool you. You are not alone.#creditchat

— WiseMoneyWomen (@WiseMoneyWomen) June 10, 2020

A4: It’s so easy to do a little retail therapy, but it’s a temporary balm. When it’s time to pay your credit card bill, all the stress will just come back. If you can’t pay the bill in full, you’ll double the stress you already had. #creditchat https://t.co/AZHFtLN4hw

— Beverly Harzog (@BeverlyHarzog) June 10, 2020

A5: Creating and sticking to a budget is essential, but there’s more than one approach you can take. Zero-based budgeting is one option if you want to be able to account for every dollar you have coming in and going out each month. #CreditChat https://t.co/uOihYms6V3 https://t.co/5pnmdjplR1

— Forbes Advisor (@ForbesAdvisor) June 10, 2020

@Experian A6: The @NFCC is a great organization that is offering free advice and services during this time. #creditchat

— His and Her Money® (@HisandHerMoney) June 10, 2020

A7: Be upfront. As soon as the bill comes in, make plans to pay it on a timely basis. Do a budget analysis with your partner to solve this issue immediately. #creditchat

— Paulina Likos (@Paulina_Likos) June 10, 2020

A8: Automate your payments and savings so you don’t have to worry about remembering when certain bills have to be paid or how much money you want to put into savings, that way it happens without you even thinking about it. #CreditChat

— American Consumer Credit Counseling (@ACCC_TalkCents) June 10, 2020

A9: If you’re feeling overwhelmed with financial anxiety, that’s a good indication to seek help. Find a trustworthy resource including attorneys, housing counselors, or a support system with experience and knowledge to get you on the right financial track. #CreditChat

— Leslie H. Tayne, Esq (@LeslieHTayneEsq) June 10, 2020

Q10:
It’s okay to do nothing.
It’s okay to be in survival mode
It’s okay to be less productive than you planned.

Now is the time to be gentle with yourself. If you need to reset, then do some. Take the time to reflect, to rebuild and replenish.#creditchat

— WiseMoneyWomen (@WiseMoneyWomen) June 10, 2020