A New Global Problem: Stressed About Money

Healthy Mind / Tuesday, October 13th, 2020

Stress can come from any event or thought that makes you feel angry, frustrated, or nervous. No one is excused from this feeling, and sometimes, it lasts for a more extended period. When you are stressed about money, it often means that your budget is out of whack. For example, dental treatments costs can stress you, unexpected medical surgeries, credit card bills, electricity bills, and many more. Moreover, stress is not just about money problems, but it is the most common reasons for stress.


Getting Insight about Financial Stress

All people from all over the world and from all walks of life are having to deal with financial stress and uncertainty at this troublesome time. Even before the worldwide coronavirus pandemic and resulting economic fallout, many individuals feel stressed about money. In the present economic challenges infer that even more of us are currently facing financial struggles and difficulty.

Like any source of overpowering pressure, money problems can negatively affect your physical and mental health, your relationships, and your overall quality of life. Feeling beaten down by financial stress can harmfully affect your self-esteem, sleep, and energy levels. It can leave you feeling irritated, embarrassed, or fearful, and even increase your risk of depression and anxiety.

In that case, you may turn to unhealthy coping mechanisms, such as abusing drugs, drinking alcohol, or gambling to try to escape your worries. In the worst situations, financial stress can even incite suicidal thoughts or actions. Yet, regardless of how hopeless your circumstance appears, there is help available. By handling your money problems head-on, you can discover a way through the financial dilemma, ease your stress levels, and recover control of your finances and your life.


Impacts of financial stress on your health

Checking all their billsAlthough most people know that deep down, there are a lot more essential things in life than money, when financial stress becomes overpowering, your mind, body, and social life can pay a heavy price. Financial stress can lead to the following conditions:

Sleep difficulties. Nothing will keep you thrashing around at night more than distressing about a loss of income or unpaid bills such as your credit card and insurance statement.

Weight loss or weight gain. Stress can result in disruptive appetite, making you overeat or skip dinners to save cash anxiously.

Depression. Remaining under the haze of money problems can leave anybody feeling down, miserable, and struggling to concentrate or make decisions.

Anxiety. Without money, people may feel anxious and vulnerable. And all the stressing over unpaid credit card bills or other unpaid bills, or loss of pay can trigger anxiety symptoms, for example, a beating heartbeat, perspiring, shaking, or even panic attacks.

Relationship difficulties. Money frequently referred to as the most well-known issue couples argue about. Financial stress can make you irritable and angry, cause lost enthusiasm for sex and wear away at the foundations of even the strongest relationships.

Social withdrawal. Financial stress can take away your freedom and cause you to withdraw from friends, restrain your social life, and retreat into your shell. In that situation, it only makes your stress worse.

Physical complaints, for example, headaches, gastrointestinal problems, high blood pressure, diabetes, and heart ailment. The problem with money may also cause you to delay or skip seeing a specialist because of the fear of bringing about extra expenses.


The endless cycle of poor financial health and poor mental health

Various studies have stated the cyclical relation between financial stress and mental health problems such as anxiety, depression, and substance abuse.

  • Monetary problems unfavorably sway your mental health. The stress of credit card debt or other money problems leaves you feeling anxious or depressed.
  • The weakening in your mental health makes it harder to manage cash. You may think that it is harder to focus or do not have the energy to handle a mounting heap of bills. Or on the other hand, you may lose income going on vacation because of depression or anxiety.

These complications managing money lead to worsening mental health problems and more financial problems, and so on. You become caught in the unending cycle of money problems and mental health issues. However, regardless of how disheartening your circumstance may appear right now, there is a way out. These techniques can assist you with breaking the cycle, ease the stress of money problems, and discover security once more.


Managing financial stress:

1. Talk to somebody
Most people, when facing money problems often to bottle everything up and try to go it alone. Because many of the people consider money as an untouchable subject, one not to be talked about with others. It may seem complicated and awkward to you to reveal the amount you earn or spend, feel disgrace about any financial mistakes or ashamed about not being able to provide for your family.

However, suppressing things will only make your financial stress worse. In the current economy, where numerous individuals are battling through no fault of their own, you will possibly discover others are far more understanding of your problems. Moreover, talking to someone might also help you to find out how to resolve your financial issues.

2. Take inventory of your finances
In case you are battling to get by, you may think you can manage your stress by leaving bills unopened, ignoring bank and credit card statements, or evading calls from creditors. But denying the reality of your circumstances will only make the situation worse in the long run.

The initial step to devising a plan to take care of your stressed about money is to detail your income, debt, and spending throughout at least one month. As you study your debt and spending habits, keep in mind that anybody can get into financial problems, particularly at times such as this. Try not to blame this as an excuse to punish yourself for any apparent financial mistakes. Offer yourself a break and focus on the perspectives you can control as you look to move forward.

3. Make a plan and stick to it
Listing down all her billsSimilarly, as financial stress can be brought about by a broad scope of various money problems, so there is an equally broad scope of potential solutions. The plan to address your particular issue could be to live inside a tighter financial plan, bring down the rate of interest on your credit card debt, check your internet spending, look for offers online, look for government assistance, declare bankruptcy, or get another line of work or additional source of income.

The initial step to making a plan is to identify your financial problem. It may be because of excessive credit card debt, insufficient salary, or you spend too much on unnecessary purchases when you feel stressed or anxious. It is better to arrange for each one.

You will also need to devise a solution. You can brainstorm thoughts and ideas with family, trusted friends, or consult a free financial counselling service. If it is possible, talk to credit card companies and request to lower the interest rate. Or then again, perhaps you need to restructure your debt, eliminate payment, or speak to your supervisor about working overtime.

To put your plan into action maybe you may need to remove or cut down your credit card, selling things on eBay, or networking for a new job. Make sure to monitor your progress to lessen the impact of the financial problem. Do not beat yourself up when something happens to derail your plan, instead get back on track as soon as possible. The more thorough you can make your plan, the less powerless you will feel over your financial situation.

4. Make a monthly budget
Whatsoever your strategy to relieve your financial stress, setting and following a monthly budget can help retain you on track and recover your sense of control.

Remember to include your everyday expenses in your budgets like groceries, utility bills, monthly rent, and cost of travel to work. Set aside the items that you pay annually. If possible, try to arrange a set up for automatic payments to ensure you paid your bills on time and avoid late payment and interest rate.

Also, try to include unexpected expenses such as prescription fee if you get sick or one of your family. Keep looking for ways to save money like regularly reviewing your budget and find ways to trim expense. And be sure that everyone in the family is pulling in the same direction and understands the financial goals you are working towards.

5. Manage your overall stress
Resolving stressed about money tends to include little steps that reap the rewards over time. In the present economic situation, it is improbable your money problems will vanish overnight. Yet, that does not mean you cannot take steps right away to ease your stress levels and discover a peace of mind to better deal with trials in the long haul.

Get moving. Even a little usual exercise can help ease stress, improve your energy, mood, and boost your self-esteem.

Practice a relaxation technique. Make an effort to relax each day and give your mind a break from the constant worrying. You can meditate, have breathing exercises, or other excellent ways to relieve stress and reestablish some balance to your life.

Try not to hold back on sleep. Feeling tired will increase your stress and negative thought patterns. Look for ways to improve your sleeping habits, particularly during a difficult time.

Eat healthy food. Have a healthy diet like food rich in vegetables, fruit, and omega-3s. This can help improve your state of mind and enhance your energy and outlook. Also, you don’t need to spend a lot on food; there are ways to eat well on a budget. Don’t dive into ice-cream and sugary foods to get rid of your anxiety as this might result in tooth decay leading to more expenses from your pocket.

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