Worry about money at the end of the year, “Don’t worry”

“The price of soup at our regular soup restaurant has gone up” and “It’s hard why the price has gone up so much” are heard here and there. Inflation has raised the price of everything from food to clothing and other necessities. “For many people, regardless of income bracket, what used to be considered ‘normal’ now feels out of reach,” says Alex Melkumian, marriage and family therapist and founder of the American Center for Financial Psychology. This means that the time has come for everyone to cut back on their expenses, regardless of their income.

Even now, the end of the year is approaching without fail. Now that “social distancing” has been lifted, you may want to express your feelings to family and friends you haven’t seen often. Is there a wise way to keep your pockets this end of the year? We follow the method recently introduced by the “Everyday Health” medical media.

– Economic problems are the biggest stress
According to a report by the American Psychological Association (APA), in 2022, American adults ranked financial worries as their number one stressor. Nearly 90% of adults said inflation was the number one cause of stress. A 2022 study by the American Academy of Sleep Medicine showed that approximately 90% of Americans do not sleep at night due to financial worries or health problems related to the pandemic. .

One study found that loss of income and worries about financial security increased depression, regardless of how much money they made before the pandemic or how much anxiety was related to the virus. This study shows that worry about potential financial hardship also causes stress, even if there is no loss of income or financial hit.

“Uncertainty can trigger anxiety,” says Megan McCoy, a marriage and family therapist and personal financial planning consultant at Kansas State University in Manhattan who studies the relationship between financial planning and mental health. In particular, if you struggle to make ends meet and worry about money, your happiness will suffer. “Financial stress is associated with physical, emotional and relationship problems,” said Dr. McCoy.

Dr. McCoy cited a 2019 report from the Money and Mental Health Policy Institute that linked financial stress to depression, anxiety and feelings of isolation. Reducing necessities like food for financial reasons has a serious impact on your mental health. Economic stress also affects marital conflicts and parental roles. According to Georgetown University, food insecurity impacts the development of children of low-income parents. If you have a chronic illness (diabetes, high blood pressure, liver disease, etc.), there is a high possibility that your financial stability will be lower than if you don’t.

– How to deal with financial and year-end stress
Just because it’s the end of the year doesn’t mean your finances will suddenly improve. Here are some things you can do to manage your financial stress this time of year.

• Let’s take stock
  Setting a budget can help protect your health and your wallet. Plus, reducing your year-end spending will help your mental health.
• We set boundaries
  Debra L. Kaplan, professional counselor and financial therapist, says: “If you can’t afford to express your gratitude enough with gifts, or if you can’t afford to attend all the end-of-year parties, decide in advance what you will attend. ” Advice.
• Don’t shy away from money matters
  “If you deliberately avoid talking about money or refuse to open your wallet at the end of the year, you’ll just feel more financial stress,” says Dr. McCoy. “The Healthy Love and Money Way” Ed Coams, a certified financial planner and financial marriage and family therapist who developed a course in financial psychology for couples and individuals and author of “Some People Consider Not Giving Gifts at the End of the Year or during the holidays as a personal failure”. Some people are anxious that their financial situation will deteriorate and they will reduce their expenses too much, losing the opportunity to communicate with their acquaintances, ”he stressed. Remember the upset feelings you experienced when you could not do it. He suggested, “Let’s talk about this with someone to form ‘financial empathy’ and find a way to present creatively.”
• Let’s express ourselves creatively
  Reinvent ways to say thank you to save money. “It’s nice to cook or do something together,” says Melcumian. It’s about sharing experiences, not things. He also recommended, “Instead of spending a lot of money or energy, we have a ‘potluck party’ where each person brings a food.”