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Financial stress is a universal experience that crosses all income levels and demographics. Think you’re alone in worrying about cash flow, debt, funding retirement, or college planning? You’re not. According to the American Heart Association, 82% of U.S. adults reported feeling stressed about money.
So, how do we help clients when this stress hits? Here’s what I’m advising.
Key Takeaways
- Financial stress is widespread—82% of Americans feel stressed about money.
- Taking proactive steps—like tracking net worth, adjusting cash flow, and setting regular money check-ins—empowers individuals to regain control and take meaningful action.
- Creating a clear financial plan and maintaining open communication with professionals and loved ones can reduce anxiety and provide direction.
- Recognizing and reframing negative thoughts helps build a healthier money mindset and fosters confident financial decision-making.
What I’m Telling My Clients
1. Make a Plan
Often, financial stress stems from an inability to visualize a path forward. If you’re feeling anxious about your finances, start by getting organized.
Create a net worth statement (or revisit one your advisor made for you) that tracks your assets and liabilities. Then take a look at your cash flow. How much are you spending monthly or annually versus what you bring in? With your specific concern in mind (college funding, paying for daycare, getting out of debt, retirement savings), look at the numbers in front of you to see what you have to work with.
2. Communicate
When it comes to working through financial stress, communication is a two-way street and a two-pronged approach:
Get Professional help: If you’re struggling to find an answer or see a path out of the question you’re facing, reach out to your financial planner, CPA, or attorney to get the information you need. An unbiased perspective and opinion on the issue will likely bring peace of mind.
Talk to your partner and/or family: If your financial situation is tied up with someone else, ensure you communicate on a monthly (if not weekly) basis about money goals, plans, and issues. Have an agreed-upon agenda and a set time on the calendar to ensure conversations stay on track.
3. Catch Your Negative Thoughts
When you find yourself in a worry spiral, try to catch the negative thoughts and reframe them. You may think, “I don’t have enough” or “I’m terrible with money.” Notice those thoughts and then replace them with more constructive perspectives.
Tip
Positive replacement thoughts could be, “I’m making progress toward my financial goals,” or “I’m developing better money management skills.”
This cognitive restructuring helps break the cycle of financial anxiety and builds confidence in decision-making.
The Bottom Line
Financial anxiety is normal. Concrete planning, open communication, and mindset management create a comprehensive framework for addressing financial stress, allowing clients to move from paralysis to action.
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