Financial Stress Impacts More Than Just Your Money
A combination of missed mortgage payments, rising credit card debts, and unpaid bills could be distressing, but most people don’t realize that these issues can also be linked to physical health problems. The truth is that financial issues can have an impact on far more than just your credit score.
High levels of stress brought on by financial worries are associated with higher risks of migraines, ulcers, sleep disturbances and heart attacks, according to the American Psychological Association – and that’s just the beginning of how your money worries affect your mind and body.
From struggling to go on with life as normal as a result of depression and anxiety, from binge drinking or eating to avoid feelings of hopelessness, the amount of stress you feel because of your finances can prompt you to adopt unhealthy behaviors. In fact, according to reports, around 36% of Americans use unhealthy food consumption as a way to manage stress.
Better Finances Mean Better Health
Research suggests that there’s a direct link between the health of your finances, and your physical and mental well-being. Fortunately, you don’t need to commit yourself to a life of anxiety simply because you don’t have as much money as you might like. The truth is that many of us experience periods of financial stress in our lives, and almost everyone has had to deal with similar issues. However, doing nothing won’t alleviate your stress. Instead of panicking and giving up, take a step back, and make a plan.
- Step 1: Focus On the Present
Eliminating your unwanted debt can be a long and grueling process, so it’s important for you to take each day one step at a time. Don’t spend your time obsessing over the past or fretting about the future; instead, assess your current situation and pinpoint the problems that have led you to this point. Once you’ve figured out how your finances started to fail you, you can identify behaviors that you can change in the future, and make the first steps towards a happier, debt-free life.
- Step 2: Identify Your Relationship with Money – But Stay Positive
Take the time to discuss your relationship with money with your partner, or a family member. A lot of people spend more than they have because they’re searching for something, like love, luxury, or comfort. Identifying this relationship can help you to move forward in a healthier way. Remember that you are going to be able to get out of debt eventually.
- Step 3: Get Help
Sometimes, when people get into bad situations with their money, they feel too embarrassed to discuss their problems with the people who care about them. Being in debt can be an isolating experience, so try to connect with the friends and family that could support you through the issue. At the same time, remember that help extends beyond your social circle. Debt settlement companies can help you to negotiate your debt repayments so that you can overcome the issue faster, with less to pay overall.
- Step 4. Stick to Your Budget
Finally, as you’re going through the process of debt recovery, one of the most important things you can do is establish a budget that works for you – and stick to it! Look at the amount of money that you realistically need to spend on a monthly or weekly basis, and figure out how you can make this work for you. Don’t simply look for alternative forms of credit to help you get through a period when you don’t have much to spend – rethink the ways you spend your money, and how you could potentially make paychecks go further.
For help overcoming your financial stress, contact our office for a free consultation.