Tips to relieve financial anxiety caused by rising inflation rates

Posted at 9:23 AM, Mar 15, 2022
and last updated 2022-03-15 09:25:48-04

(WXYZ) — We're facing higher prices every day and many of us are just trying to keep up by stretching paychecks as far as they can go.

This financial tension is a major source of anxiety for some.

According to a new report from the American Psychological Association, 87% of Americans say the rise in prices for everyday items due to inflation is a major source of stress.

Many of us feel as though our money management reflects who we are, but that's not the case.

According to psychiatrist Dr. Brooke Weingarden relieving oneself from this type of stress is important. Especially because this anxiety can hinder our ability to concentrate on everyday activities.

"You might see that in ways of difficulty with sleep, changes in appetite, snappiness with your loved ones," she said.

Dr. Weingarden says looking for ways to destress is an important first step. One way to start your rebound is to get moving.

"Absolutely. As well as breathing and yoga and all of those things. That sounds very intuitive. They really are clinically proven," she said.

Weingarden says exercising releases dopamine and endorphins. Both help lift your mood and can ease symptoms of financial anxiety and depression.

She also recommends talking to friends and family about what you're going through.

"If your family doesn't tell you that things feel a little tight right now, there's no way to assist in that or maybe cut back ourselves," she said.

Kristen Holt, CEO of GreenPath Financial Wellness a national financial counseling service based in Farmington Hills, says a scarcity mindset can lead to more poor decisions and that before you tackle your finances it's important to reset.

"So taking a couple of deep breaths, recognizing that this is happening to everyone right now," Holt said.

Both Holt and Weingarden say it's the lack of control that really causes anxiety. So in addition to cutting back on expenses where possible, create a budget to take back control of your money.

You can do it on your own or reach out for help to organizations like GreenPath.

"You might have that pressure on your budget. And so, we can work with you to kind of reevaluate that," Holt said. "See what income is coming into the household, where other places that you might be able to cut back or be more strategic."