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How to Deal With Financial Depression
TayTalksMoney: Money, Lifestyle and Productivity

How to Deal With Financial Depression


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*This post may include affiliate links. We get a commission if you sign up with a partner; this commission is at no cost to you.

(Last Updated On: December 30, 2018)


When you’re worries and fears about money continue to get worse instead of better, you’re most likely in a financial depression. Having more month than money, out of control debts, and a low-paying job may mean that you’re feeling like your situation will never get any better. However, there are ways to deal, and get out of, a financial depression. Here’s how.



Admit There’s A Problem

The first step to dealing with financial depression is admitting that there’s a problem. That doesn’t mean it’s a problem with you, it just means your situation isn’t benefitting you or doing you any favors. Do you have six-figure debt? Are your spending habits out of control? Do you stress about not being able to take care of yourself? Those are all problems that can be fixed, but you have to be willing to admit it first.

Take out a journal and write down anything that’s causing your worry based on your finances. Even if it hurts to write, it’s a good thing to get everything out in the open so you can then figure out what to do about it.


Make A Plan

Once you’ve seen what is going on with your finances and what’s been causing you financial depression, You can then make a plan on how to get out. It doesn’t have to be something quick. Take your time and figure out how you can do this on your own terms and without sacrificing your health or mental clarity. You may not be able to pay off your debt in just three short years, but could you pay off your debt in 25 years instead of 30? Could you save $500 in an emergency fund instead of $1,000?

Create a plan that is realistic and achievable, and don’t be afraid to post it everywhere that you can see it to give you some motivation. Also, remember that plans can and do change, so it’s okay if yours derails from time to time. Just focus, rewrite a new plan, and keep moving forward.



Your financial depression could come from the fact that you just have too much going on, and you aren’t sure where to even start. If you have multiple little debts, see if consolidating them would be a better option for you. Cancel random subscriptions and things you don’t really need or use. Move to a smaller place if you’re able to. Simplify your life and your finances so you can then focus on the most important things, like taking care of yourself and your health.


Get Help

If your depression is severe, seek out a therapist or counselor that can help you. Don’t sacrifice your mental health just because you feel like it’s the least of your worries. Financial depression is a real thing, and it can affect you in many different ways of your life. Don’t be afraid to get help.

If you can manage your depression, and if it’s something that you know will get better as your finances do, seek help from a financial advisor or counselor. Talk with them and set goals and plans that can help you get your finances on track, so you can start living your best life.

No matter what, it’s okay to get help, and it’s okay to admit that you need it. No one is judging you, and many people have been in your position. Getting help can keep you accountable and show you that you are not alone, so you can then proceed on your financial journey a little easier.


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Don’t Ignore It

Whatever you do, don’t ignore your financial depression. It may get worse, and it may be even harder to get out of it if you self-sabotage or dig yourself into a deeper hole. It’s okay to confront your finances, and yourself if you have to, to get you to where you need to go. But if you ignore it, it’s just going to continue to get worse.

Financial depression happens to many people, and you’re not alone. However, these tips can help you deal with it and get yourself out. It will take time, and energy, but it’s so worth it in the end.

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