Tax season can bring on feelings of stress and anxiety for many people, as dealing with finances can be overwhelming. Financial wellness expert Joyce Marter acknowledges that many Americans face high levels of stress during tax times, and this can be exacerbated by existing financial stress. Lindsay Bryan-Podvin, a financial therapist, highlights the connection between money and mental health, emphasizing that they are both essential components of overall wellness. Emotions and money often intersect, impacting each other in various ways.
To reduce financial stress during tax season while still meeting the deadline, experts recommend facing the issue head-on and making a detailed plan. Dr. Tanya Farber, a psychologist, advises breaking down the necessary steps and completing them one by one to avoid feeling overwhelmed. Gathering all required documents, such as W-2 forms and investment records, ahead of time can simplify the process. Farber also suggests searching for tax checklists to ensure that you have everything you need to file your return accurately.
Fear can often play a significant role in causing anxiety around filing taxes. Farber advises individuals to confront their fears by assessing the likelihood of their worst-case scenarios actually happening. Talking to friends or family members about these fears can also provide a different perspective and alleviate some of the stress. Lindsay Bryan-Podvin suggests increasing self-care activities during this period, such as taking walks, spending time with pets, and ensuring an adequate amount of sleep to help manage the stress.
Seeking support from others can also help alleviate financial stress during tax season. Talking about finances with friends or family members can provide valuable information and resources, as well as remove any shame or stigma associated with financial struggles. If needed, individuals can seek help from tax professionals or knowledgeable family members to navigate the filing process more effectively. Furthermore, for those experiencing mental health struggles, there are resources available, such as dialing 211 in the U.S. to speak with a mental health expert for free and confidential assistance.
In partnership with the Charles Schwab Foundation, the Associated Press aims to provide educational and explanatory reporting to improve financial literacy. The foundation offers support for reporting on financial topics to enhance understanding among the public. It is important to acknowledge the impact of financial stress during tax season and take proactive steps to manage it effectively. By addressing fears, seeking support, and practicing self-care, individuals can navigate tax season with less anxiety and stress. Remember that you are not alone in facing financial challenges, and seeking help is a valuable resource for overcoming these difficulties.
