Why checking your bank balance to often could be bad for your health

Understanding Financial Anxiety

For many people, financial anxiety can manifest into habits like constantly checking their bank balance. A recent report by Lloyd’s Banking Group found that only 55% of Brits feel comfortable checking their bank balance, while one in four (23%) worry about their finances at least once a week.  Although checking your bank balance isn’t inherently a bad habit, if you find yourself becoming obsessive or feeling significant anxiety, it could be a sign of a bigger problem and might be worth considering reducing how often you check your balance.  With 17 million Brits suffering from financial anxiety daily, it’s clear that financial wellbeing needs urgent attention. Often stemming from past money worries, living above means or a fear of not having enough, it’s important to build a healthy relationship with your personal finances.

So how can you stay financially aware without triggering stress or worry? Tom Barrett, financial wellbeing expert at caba, explains: “Though staying on top of your finances is important, habits like checking your bank balance too often become a source of stress rather than control. Stressing about money isn’t just about numbers, it’s about the emotional weight we attach to financial security. There are ways to maintain awareness without allowing it to negatively impact your mental and physical health.”

Here are Tom’s top five tips to help manage financial anxiety:

1. Schedule Check-In Times to Review Your Finances “Instead of regular impulsive checks, like checking your bank balance too often, carve out specific times (weekly or monthly) to do a comprehensive review of your finances. Think of it as a financial check-in and set a recurring appointment with yourself. For every ‘check-in’, review transactions, check for unnecessary outgoings (e.g. subscriptions or direct debits you forgot to cancel) and track progress. Make necessary adjustments and stick to them.”

2. Review Your Direct Debits “Don’t become complacent with your direct debits. Once or even twice a year, dedicate some time to shop around for better deals on your regular outgoings. This includes things like insurance (car, home, life), phone contracts, internet providers and energy bills. Comparison sites can make this process easier, helping you save money and improve your bank balance over time.”

3. Build a Financial Safety Net “If you’re able to, setting up a small emergency fund can provide reassurance and reduce stress related to unexpected bills or outgoings. Knowing you have a safety net can make checking your finances less daunting and easier to handle. If saving a large sum feels overwhelming, why not start small? Try methods like the 1p savings challenge where you save one penny on day 1, 2p on day 2, 3p on the third day and so on – it all adds up!”

4. Use Budgeting Tools “Budgeting tools are a great way to manage your money without the anxiety of having to constantly check your balance. Tools that help you budget can give you a clear overview of your spending patterns and allow you to stay proactive. Many apps also offer features like spending summaries categorised by type (e.g. food, travel, entertainment) and goal tracking all in one place. These provide valuable insights to keep you on track which can then reduce your anxiety.”

5. Seek Support When Needed “If checking your bank balance is part of a bigger problem distressing you, it’s important to reach out for support. Whether it’s accessing advice from a charity like caba or seeking out financial resources, there is support out there to help you build healthier money habits, reduce your anxiety around finances and receive tailored advice realistic to your situation.”

For more financial wellbeing support, visit caba's resources to find tools and guidance tailored to the ICAEW community.