Turns out money is one of your biggest sources of stress Turns out money is one of your biggest sources of stress

Do you feel overwhelmed and stressed by your financial situation? You're not alone. While we know work-related stress and burnout is becoming more prevalent, financial stress is also on the rise. One survey suggests it is the number one cause of stress for nearly half of all Americans.

Financial stress often comes with embarrassment or lowered self-esteem that makes it challenging to address. When we tie self-worth to financial value, every little financial hiccup feels like a blow.

But these are problems that won't go away on their own, so here are four steps to stop letting financial stress hold you down and start taking back control instead.

1. Approach it with calm and clarity

Thinking about your financial situation might cause an automatic stress response. When we are in a state of fight-or-flight it can be difficult to see things objectively. These unpleasant responses may have been getting in the way of you taking a proactive approach to your finances. Taking control of your situation starts here.

2. Lead from the present moment

Don't get caught up in the idea that this is a 'forever' situation. Figure out what you can change right now and start taking steps towards it. Maybe you can immediately see places you should cut back on spending, or you need to lay it all out in a budget to identify your problem areas. Making those first, achievable changes to your financial situation will give you the momentum to keep going, and the relief of getting started will begin to ease the stress.

3. Accept the reality

Shame and overwhelm may prevent us from finding an honest perspective on our own situation. If we avoid taking a hard look at our financial status it becomes easier to ignore the reality of our situation and harder to create a plan to move forward. Bring all the facts and figures together: your bank accounts, income and expenditure, pension fund, even any shares you might have. You may have been putting it off, but you need to survey the full picture.

4. Don’t hide it

When we’re not doing well financially, we might feel ashamed and try to hide it from others even though we need help. But when we open up to friends and family, we tend to find that this is a relatable subject for many people. They could even provide some useful advice or perspective for your situation. Plus, it means you don’t have to make up excuses about why you can’t go out to that fancy restaurant or meet them for drinks every weekend. Chances are they’ll be happy to do some other activity with you instead – one that won’t break the bank.