30% of adults in the US admitted to being constantly stressed about their money and finances, while 85% conceded to feeling stressed at least some of the time for the same reason. While stress has been normalized in the world that we live in today, we should not overlook the toll that stress and anxiety may exert on our health if not addressed and properly managed. One of the most commonly known effects of chronic stress is high blood pressure, which affects a large part of the population. However, it is not the sole health concern that may arise from financial-related stress.
The Impact Of Financial Stress On Your Health
While a moderate amount of stress is to be expected and may even act as a motivator to achieve more, chronic stress may birth a host of related health complications. The source of financial stress varies from person to person: debt may be a major cause of stress, as well as a mortgage or the pressure to meet bill payments on time. This can lead to anxiety and depression, which are debilitating conditions that can make it hard to focus and keep up with financial responsibilities. This creates a vicious cycle: you’re stressed about money, get sick and have to pay for healthcare, then worry about the money you’ve spent to get better. However, not all hope is lost, as there are a few steps you can take to manage your financial worries as you make good investments using a online personal loan or save up to remodel your house.
Dealing With Money-Related Anxiety
It’s very common to be anxious about money. This is partly because it never feels like money is enough: as your income increases, so do your expenses. However, there is one very important thing you can do to reduce this anxiety: plan for your money. One of the biggest reasons why people are anxious about their finances is because they are living beyond their means. This is often because they don’t factor in how much money they need from month to month, or from year to year. The simple answer to this is to make a comprehensive budget and stick to it. Once you do this, you’ll find yourself less anxious, as you will be in a better position to control your money as opposed to your money controlling you.
Coping With Financial Depression
One of the greatest contributors to financial depression is the rising concern over debt. This is supported by studies that show that 56% of Americans believe that debt has a negative impact on their lives. However, the question is not how to eliminate debt, but rather how to manage it. A good economist will tell you that wealth cannot exist without debt. So have a strategy to pay off your debts and prioritize the accounts that have the highest interest rates. Stick to your payment schedule so you don’t find yourself overwhelmed by debt. This will have a significant impact on your health as you will find yourself less prone to depressive bouts and remain on top of your financial obligations.
It is easy in this age to get caught up in money blues, but with a little extra planning and a touch of optimism, you should beat them in no time.