Under financial stress? 5 tips to overcome financial burnout.

If you’ve been feeling more financial stress lately, you’re not alone. A 2024 survey by Marketwatch found that two out of three Americans say finances are their biggest source of stress financial stress link opens in a new window, and nearly half of Americans say 2024 was the most stressful year of their lives financially.

Luckily, there are steps you can take to ease financial burnout and increase your financial resilience.

What is financial burnout?

Financial burnout is a state of stress or exhaustion that can come with prolonged financial strain. Financial burnout can contribute to feeling overwhelmed, hopeless, and mentally drained from constantly worrying about money — whether it's due to debt, job insecurity, rising expenses, lack of savings or the pressure to meet financial goals.

Signs of financial burnout:

People handle financial burnout in different ways, but common signs include:

• Feeling anxious, irritable or depressed when thinking about money
• Avoiding bills or bank statements
• Avoiding talking to loved ones about your financial situation
• Trouble sleeping or physical symptoms like headaches or fatigue
• Apathy or emotional detachment from financial decisions

Financial strain can have a direct impact on both your emotional and physical well-being, so it’s important to address it.

5 strategies for financial burnout:

1. Talk to someone.
   While it may feel like you’re completely alone, the statistics above prove that you’re not. Talking to others is a great first step to easing financial strain. Whether it’s a family member, a friend, a therapist or a financial planner, sharing your worries with someone you trust can help you gain perspective and learn new approaches.
   
   If you’re worried about the cost of therapy, see if your employer offers an Employee Assistance Program (EAP) which may include no-cost therapy.
   
   Your financial institution is also here to help. Commerce Bank representatives help our customers overcome financial obstacles every day, and are only a phone call away link o our contact us page.


2. Create a financial snapshot of where you are now.
   It’s a natural tendency to avoid things that are stressful, but taking a deep look at your financial picture is a critical step in your path to stronger financial footing. First, take a look at all of your debt, all of your assets, and your cash flow. Getting everything in one spreadsheet or document will help you know exactly what you’re building from.


3. Build a roadmap of where you want to go.
   Once you can really see your financial picture, it’s much easier to design a plan for the future. This is the time to take a very close look at your monthly budget link to a commerce page to see whether you’re allocating your income appropriately and where there are expenses you can cut.
   
   Next, take a look at your financial goals; if you don’t have any, now’s a great time to create them! Financial goals can include saving for retirement, funding education for kids or grandchildren, or saving for a big purchase like a car or house. You can consider consolidating debt at a lower rate, and making sure any savings are being maximized for growth over the long term.
   
   Creating clear financial goals can help you decide whether to explore options like multigenerational living link to a commerce page with loved ones or downsizing. Lowering your home, automobile or other significant expenses can help you pay down debt or increase savings faster.


4. Take care of yourself.
   As with overcoming any kind of stress, it’s essential to prioritize time for yourself. Eating well, exercising regularly, getting plenty of rest, and finding time for loved ones and favorite activities will keep you clear-headed. Keep up with routine medical check-ins as well, because staying healthy can reduce both financial and emotional burdens.


5. Practice financial mindfulness & build resilience.
   Similar to a meditation practice, the concept of financial mindfulness link opens to the forbes.com website, being fully present and aware of your financial activities without applying judgement, has become popular in recent years. Tracking your financial microdecisions with more awareness can really shift your perspective, especially around what your needs and priorities really are. Over time, all of these steps will lead to greater financial resilience and a less stressful relationship with money.

Having financial burnout, especially in uncertain economic times, is extremely common. Count on loved ones and trusted financial institutions for support, and utilize the many free tools available to you. Commerce Bank’s mission is to help people solve financial challenges so they can focus on the things that matter most. Pick up the phone or visit your local branch link to our contact us page. We’re here to help!