Financial stress is one of the most common and least addressed stress types found in people all around the world. If you are unable to meet your desired financial status, you must be suffering from financial stress, but don’t worry you are not alone in this.
According to a report published by American Psychological Association, over 72% of adults have reported financial stress symptoms. Studies have also revealed that financial stress can have a negative impact on your overall health.
According to a recent research report, financial stress can cause significant physical harm to individuals suffering from it. Researchers also have revealed a direct link of financial stress with vital bodily functions including immune functioning, heart, blood pressure, memory, and mood.
But what are the common symptoms of financial stress and how can someone deal with it? Here’s the answer!
What Causes Financial Stress?
People who are unable to fulfill their financial requirements are most likely to suffer from financial stress. It is especially found in people belonging to low-income households and working for a lower wage in unsafe environments.
Workplaces that offer less flexibility in terms of time off are another factor causing money stress among workers. After even knowing how the work environment is suffering their health, people dealing with financial stress find it difficult to leave following the fear of being unable to meet their needs.
This type of stress can be heinous for people who lack the resources to address their mental health. Being unable to consult any mental health expert, such people tend to suffer from financial stress all their lives.
Money stress can have serious impacts on your physical as well as mental health. From anxiety and depression to headaches and stomachaches, financial stress can pose some serious threats to individuals if not addressed in a timely manner.
In such situations, it becomes crucial to consult health experts but again, people who suffer from this type of stress lack resources to address their physical and mental health.
Stress be of any kind, can have serious impacts on human health but financial stress can be really toxic and it can cause the following serious impacts on your health:
1. Unstable Mental And Physical Health
Financial stress can result in poor mental health. Studies back the fact that people who are being bogged down by debt have shown more symptoms of anxiety and stress as compared to people who are living a debt-free life.
Following poor mental health, people tend to suffer from poor physical conditions as well. Thus, the cycle goes on until the financial issues are addressed properly.
2. Lack Of Resources To Cope With Healthcare
People who are already suffering from mental stress do not get enough courage to invest in their healthcare. Such consider cutting off healthcare expenses in order to keep their overall expenses down.
This way, they keep delaying healthcare thus tend to suffer more in terms of physical and mental health issues. Although, it may seem a good idea to cut off costs but can have long-lasting effects on their health.
3. People Suffering From Financial Stress End Up Indulging In Unethical Habits
Alongside mental and physical health issues, people who lack financial resources are seen indulging in unethical activities like drug use.
According to a report published by American Psychological Association, people suffering from stress have adopted the tactic of overeating unhealthy food in order to deal with stress.
How To Ease Financial Stress?
Although dealing with financial stress can be complicated but it is never impossible. Here are some tips for you to better handle your finances in order to overcome your financial stress.
1. Prioritize Your Spending
Financial stress often occurs following a lack of resources and lack of financial resources are directly liked with spending habits.
If you are unable to manage your available income well, prioritize your needs and wants. Create a list of your necessities and desires. Think of how you can save a little from your needs and try to save it to fulfill your dreams.
The thing is, you only live once. So, never compromise on your dreams. Trim your wants and spare a little budget to cope with your dreams. It might take a little longer for you to save for your dreams, but at least you will get to live your dream.
Also, if you are indebted, paying off the debt must be your foremost priority. It will help ease your stress because indebted people often show more symptoms of financial stress.
2. If Your Are Being Paid Little And Expected To Do A Lot, Leave That Job!
Workplaces also play a vital role in the health of their employees. Several people suffering from financial stress have reported that their workplaces do not pay what they deserve thus it builds a certain level of stress on them.
Alongside mental stress, the productivity of people also declines to aid the depression. So, if you are working at any such place that is giving you nothing except stress, just leave it! Because everything comes with health, if you are lacking at this point, you won’t be able to make any positive improvement in your life.
3. Look For Ways To Earn Extra Income
What’s stressing you out? Lacking those extra bucks in your pocket right? Well, in the majority of cases, lack of money or limited money is the only reason behind financial stress. So, the only cure to this problem is to identify opportunities to earn extra money.
Although, coping with side hustles can challenge you mentally but with the extra money in your pocket, you can relieve your stress.
4. Follow A Well Crafted Budget
Try to make the most out of your income else financial stress will always remain there. Spending on small things here and there might seem normal but these small things later create great troubles.
So, the only way you can control your habit of overspending is to follow a well-crafted budget. Write down all your expenses and align them with your monthly takeaway income. Don’t ignore even the smallest expense you make.
Once you have aligned all your expenses and budget, consider all the unnecessary expenses you make. Omit these expenses in your next budget and make sure you are following your planned budget duly. This will help you control your bad spending habits and thus your income will be utilized in the best possible way.
5. Practice Self Care
It is important to give yourself time! If you are unable to fix your financial issues despite putting in extra effort, stop stressing out.
Take out time for yourself. Take off from your work, dress well and treat yourself. You have worked so hard, you are making all possible efforts, thinking a lot about your debts can only worsen situations for you. Your deteriorating mental and physical health will reduce your productivity even more thus aiding your bad finances.
Dealing with financial stress can be a difficult deal but it is possible only if you practice self-care.
Related: Why Conducting A Financial Checkup Is Important For Your Financial Wellbeing
The Takeaway
After putting all your efforts to cope with your financial stress, if you are running out of ideas to deal with your stress, don’t hesitate to ask for help. Share your concerns with people around you; feel comfortable sharing your burden with your loved one. This will surely help you lessen the stress but if still prevails don’t delay healthcare.
