Ask a Therapist: Tackling Debt and Anxiety Head-On

Q: Overwhelmed by debt, I often shop to reduce anxiety. However, this worsens the problem when bills arrive. How can I find the motivation to pay my bills and manage my debt?

A:

• Recognize that avoiding bills and shopping provide temporary relief, but worsen the situation long-term.

• Instead of addressing emotions through shopping, confront your bills head-on for lasting relief.

• Explore alternative coping mechanisms such as practicing mindful awareness and engaging in enjoyable activities.

• Break down your financial situation by organizing your finances, calculating your total monthly income, creating a budget, and seeking support.

• Consider professional support from a licensed mental health professional.

Addressing Emotions, Not the Problem:

• Shopping may provide temporary relief from anxiety, but it ultimately worsens the situation by deepening your debt.

• Confronting emotions through shopping may be effective for unsolvable problems, but debt is something that can be resolved.

• Feeling anxious about debt is normal. Acknowledge and address the anxiety, rather than seeking quick fixes.

Alternative Ways to Cope:

• When tempted to shop, take a moment to acknowledge your emotions without acting on them. Understanding your feelings can provide clarity.

• Explore alternative healthy coping mechanisms such as taking a walk, calling a friend, listening to music, or practicing yoga.

Breaking Down Your Financial Situation:

• Make a list of your debts, including the amounts owed and to whom.

• Calculate your total monthly income.

• Create a budget that accounts for monthly bills, essential expenses, and potential savings.

• Make a list of reasons to avoid shopping and keep it near your computer.

• Seek support from financial advisors, mental health professionals, and peer groups.

Consider Professional Support:

• Consulting a licensed mental health professional can be beneficial in addressing deeper-seated issues contributing to your financial struggles.

• Mental health professionals can help you develop coping mechanisms and strategies for managing debt.

Additional Resources:

• Verywell Mind Podcast: Navigate financial concerns with expert guidance.