Are you constantly worried about money? This pandemic is called financial stress and it is experienced by 7 out of 10 people. Its causes can be many but mainly it is all about having a lower income in comparison to your expenses. This causes you to max out your credit card and have a huge debt. You may also have tons of bills to pay such as loans, mortgage or utility bills. It is without a doubt this causes a high amount of anxiety and stress. In this way, financial stress has been linked to various health problems especially depression and sleep problems. The adverse economic conditions also do not help with inflation rates rising causing a decreased value of your purchasing power.
The negative effect of financial stress leads to unhealthy coping behaviors. For example, people will compensate by engaging with vices such as drinking and smoking. It also leads to overeating that may trigger obesity problems as well. Significantly, when people are under money stress they tend to take less care of their health. They budget their money to other basic necessities such as food and shelter. This in the long term is dangerous and can have a negative impact on one’s overall well-being.
However, here’s the deal, while one might be thinking that they’re saving by neglecting their health this instead may lead to larger problems down the road. This can cause more stress such as losing sleep which impairs your immune system and cognitive skills. Loss of sleep can add to unstable mood swings and make you less productive at work. It also impairs you to solve your money problems.
Financial stress is a cause of frustration wherein you might develop a sense of hopelessness. The anxiety and self-neglect will lead you to have poor coping skills. This makes money woes one of the leading causes of stress in people today. But don’t lose hope. You can regain control of your life and reduce your stress with a few financial advice.
Primarily, crunch the numbers and find out your financial standing. It’s important to know how, where and why you are spending your money. Discover if there are any spending habits that you can curb without sacrificing your health. For example, maybe you can cut down on coffee sprees and going out with friends.
Create a realistic budget and stick to it. It is necessary you allocate an amount for your bills and debt payments. Try bargaining with your creditors for a lower repayment amount monthly that will help you save. It’s important to cut costs and work towards reducing the amount you owe. Make it a priority to save and budget accordingly. This will help you have a sense of control over your financial future.
Finally, practice stress reducing techniques. It is essential you recognize the ill-effects of financial stress. Start meditating or simply take breathing exercises. This will help calm your nerves. Moreover, remove your vices of drinking and smoking. This only causes you to spiral downwards into a stress filled world. Focus on creating a low stress lifestyle by eating healthy and exercising. These endorphin boosting activities will help you regain your strength to battle any financial stress you may be encountering.
For more tips on health and wellness be sure to visit HealthyLivingMadeEasy.org. At Healthy Living Made Easy, you can connect to a certified personal trainer and more.
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