As prices for heating oil, gas, and groceries climb, experts share practical ways Mainers can manage financial anxiety.
MAINE, USA — From heating homes to filling up at the pump, Mainers are feeling the squeeze of rising costs, and it’s taking a toll beyond their wallets.
The average cost of heating oil is about $5.40 per gallon, according to the Maine Department of Energy. That means it now costs roughly $435 more to fill a standard 275-gallon tank than it did before the war in Iran. Gasoline prices are also up, ranging from 90 cents to $1 more per gallon, depending on location, according to AAA.
At the grocery store, prices have surged as well. The U.S. Department of Labor reported food costs have increased nearly 30% over the past five years.
Those rising expenses are contributing to widespread financial anxiety. A recent report from the American Psychiatric Association found nearly 60% of Americans feel anxious about their finances.
“Financial struggles really lead to chronic stress,” said Justin Chenette, the chief communications officer at Sweetser, a nonprofit mental health provider in Maine. Stress can build over time, increasing the risk of depression and even suicidal thoughts, Chennette explained.
“It’s not just a singular time period,” he said. “It could be something they’re grappling with long-term that constantly weighs them down emotionally.”
Experts say there are simple steps people can take to regain a sense of control. One of the most important: understanding your finances.
“It’s important to get a lay of the land,” Chenette said, encouraging people to track spending, savings, and where they may be falling short.
Planning ahead, especially for groceries, can make a big difference.
“I would make menus ahead of time,” Marion Syversen, financial advisor for Norumbega Financial, said. “That way there isn’t waste.” She also recommends cutting back on non-essential spending.
“Typically we overspend in the category called ‘life,’” Syversen said. “We buy ourselves stuff that we don’t necessarily need, because we want it.”
If financial stress becomes overwhelming, experts emphasize that support is within reach. Chenette encouraged people to take small steps and recognize progress.
“Take that small win and celebrate it,” he said.
Organizations like Ca$h Maine offer free financial education and resources.
For those in crisis, help is available through the 988 Suicide and Crisis Lifeline, which can be reached by call or text.
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