Sponsored by JPMorganChase
By Aaron Allen, The Portland Medium
Financial instability can take a significant toll on mental and physical health. Studies show that ongoing money challenges can lead to anxiety about meeting basic needs, feelings of helplessness tied to debt and heightened stress when emergencies arise without savings. Over time, financial pressure can strain relationships, contribute to isolation and create a persistent sense of uncertainty. That uncertainty often fuels stress more than the bills themselves.
Quincy Crawford, branch manager for Chase Bank in Seattle, offers the following practical advice to help individuals manage money and reduce the stress that often accompanies financial concerns. The guidance focuses not only on improving financial habits, but also on supporting overall wellbeing.
According to Crawford, identifying the root cause of financial stress is a critical first step toward regaining control.
“The first thing that you want to do is understand what causes that financial stress,” said Crawford. “You have unexpected expenses, debt –you have income instability or a lack of savings, but recognizing the root cause is the first step toward regaining control over those finances. Stress doesn’t just come from bills; it comes from uncertainty.”
Crawford outlined several strategies designed to help individuals move from hesitation to action.
First, determine financial priorities. Clarifying what matters most can reduce emotional decision making and create structure around the spending and saving you do. Priorities may include paying for school, paying off student loans, building an emergency fund, reducing credit card debt or saving for a new vehicle.
“You want to determine your financial priorities,” said Crawford. “Clarify what matters most to you. Determine how long your financialgoals will take, and when those priorities are clear — making decisions, and committing to succeeding at them, will be a lot easier and less emotional.”
Clear priorities can help individuals allocate limited resources more intentionally and reduce the stress that comes from competing financial demands.
Next, create a realistic plan and commit to it. A written budget that tracks income and expenses can transform uncertainty into a clear roadmap. Even a simple monthly outline can provide direction and restore a sense of control.
“Develop a realistic budget that tracks your income and your expenses, set achievable milestones, and review the progress regularly. Consistency builds confidence and momentum. You’ll then have a plan to stick to that offers clear direction,” said Crawford.
Consistency in reviewing and adjusting a plan can also reduce reactive financial decisions, which often increases stress.
Taking a structured approach to paying down debt is another key step. Interest rates directly affect how much money is paid over time, which can add pressure to already tight budgets. One strategy is the debt avalanche method, which focuses on paying off balances with the highest interest rates first. Another is the debt snowball method, which begins with the smallest balances to build momentum and motivation.
“How do I pay down all this debt? Well, focus on, on high interest debt first because that’s most important, get rid of the debts that are costing you the most money on a monthly basis,” said Crawford. “For example, if you have a credit card with 15% interest rate work on that first. If you have a credit card with a 5% interest rate, make the minimum payments on that because the interest is smaller. So small steady progress will reduce that financial pressure, and it frees up future cash flow and that is hard to see sometimes, but if you start doing it right, the mathematics will work out for you.”
Finally, build financial resilience. While some financial stress may be unavoidable, preparation can make setbacks more manageable. Establishing an emergency fund can serve as a buffer during unexpected events. Exploring additional income opportunities or selling unused items may also provide short term relief while improving long term stability.
“Build your financial resilience, for some people, establishing that emergency fund is key. Some people are finding ways now to diversify their income, when possible,” said Crawford. “Also, purging certain things that have value to earn extra money can help you continue to improve your financial literacy, and the preparation can turn setbacks into manageable challenges when you’re trying to build financial resiliency.”
Financial stress can affect health and wellbeing, but practical steps can reduce anxiety and restore confidence. By identifying sources of uncertainty, setting priorities, creating a plan, reducing debt and building resilience — individuals may strengthen both financial stability and overall wellness.
“If you are feeling anxious overall about your financial future, you’re not alone. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical wellbeing,” said Crawford. “When it comes to money, the sources of stress may look different for everyone, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.”
