Money is the number-one source of stress for women. Considering the traditional financial industry wasn’t built with us in mind, it’s no surprise. Women earn and own less than men. We’re patronized about money more than men. Yet we’re blamed for not having as much money as men do to build wealth, take risks, and stress less about it.

Whatever is going on in your life right now — if you think you’re off track or you’ve fallen behind, and you’re not sure where to pick up — you’re not alone. Even the certified financial planners at Ellevest know what you’re going through, because they’re all women who’ve been there. They know what to do when you feel financially overwhelmed, how to get through it, and how to overcome it.

Here’s seven approachable steps to start building up your financial confidence and feel more in control of your money.

What to Do if Dealing With Money Feels Overwhelming

1. List the things you are doing with your money (versus the things you aren’t doing).

Recognizing small wins has transformational power, especially when you’re feeling overwhelmed. In this state, your brain is overstimulated and big tasks feel unachievable.

By focusing on much smaller ones — the things that usually go unnoticed — you're better able to achieve them, learn from them, and build on their successes. In other words, small wins build confidence.

You’ve probably had at least one small money win this week, and definitely this month. Maybe you paid a bill on time. Maybe you had a percentage of your paycheck automatically deposited into your retirement account. Maybe you stuck to your budget at drinks with your friends (and still had fun). No achievement is too small to count.

2. Note your most overwhelming money goal and start somewhere familiar.

Write down that thing that makes dealing with money feel overwhelming. For example, maybe the news of industry layoffs has you worrying about your job stability and you’re feeling pressure to have a sizable emergency fund, just in case. But setting aside three to six months’ worth of your take-home pay feels like too big of a goal to achieve.

Here’s where your practice of recognizing small wins can really pay off: You know from your own experience that any progress toward your goal is progress worth noting. So start somewhere small and familiar.

3. Break up your goal into baby steps.

Once you’ve hit your small, first-step goal, you’ll want to keep the momentum going. Start by making a list of more small wins you believe you can achieve. For our emergency fund example, that could look like:

• Download an emergency fund calculator worksheet (free for Ellevest clients)

• Schedule a no-spend day

• Cut one monthly expense

• Download a worksheet to help you identify your core values and start spending more intentionally (free for Ellevest clients)

4. Give yourself a specific timeline for each of your goals.

In this step, you turn your list of small wins into your to-do list by giving each goal a specific timeline. The more realistic the timeline, the better — you want to set yourself up for success, not failure. Plus, achieving a goal quicker than planned only does great things for your money mindset. For our emergency fund example, that could look like:

• Download an emergency fund calculator worksheet this weekend

• Schedule a no-spend day next Wednesday, for every month

• Cut one monthly expense next Friday

• Download a worksheet to help you identify your core values and start spending more intentionally next weekend

5. Automate as much as you can.

The best intention doesn’t make a difference unless you act on it. But we’re all busy. The simplest things can easily get lost in the shuffle. That’s why we're big fans of automating as much of your finances as you can.

If you’re saving for an emergency fund or another short-term goal — like paying off high-interest debt — you might automate deposits into a high-yield savings account.

If you’re saving for long-term goals — like retiring on your terms, paying for your kids’ education, or buying a vacation home — you might set up an automated investing plan (like Ellevest’s), where your auto-deposits into an investment account are automatically invested in a diversified portfolio for you.

6. Bucket your accounts and categorize your money.

It’s easier to put your money to work when you know exactly what it’s for. Bucketing your financial accounts can give each dollar a purpose, which gives you a better chance of making visible progress toward your goals. Rather than call one lump sum “Savings,” break it up by goal with labels like “Emergency Fund,” “Student Loan Payments,” “New Car,” and “Splurges.”

Using this method to track your day-to-day finances can make or break your budget. To create a budget that works for you, start with our current monthly spending tracker (free for Ellevest clients), or:

• Review your bank and credit card statements (and paystubs) from the last month to see where your money is going today.

• Categorize each transaction (“Utilities,” “Groceries,” etc).

• Label each category:

  • “Needs” for things you must spend money on, like rent

  • “Fun” for things you choose to spend money on, like streaming services

  • “Future” for things that will benefit you later on, like investing

• Calculate the breakdown of how much you’re spending on Needs, Fun, and Future.

• Need to adjust? Try one of our two favorite budgeting methods, the 50/30/20 Method or the One-Number Method.

7. Have the right financial planner by your side.

To really put your mind at ease when dealing with money feels overwhelming, you might consider working with a financial planner. But not just any financial planner. When your hard-earned money is on the line, you deserve to work with the best financial planner for you.

Partnering with a financial planner who can meet you where you are makes all the difference for your financial confidence. In an Ellevest community survey from 2023, 89% of women said that working with a woman financial planner would make them feel more confident about their money decisions. And we know that when women feel better about their money, they feel better about their lives.

To start your financial planning journey:

• Get to know the real-time benefits of financial planning

• Determine if a financial planner is worth it for you

• Ask these 8 questions to help find the right fit

Book a complimentary consultation with an Ellevest financial expert to get started today.

Disclosures