Between the pandemic and political unrest, no doubt, there is more than enough stress to go around.

For many of us, money is one source of stress at the forefront of these difficult times.

According to a report, 64 percent of Americans say money is a significant source of stress in their life, and 52 percent report having experienced negative financial impact due to the pandemic.

While the connection between stress and physical and mental health is widely understood, recognizing how stress impacts your financial wellness can help you take control.

If a person is struggling with their mental health, they might behave differently toward their finances. For instance, they may be more likely to engage in retail therapy or avoid looking at their budget.

“The stress we are under during the pandemic is certainly affecting how we handle our finances. Every person feels anxious about some things, and our anxiety response gets overly activated when we see danger in a lot of places. It can be overwhelming, and it makes making good decisions harder. Working through the symptoms of anxiety and cause of anxiety is helpful.

Understanding what financial wellness means is a good place to start. Financial wellness consists of three components:

1. Financial literacy is knowledge about finances, such as what your credit score is and what the score means.

2. Financial behaviour includes decision-making around how you spend and save money.

3. Internal emotions toward money involve how you feel or think about spending money. For instance, do you think all wealthy people are greedy?

While financial wellness takes time and trial and error, it’s possible to attain, even during financially challenging times.

The following are three ways that can help you get started.

1. Hit the reset button

As we start a new year, give yourself a clean slate and reset your financial plan. The spending habits of last year belong in the past; now you need to look forward.

2. Practice mindfulness

When making financial decisions, practicing mindfulness keeps you in check with your emotions. Before you are about to look at your finances or talk to your partner about them, practice being present in the room. For instance, look at your surroundings — the colours in the room, where you are sitting, and more.

Then you’ll notice your emotions easier and be able to approach those emotions with the rational good decision-making part of your brain, which will help you connect.

3. Set realistic savings goals

Figure out a percentage of your income that you’re able to put toward savings and use your budget as a guide.

For those who may be unemployed right now, don’t feel pressure to save and don’t beat yourself up if you do dive into your savings; that’s why you have them.

If you are concerned about depleting savings, consider scenario planning for how to rebuild your savings once you are employed.