Financial stress has many causes. For some, job loss or illness has made it difficult to make ends meet. For others, rising prices or unexpected expenses cause money worries. But whatever the reason may be, financial stress can take a serious toll on one’s health.
Financial stress is a frequent trigger of mental health issues such as depression. Worrying about how you’re going to pay the bills and put food on the table can take over your thoughts, and it becomes difficult to enjoy the good things in life. Another common issue is anxiety, which may be accompanied by scary panic attacks.
Depression and anxiety can lead to physical health problems. These may include stomach ulcers, high blood pressure and insomnia. Left untreated, stomach ulcers can cause dangerous internal bleeding, and high blood pressure and insomnia increase one’s risk for a heart attack and other serious problems.
As you can see, financial stress can be the precursor to a nasty chain reaction. Here are five ways you can fight financial stress and avoid these grave health concerns.
1. Take time to enjoy the good things in life. When you can’t see past your financial troubles, you may forget those things that once put a smile on your face. Force yourself to forget about your troubles and do something that makes you happy, such as reading a good book, playing with your children or participating in your favorite sport or hobby.
2. Be proactive. It’s easy to fall into the trap of feeling sorry for yourself when it comes to money woes. While that may be warranted at first, the only way you’re going to get through it is to work at it. Sit down and think about ways to cut expenses and/or increase your income, then act on them. Even if you just make a small amount of progress, you’ll feel some relief and an increase in confidence.
3. Find a shoulder to cry on. Being upbeat is best, but sometimes a dire financial situation is going to get you down. When this happens, talk to a trusted friend or family member. She may be able to give you some good advice. Even if you don’t want advice, having someone to use as a sounding board will take some of the weight off of your shoulders.
4. Use stress relief techniques. A simple bubble bath can work wonders for your state of mind. If you want to try something more sophisticated, meditation has been proven effective against stress. Other things you might try include aromatherapy and massage.
5. Think about the things you’re thankful for. When you’re obsessing over your finances, take a break and think about the things that you do have. Better yet, write them down. This will help you see that financial security is only a small part of the big picture.
Stress is normal when we experience financial issues. But if you let it take over your life, your health will suffer. Fighting back will make you feel better, both mentally and physically.
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There’s much more to life than money. But a lack of money can really put a damper on everything else. Financial stress has a way of darkening one’s entire outlook. And the fact that it tends to be self-perpetuating makes it even worse.
When you’re facing financial stress, you may feel that the only cure is more money. While that would certainly help, it is not always forthcoming. So we must learn to set priorities in order to make sure our needs are met. But when you’re facing a sudden change in your finances, that’s not always easy.
Here are five tips to make setting priorities during hard times easier.
1. Remember the basic essentials of life: food, water and shelter. Take care of those needs first. Pay your rent or mortgage, electric bill (for safe food storage and cooking), and water bill first thing each month. Next, buy groceries. Then tend to everything else.
2. If you have a job, make sure you have a way to get to and from work every day. This means paying for public transportation or maintaining your own vehicle. If you must drive, auto maintenance should be a top priority. If you don’t properly maintain your car, you could find yourself with no way to get to work, putting you in danger of losing your job.
3. Do your best to stay in good health. Get plenty of sleep, eat fresh, healthy foods and find a way to pay for any maintenance medications you need. If you are uninsured, apply for Medicaid or seek out free or low-cost clinics in your area. Staying healthy in the first place will reduce your chances of incurring large medical bills, which could cause even greater financial stress.
4. Keep major appliances such as refrigerators, stoves, air conditioners and furnaces in good repair. Heating and air conditioning units should be checked for problems each year to help prevent breakdowns, and filters should be changed as recommended by the manufacturer. If your stove or refrigerator is on the fritz, having it repaired instead of buying a new one can save you money. If something must be replaced, try to find a used one first.
5. Reduce or eliminate expenses for things you can do without. If you have a cell phone, you may be able to get by with a cheaper plan. If you also have a home phone, consider having it cut off and using only your cell phone. Cable or satellite TV is not a necessity, so if you’re having a hard time making ends meet, consider getting it cut off.
Financial stress can affect our decision-making skills when we need them the most. By setting priorities, you can manage your money more efficiently and eliminate unnecessary spending. This will help ensure that your needs are met, and that in turn will reduce stress levels. Then you can work toward getting your finances in better shape.
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Stress can cloud judgment for the best of us. When we’re worried or upset, we just can’t think as clearly as when we’re calm and happy. And when it comes to financial stress, the consequences of bad decisions can be serious.
Anything that adversely affects our income or expenses can cause financial stress. Job loss is an all too common cause. But illness, divorce and legal problems can also put a strain on the budget. Even happy events such as a move or an addition to the family can cause stress when it comes to money.
Logically, we all know that tough financial times call for smarter spending habits. But during a crisis, it can be difficult to keep the budget in check. After cutting back on everything we can, it may still seem hopeless. But instead of looking for other solutions, many people just give up.
Instead of seeking out other sources of income or finding creative ways to reduce expenses or increase income, those suffering from financial stress may go on spending sprees. They feel that they have nothing left to lose, so they spend money impulsively instead of trying to get back on track. They may run up huge credit card balances, but when the time comes to pay, they can’t. So in addition to having trouble making ends meet, they have creditors calling daily and bad marks on their credit reports.
What to do if you’re experiencing financial stress
If you find yourself in such a downward spiral, it is important to seek help quickly. By doing so, you could save yourself lots of money and heartache. In the vast majority of cases, those with financial difficulties have options that can help prevent things from getting worse.
At the first sign of financial trouble, it’s important to contact your creditors. Tell them about your situation before you get behind on your bills. They will most likely work with you, because they want to maximize their chances of getting the full amount that you owe them. They may allow you to skip a payment, reduce your interest rate or lower your payments to help you out.
Talking to a trusted friend or family member can be helpful when you’re looking at a bleak financial picture. They may be able to offer some suggestions. Even if they have no advice, just having a shoulder to cry on can help relieve stress.
If you have a lot of credit card debt, a credit counselor might be able to assist you. Credit counselors specialize in helping consumers manage their debts. Your counselor may be able to help you work out a budget, and he can also negotiate with your creditors if necessary. If you follow the plan he sets up, you could be debt-free within a few years.
Financial stress can be a vicious cycle. You become stressed out because you can’t make ends meet, and then you make bad decisions that hurt your finances even more, which causes even greater stress. But it doesn’t have to work out that way. By taking control of your finances and getting help as needed, you can prevent a complete financial meltdown.
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