Financial anxiety is a common experience, often triggered by concerns about bills, debt, or an uncertain financial future. When left unmanaged, this stress can significantly impact our mental health and overall well-being. One effective way to cope with these emotions is by applying skills from Dialectical Behavior Therapy (DBT). DBT, originally designed to help individuals with intense emotional distress, offers practical tools for navigating financial stress with greater resilience. Whether you are new to DBT or are already participating in a DBT program, these skills can be transformative.
Before diving into specific techniques, let’s briefly explore the foundation of DBT. Dialectical Behavior Therapy focuses on two key aspects: acceptance and change. It helps individuals balance these seemingly opposing forces, allowing them to accept their current situation while also making positive changes.
DBT consists of four main modules:
Mindfulness
Distress Tolerance
Emotion Regulation
Interpersonal Effectiveness
Each of these modules can be applied to financial stress. Let’s look at some practical ways you can use DBT skills to manage financial anxiety.
Mindfulness is the practice of staying present and fully experiencing the current moment. When dealing with financial anxiety, our minds often race toward worries about the future or regrets from past financial decisions. Practicing mindfulness helps us interrupt this cycle.
Observe Your Thoughts: Notice when you start to feel overwhelmed by financial worries. Instead of judging yourself, simply acknowledge these thoughts.
Ground Yourself: Use deep breathing or a grounding exercise to bring yourself back to the present. Focus on one small task, like organizing your wallet or reviewing your bank statement mindfully.
Non-Judgmental Stance: Accept your financial situation as it is, without labeling it as “good” or “bad.” This helps reduce emotional reactivity, making it easier to plan and make informed decisions.
For those already working with DBT therapists, mindfulness is often one of the first skills taught because of its versatility and impact on overall well-being.
Distress tolerance skills are designed to help us endure emotional pain without resorting to harmful behaviors. These techniques are particularly useful when faced with urgent financial stress, such as unexpected bills or a sudden drop in income.
TIPP Skills (Temperature, Intense Exercise, Paced Breathing, Paired Muscle Relaxation): When financial panic hits, use TIPP skills to calm your body’s physiological response. Splash your face with cold water (Temperature), go for a brisk walk (Intense Exercise), practice deep breathing (Paced Breathing), or tense and relax your muscles (Paired Muscle Relaxation).
Radical Acceptance: This is a core dialectical behavior therapy technique that involves fully accepting a situation without trying to change it. In the context of financial anxiety, radical acceptance means acknowledging your current financial situation as it is, without wasting energy on denial or blame. This doesn’t mean giving up—it’s about accepting reality so you can take action from a place of clarity.
Financial stress can trigger intense emotions like fear, shame, or anger. Emotion regulation skills help us understand and alter these emotional responses.
Check the Facts: When you feel overwhelmed by financial worries, pause and ask yourself, “Am I interpreting the situation accurately?” Sometimes our emotions can amplify the problem, making it seem worse than it is.
Opposite Action: This technique involves doing the opposite of what your emotions are urging you to do. For instance, if financial anxiety makes you want to avoid checking your bank account, use opposite action by taking a deep breath and reviewing your finances. This can help reduce fear and promote proactive decision-making.
Dialectical behavior therapy vs CBT (Cognitive Behavioral Therapy) is a common comparison. While CBT focuses more on changing thought patterns, DBT emphasizes balancing acceptance and change, making it a great fit for managing the intense emotions tied to financial anxiety.
Money can be a sensitive topic, often leading to conflicts or misunderstandings with loved ones. DBT’s interpersonal effectiveness skills can help you communicate more effectively and assertively.
DEAR MAN Technique: This skill can help you ask for what you need or set boundaries in financial conversations.
Describe the situation factually.
Express your feelings.
Assert your needs clearly.
Reinforce the benefits of your request.
Mindful: Stay focused on the conversation.
Appear confident, even if you don’t feel it.
Negotiate if necessary.
For example, if you’re struggling with shared expenses, you might say: “I’ve noticed we’ve been overspending on dining out lately (Describe). It’s making me feel anxious about our budget (Express). I’d like to suggest we plan meals at home for the next month (Assert). This will help us save and feel more in control (Reinforce).”
Applying DBT skills to financial anxiety can provide powerful relief, helping you manage stress and make better financial decisions. If you find yourself overwhelmed or unsure where to start, consider exploring a DBT program or working with DBT therapists who can guide you through these techniques.
If you’re looking to deepen your understanding of DBT, you may also want to learn about the six main points of dialectical behavior therapy, which include mindfulness, distress tolerance, emotion regulation, interpersonal effectiveness, acceptance, and change. These principles can be applied not just to financial anxiety but to many areas of life.
Remember, it’s okay to seek professional help. Search for “dialectical behavioral therapy near me” to find local resources that can offer personalized support and help you navigate the challenges of financial stress with greater resilience.