Financial stress is rising. Here's what one expert says to do first.

Many Americans are feeling stressed about money, and that stress may be making it harder to improve their financial situation.

Lincoln Financial found finances are the No. 1 source of stress for Americans, with more than half of adults saying money is a major source of stress.

Jared Nepa of Lincoln Financial recently joined the In Your Corner podcast to discuss what their findings reveal about how financial stress affects Americans, what people are most worried about, and some of the steps that can help reduce that stress.

What is the financial stress loop?

Nepa said financial stress often causes people to focus on immediate financial problems rather than long-term goals.

Rising costs, debt and constant comparisons on social media can make people feel overwhelmed and trapped.

"When you're feeling stressed, you're often making decisions based on the short term," Nepa said. "It's harder to focus on the bigger picture."

That can create a cycle where financial stress leads to decisions that make financial problems even worse.

Start by understanding where your money is going

For people who feel stuck, Nepa says the first step is surprisingly simple.

Open your banking app.

Review where your money is going each month. Separate needs from wants and look for opportunities to save consistently over time.

Rather than trying to make dramatic changes all at once, Nepa recommends focusing on manageable steps that can create momentum.

Don't wait for the perfect time

One of the biggest misconceptions, Nepa says, is believing it's too late to get started.

"There's never a point in time that's going to be the right time, especially if you're feeling stressed," he said. "The time is now to get control, meet with a financial professional, get some guidance and take that first step."

Nepa pointed to research showing that while many Americans feel stressed about money, a large majority are also motivated to take action.

The million-dollar question

The conversation also explored a simple question with a powerful lesson behind it:

Would you rather have $1 million today, or a penny that doubles in value every day for a month?

The exercise highlights the power of compounding and serves as a reminder that small, consistent financial habits often produce bigger results than people expect.

You can find the full conversation on the CBS Philadelphia YouTube channel or wherever you get your podcasts.

Looking for help with a consumer issue? Click here to submit your complaint to In Your Corner.