How to stress less about money: your guide to reducing financial stress
Money stress is something nearly every Australian is feeling right now. Rising bills, interest rates, and the cost of living make it harder to stay on top of everyday finances. If you’re always stressed about money, you’re not alone. But what if you could take back control and feel confident about your money again? Let’s break down what financial stress looks like, why it affects so many of us, and most importantly; how to stress less about money.
54% of Australians report going into debt to make ends meet.
What is financial stress and why does it matter?
Financial stress is more than just having overdue bills. It’s that constant worry about whether you can keep up with expenses, cover debts, and still move towards your financial goals. It affects mental health, relationships, sleep, and work performance. When money feels out of control, it impacts every area of life; which is why finding solutions matters.
Why are so many Australians stressed about money?
The WeMoney 2024 Financial Wellness Report highlights the biggest money stressors:
- Having to make cutbacks in everyday spending
- Worrying about affording basics like groceries and energy bills
- Struggling with high-interest credit card debt
- Not having enough money to cover an emergency.
These everyday pressures explain why almost half of Australians say they feel anxious or overwhelmed about money. It’s not just numbers on a report, it’s about stability, confidence, and peace of mind.
How does money stress affect your health and life?
Money stress isn’t just financial, it’s emotional and physical too. It can leave you feeling anxious, exhausted, and disconnected. Reports such as WeMoney show that financially stressed Australians are less likely to rate their mental health as good, and many avoid dealing with money altogether.
This has a ripple effect on relationships, work, and even long-term goals. To help manage both the financial and emotional side of stress, you might want to begin budgeting right now. Check out our guide on how to set up a budget or download our free Personal Budget Template.
How do I stop stressing about money?
Reducing money stress takes a plan, and some supportive steps to turn those good intentions into action.
5 Steps to stop stressing about money:
- Create a personal budget
The first step to stopping money stress is to set up a budget. It’s your financial roadmap, showing what’s coming in, what’s going out, and where your money can take you. This is where your true money potential lies. - Build an emergency fund
Even a small buffer of savings can turn unexpected bills into manageable bumps instead of a full-blown crisis. It’s one of the smartest ways to reduce money stress and protect your financial confidence. - Pay off high-interest debt
Paying off high‑interest debt, like credit cards and payday loans, is one of the most effective ways to reduce financial stress. It frees up cash flow, cuts down on interest charges, and improves your overall financial health - Automate your finances
Direct debits and automatic transfers keep bills and savings on track; less admin, less money stress, and more confidence knowing everything is paid on time. - Talk openly about money stress
Share your financial goals and challenges with your partner or family. Teamwork reduces financial stress and builds accountability. You might also explore the concept of loud budgeting, as Tammy Barton, MyBudget Founder and Director explains in her blog on how loud budgeting is helping Australians talk about their money choices, set healthy boundaries, break down money taboos, and feel more supported in reaching your financial goals. - Practice mindful money habits
Stay present with your spending and recognise triggers that lead to overspending. Adjust your money mindset by focusing on needs vs wants, and make mindful choices that align with your financial goals. Small, intentional steps like this add up to less money stress and more confidence. - Get help with money early
Most of our clients say they wished they had called us sooner… so imagine where you could be one year from now if you start today. Book your free appointment today and get a free 12‑month tailored budget plan with no lock‑in contract. Yes! I want to stop stressing about money today!
“At MyBudget, we believe that budgeting is not something you do, it’s something you live… If you have the right system in place, from day one, you know you’re on track to achieve your goals.”
Tammy Barton, MyBudget Founder & Director
How Alyssa & Pete became debt-free on one income: MyBudget client success story
Alyssa and Pete, Australian parents of three, found themselves using credit cards to cover unexpected expenses and struggling to stay ahead. Despite earning well, they felt trapped by debt and constant money stress.
With MyBudget’s help, they:
- Paid off more than $65,000 in debt
- Transitioned successfully to living on a single income
- Gained the clarity and confidence to start saving.
“There is not a financial decision that I will make without calling and talking to them first.”
Alyssa, MyBudget client
What debt help is available when you are feeling stressed about money?
If your money stress is caused by unmanageable debt, you’re not alone. MyBudget helps clients explore a wide range of debt relief solutions, including:
- Debt management plans and repayment strategies
- Debt consolidation loans
- Negotiated hardship arrangements
- Formal debt agreements (such as Part 9 Debt Agreements)
We work with you to create a tailored personal budget and debt solution so you can move from financial stress to financial freedom.
Is it time to get help with money stress?
Money stress doesn’t have to be your story. With a tailored budget, debt solutions, and financial support, you can take back control of your money, achieve your financial goals, and build the life you want, free from money stress.
Join the 130,000+ Australians who’ve turned their finances around with MyBudget. Enquire online or call us today on 1300 300 922 to start your journey to financial freedom.