11 July 2025
Stress is a part of life. And one stressor that is top of mind for many of us right now is financial stress. Money provides access to necessities and opportunities, but it’s also a common source of anxiety. With a few key strategies, you can learn to manage financial stress and have a healthier relationship with money that promotes financial stability and supports your mental and emotional well-being.
Financial stress is characterised by fear and anxiety related to money. It can include concerns about your expenses, debts, investments and other personal financial matters. While financial stress is not a mental health disorder, it’s a genuine concern because money worries can create overwhelming stress and anxiety.
Money stress weighs heavily on the minds of most consumers, so if you are feeling anxious about money, you are not alone. Financial stress is not just felt at home; it can contribute to mental health issues at work. You may not be able to control every circumstance that affects you or your finances, but you can use strategies to manage financial stress in healthy ways:
Talk to people you trust
It’s often considered taboo to talk about finances and that can contribute to money anxiety. Consider sharing your financial worries with trusted friends, family or mentors. You may be surprised how many will relate to you and offer creative solutions.
Seek financial advice
Consulting a financial expert can be helpful because not feeling knowledgeable or confident about managing money can exacerbate financial stress. Perhaps you are unsure how to manage your money or where to begin, and you are not alone. A financial advisor or even free online resources can help you take inventory of your money, create a budget, take steps to improve your finances and monitor your progress.
Make a financial plan
A concrete plan is an excellent step toward alleviating financial stress. Be honest about your current financial situation so you can improve it. From there, you can create a budget. This gives you some power back and helps you avoid surprises, such as coming up short on bills. Once you have established a budget, you can begin to consider longer-term financial goals and seek advice as needed.
Seek mental health support
Most people worry about money sometimes. But if money anxiety affects your daily life, or if you feel “stuck” and unable to make strides toward a financial plan, consider mental health support. Check with your employer to see if you have mental health benefits, such as Lyra, which can provide this type of support at no cost through insurance or a low cost.
With the SARS income tax filing season now open, this period presents an opportunity for many South Africans to take a positive financial step. If you are expecting a tax refund, consider using that extra money to ease your financial burden. A tax return can help cover outstanding debts, pay essential bills or even contribute to an emergency fund. Making intentional decisions with your refund can provide some relief from money stress and serve as a small but meaningful step toward financial stability.
Ref: www.lyrahealth.com www.uasa.org.za