Amanda Clayman, a financial therapist and advocate for wellness, shares insights on maintaining both financial and mental stability.

What are the sources of your financial stress, especially now? In a time when over 22 million Americans have filed for unemployment in just five weeks, it's common to feel overwhelmed about finances during this pandemic.

Even if you haven't consulted a financial therapist before, this guide has you covered. Amanda Clayman specializes in helping clients rethink their financial habits and overcome mental barriers. As financial therapy gains popularity, more individuals are exploring the impact of emotions on their financial decisions. Amanda kindly shared her top tips for achieving financial and mental wellness during these trying times.

Embrace Your Emotions

Start by recognizing your feelings. It might feel trivial, but we often try to rationalize our emotions instead of addressing them. If you're worried about your financial situation or lifestyle changes, allow those feelings to surface. Are you feeling anxious, scared, or sad? Ignoring these emotions can lead to burnout, but acknowledging them can help you gain clarity. By identifying your emotions, you can assess them against the facts, leading to a more balanced outlook.

Focus on Essentials

Your current lifestyle may shift how you spend and earn money. Review your bank and credit card statements to understand what you need for basic survival—food, housing, and healthcare. This isn't a time for major adjustments but a chance to prioritize what matters most. If you feel uneasy about simplifying your life, remember that this budget reflects your current needs, and you can adapt your financial choices as situations evolve.

You're Not Alone

Feeling anxious can stem from a lack of usual problem-solving methods, so it's time to innovate. The pandemic is a shared experience, not just an individual struggle, so use this opportunity to connect with others. While personal finance can be sensitive, it's a universal issue that many face. Step out of your comfort zone and discuss your financial concerns with friends. Organize a virtual meeting to exchange advice, fears, and ideas. Facing challenges together makes them seem less daunting.

To listen to Amanda's full podcast on transforming your financial approach, click here.