After three years of pause, student loan payments are set to restart in October 2023. Many people have unintentionally forgotten how much student debt costs and now experience stress around these repayments restarting.
The Intermingled Web
Financial stress can easily affect other areas of people’s lives. It can be difficult to separate out the effects of certain financial stress from mental health symptoms as they can so often go hand-in-hand. As student loan repayments start, people may have less money to meet prior financial obligations or will need to spend less time on extracurricular activities with friends. This alone, can increase anxiety, induce panic, or increase isolation.
How Did We Get Here?
When COVID-19 started, the federal government put a pause on student debt repayments. Over the years, people may have forgotten about these payments and utilized this money elsewhere. People may benefit from starting to set money aside and/or budgeting for these expenses as the repayment start date approaches. Planning ahead can assist with decreasing:
- Financial stress
- A sense of powerlessness
By planning ahead, people are also in a position to be responsive to stressors in life versus being reactive.
Ways to Manage Financial Stress
It seems like there is always financial stress in people’s lives. It’s important to note that personal stress or interpersonal issues can exacerbate other stressors. Keeping this in mind, below are a few ways folks can manage financial stress:
- Create and stick to a budget – focus on basic necessities
- Renegotiate wants versus needs in life
- Pay off high interest debt as quickly as possible
- Create an emergency fund
For more reading on healthy money habits, check out Bankrates’article here!
Can Working with a Local Therapist Help with Financial Stress?
Financial stress impacts many Americans. Typically, underneath financial stress are insecurities, fears, low self-esteem and/or self-worth. An individual therapist can help with these issues that will eventually support future healthy financial habits.
Find A Therapist Near You
If you or someone you love struggles with financial stress and could benefit from work with an individual therapist, click here, to set up a free 20-minute consultation. Revitalize Mental Health would be honored to support you in this journey.