Americans Are More Pessimistic About Money Than Ever — 5 Ways To Survive
Written by
Kerra Bolton
Edited by
Jenna Klaverweiden
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According to a Gallup poll, more than half of Americans (53%) said they believed their financial situation is worsening — a record high. Economic anxiety is surging as the impact of President Donald Trump’s tariffs remains uncertain, inflation lingers and incomes fail to keep pace.
However, experts said unchecked pessimism can lead to paralysis. Here are five ways to survive.
Ground Yourself in the Present
Erika Wasserman, CEO of Your Financial Therapist, recommended grounding financial stress with present-tense reflections like this: Right now, I am feeling overwhelmed. Right now, everything feels expensive. Right now, I am not saving as much as I want to for retirement.
“These aren’t forever statements because your relationship with money is always changing because of your job, family size, emergencies that happen, etc.” Wasserman said. “Think back five years ago, your financial situation looked differently than it does today, and in five years it will look different as well.”
Shift From Panicking to Planning
Feeling stuck is common in uncertain times, but shifting from panic to planning can bring clarity and a sense of control.
“We are in an era of financial uncertainty, with the stock market not being stable, cost of living increasing, and people’s income stagnating or disappearing all together,” said April Taylor, a financial coach and entrepreneur. “However, even in times of financial pessimism we are still in control, and we must shift our mindset to get on the road of financial mindset recovery.”
In addition, Wasserman recommended having a weekly check-in to review bank accounts, note upcoming bills and monitor spending.
Focus on the Fixable
While many Americans feel overwhelmed by broader economic forces, experts said focusing on what’s controllable can make a meaningful difference.
“That could be as simple as checking in with how a purchase made you feel,” said Billy Spencer, CFP, director and wealth manager at Crestwood Advisors.
He explained that you can then reflect on your spending habits. “If it didn’t add value, maybe don’t buy it again,” he said. “And if it did make you feel good, ask yourself if you can recreate that feeling without spending money, like going for a walk with a friend instead of paying for a workout class.”
Take Small Steps To Build Momentum
Experts said that tackling small steps can offer quick wins that build momentum and reduce financial stress.
“Save money by canceling old memberships or subscriptions,” Taylor said. “Evaluate your car insurance, homeowners/renters insurance and cellphone plans to see if you can save money.”
And don’t forget about potential promotions or sales. “Call and see if there are any promotions, incentives or bonuses that can save you money. A quick call can possibly save hundreds of dollars. Get in the driver’s seat, advocate for yourself and your finances,” Taylor said.
Paying off small debts first is another simple step that can have a big impact.
“What makes this small win unique is not just the fact that it frees up monthly cash flow and reduces financial stress, but that it drives home the point that small efforts consistently applied can lead to tangible results,” said Aaron Razon, a personal finance expert at Couponsnake. “This helps build momentum to tackle larger financial goals and proves that with focus and commitment, even over time, those goals are within reach.”
Celebrate the Wins
Recognizing financial progress can boost motivation and reduce money-related stress. Acknowledging wins like sticking to a budget or paying down a bill reinforces positive habits and builds confidence over time.
“One simple exercise is to write down three things that went well each day for a week,” Spencer said. “At the end of the week, look for patterns and focus on doing more of what’s working. Small steps like that can help shift your mindset and make you feel better about your financial situation.”
More From GOBankingRates
Sources
- Gallup, “Americans’ Economic, Financial Expectations Sink in April.”
- Erika Wasserman, Your Financial Therapist
- April Taylor, “Jr. Moguls“
- Billy Spencer, Crestwood Advisors
- Aaron Razon, Couponsnake
