If your heart races every time you open your banking app, or you find yourself putting it off completely, you’re not the only one. Panic checking your bank balance can feel like stepping into the unknown, especially when money’s tight, or you’re not sure what you’ll find.
This guide is here to help you understand why that reaction is so common, how to take the pressure off, and what steps you can take to regain a sense of control over your finances. We’ll also explain how to tell the difference between everyday financial panic and anxiety as a mental health condition – and where to turn if you need support with either.
Why does looking at your bank account feel so overwhelming?
When you’re worried about money, it’s not just about the numbers. It’s about what they represent – unpaid utility bills, missed payments, or a reminder that there’s more going out than coming in.
For many people, checking their balance brings up fear, shame or guilt, and those feelings can quickly become overwhelming. If you experience bank account anxiety, it may lead you to:
- Avoid your banking app or logging out without looking
- Worry about overdrafts or unexpected charges
- Feel guilty about spending, even on essentials
- Put off payments because you don’t want to see the balance
- Feel stuck, even when you want to make a change.
Understanding the difference between financial panic and anxiety disorder
Feeling panicked about money is common, especially when bills are due or your bank balance isn’t what you expected. These reactions are usually short-term and tied to specific events. But sometimes, if the fear doesn’t go away, even when the situation improves, it could be more than money worries.
An anxiety disorder is a recognised mental health condition. It goes beyond occasional worry and can affect your daily life in significant ways. Symptoms may include:
- Constant or excessive worrying, even when things seem okay
- Difficulty sleeping or relaxing
- Trouble concentrating or making decisions
- Physical symptoms like nausea, shaking, or a rapid heartbeat.
There are different types of anxiety disorders, including:
- Generalised Anxiety Disorder (GAD) – ongoing, persistent worry about various aspects of life
- Panic disorder – involving repeated panic attacks and fear of them happening again
- Social anxiety disorder – fear or discomfort in social situations
- Obsessive Compulsive Disorder (OCD) – where obsessive thoughts lead to compulsive behaviours or health fears.
At MoneyPlus, we can only support your financial situation but if you experience money-related panic attacks or your feelings go beyond money worries and affect other parts of your life, we encourage you to reach out to a healthcare professional. You’re not alone, and help is available.
Why avoidance only makes things harder
It’s tempting to look away and not open the app, or delay opening that letter. But the longer you avoid your finances, the harder it gets to stay in control.
Avoiding your bank account can lead to:
- Missed payments and extra charges
- Overdrafts you didn’t know you’d entered
- Bigger debts building quietly in the background
- Fewer options for dealing with things.
Information is power. Even if the numbers are low, knowing where you stand is always better than guessing.
How to take control, one step at a time
You don’t have to fix everything today. Start small:
- Choose a regular time to check your bank account
- Find a quiet, calm moment where you won’t be interrupted
- Have a notebook ready to jot down what you see
- Avoid judging yourself for what you find.
Pair this routine with something comforting, like a cup of tea or your favourite playlist. Over time, it can become less daunting and more routine.
Building a simple plan that works for you
If your balance is low or your debts are rising, you don’t have to face it alone. If you’re unsure where your money’s going or how to improve things, creating a basic plan can help. That might mean:
- Listing your income and essential bills
- Noting down payments due this month
- Checking for subscriptions or non-essentials you can pause
- Exploring ways to reduce repayments on debts.
You can use our disposable income calculator to get a clearer picture of your monthly income and expenses each month, as well as how much you have left over.
When it’s time to ask for help
If you’re struggling with anxiety that’s impacting your everyday life, there are a number of support and treatment options available. You can:
- Contact your GP
- Refer yourself for NHS talking therapies
- Get support from charities such as Anxiety UK or Mind.
Explore your debt solution options
For support with debt and advice on options available to you, you can get in touch with a debt adviser. They’ll listen, explain your options, and help you find a way forward that works for you. You can get free, impartial advice from MoneyHelper.
Alternatively, contact our team at MoneyPlus. We can offer advice on different debt solutions that may help with managing your debt and reduce stress. According to a recent survey, 2 out of 3 MoneyPlus customers felt less stressed once they’d taken out a debt solution.*
Many people have been where you are. And many have turned things around, not by having all the answers, but by taking one honest step forward.
*MoneyPlus customer survey 366 respondents May 2025.
