You’re not the only one who worries about money. Feeling depressed or nervous is a common reaction to losing your work, being laid off, or being in debt.
American adults frequently experience stress related to money. In fact, 72% of individuals say that they frequently worry about money, whether it’s debt or fretting about paying the rent.
In this challenging time, a large number of people from all over the world and from all walks of life are dealing with financial stress and uncertainty. Financial anxiety is one of the most prevalent stressors in modern life, whether your issues are caused by a loss of employment, mounting debt, unforeseen bills, or a mix of causes.
Having a plan to try to manage financial obstacles will assist cope with some of those financial difficulties, even while fretting doesn’t fix anything. Whatever your situation, there are methods to survive these difficult economic times, reduce stress and anxiety, and take back control of your money.
Understanding Financial Stress
Financial stress is strain that is especially monetary-related. Financial stress can affect anyone, but it’s believed that lower-income households are more likely to feel it.
The stress they go through can be attributed to not having enough money to cover their expenses, such as rent, bills, and food, but they may also work in stressful workplaces. Their working conditions could be difficult, noisy, and even hazardous, and they might not be able to take time off.
It’s possible that those with lower earnings lack access to tools for managing their financial stress, such as health insurance for mental health therapy.
Most people occasionally worry about their finances. What makes your financial stress worse than a “typical” stressor, and how do you know? You will experience bad consequences on your emotional and possibly even physical health if your financial stress is extreme.
Be sure to consult a healthcare provider if your financial stress results in physical symptoms like stomach aches or headaches, anxiety, sadness, behavioral changes like withdrawing from social activities, or behavioral changes like these.
Impact on Your Health
Your health can suffer from any stress, but financial stress can be particularly harmful. Financial anxiety may result in:
- Delayed medical care: People who are already experiencing financial strain have a tendency to make budget cuts in areas where they shouldn’t, such as healthcare. Delaying medical care may result in more expensive treatment and worse health outcomes, both of which can increase stress.
- Unhealthy mental state: The relationship between financial and mental health is frequently cyclical; bad financial health can result in poor mental health, which then causes even worse financial health, and so on. According to studies, folks who are in debt experience despair and anxiety at higher rates than those who are debt-free.
- Bad physical condition: Continuous financial stress has been related to a variety of health issues, including heart disease, diabetes, heartburn, migraines, stomachaches, and sleep issues. Our bodies can’t recover while we are under constant stress. Our immune systems are weak, making us vulnerable to viruses and colds. You can have flare-ups or a return of symptoms if you already have a chronic medical condition.
- Unhealthy ways of coping: You may become involved in a range of unhealthy habits as a result of financial stress, including binge eating and abusing alcohol and drugs.
How to Survive Financial Stress
Here are some ideas to assist you relieve your financial stress and find the drive to take charge of your finances.
1. Create a plan and identify your financial pressures.
Examine your financial condition and the areas in which money worries you. Make a list of ways that you and your family may cut costs or use money more wisely. After that, stick to your plan and keep an eye on it.
Writing a strategy and following it can relieve stress, even though this can temporarily cause worry. Call your bank, utilities, or credit card company to set up a payment plan if you need assistance managing your debt or paying your payments.
2. Clean up your spending.
Regular budget inspections are crucial to enhancing your financial health because life is rarely consistent. Schedule, arrange, and declutter all of the money entering and leaving your bank account to take charge of your finances. You’ll experience less stress the more control you have.
3. Recognize the debt cycle.
The first step to getting yourself out of debt is to understand it. Once you know how to break out, you can begin creating a more positive future for yourself with straightforward, manageable practices.
4. Stay active.
Continue to see your friends, keep your resume current, and make an effort to continue making ends meet. Exercise in some way if you have more time now that you’re not working; it might lift your spirits when you’re down.
5. Avoid being tempted.
Even while it might not be possible to avoid shopping centers and stores entirely, limiting the amount of time you spend there can help you keep tabs on your spending. Opt for a different social activity rather than shopping. By keeping your credit and debit cards at home and only bringing the cash you can comfortably spend, you can prevent opportunities for impulsive purchases.
6. Avoid consuming too much alcohol.
Alcohol can develop into a problem for some people who are worried about money. You could drink more than normal to pass the time or as a means to deal with your feelings. However, alcohol won’t make your troubles go away and can even make them worse.
7. Maintain your everyday schedule.
Follow your routine and get up at the same time every day. Your eating habits may change if your routine is disrupted. You can forego making dinner, forgo breakfast because you’re still in bed, or substitute snacks for meals.
8. Keep an optimistic attitude.
Your mentality can keep you inspired to address your money issues. Imagine the tension you experience lessening as your debt burden gets smaller rather than becoming weighed down by ideas of never being debt-free. It’s critical to have faith in your abilities.
9. Stay realistic.
Decide what you can fairly accomplish, and then commit to completing it each and every month. Make a commitment to yourself such, “I will cut back on my spending each month and use the extra money to pay down my debt so that it decreases by at least $100.”
You shouldn’t make overly ambitious financial goals that you might abandon in a few weeks or months, just like a crash diet or an extreme new gym routine can result in burnout.
10. Keep in mind what matters.
Commercialism has the potential to obscure the festive season’s true spirit. Scale back when your holiday expense list exceeds your monthly spending limit. Remind yourself that people, family, and connections are more important than things.
11. Maximize your income potential.
You can avoid addressing your financial issues if you think you don’t have enough money to invest in your goals. Spending strategically will help you make the most of the money you do have.
12. Start small.
You might not be able to find five monthly expenses you could cut by $100, but you might be able to find one where you can save $500. Whenever you err, be kind to yourself.
It’s not always simple to stick to a budget, and there can be days when your willpower wavers. If that occurs, remind yourself of all you stand to gain by accomplishing your objectives. then look at your spending habits to determine why you went over budget. If you can’t enter sporting goods stores without purchasing anything, stop going there. You may need to adjust your spending or habit.
13. Find other sources of income.
You probably already believe you need more money in your budget if you’re under financial stress. But it can also be difficult to figure out how to enhance your financial holdings without putting too much strain on yourself. There are fortunately many ways to increase your income and reduce your stress.
14. Talk to others about the circumstance.
It is crucial that you speak with others, whether you are struggling to pay off a pile of debt or are anxious about sending your child to college without having to sell key organs.
This might be challenging, especially if talking about money was frowned upon in the past. It is especially difficult if the individual you need to talk money with doesn’t understand your financial goals. The good news is that anyone who provides financial counseling, financial planning, financial therapy, or mental health services is qualified to step in when our financial situations have an adverse effect on other facets of our wellbeing.
Final Thought
It’s crucial to express your worries and not just keep them to yourself if you feel that the burden of your financial condition is too much for you to handle. Discuss your financial worries with close family and friends you can trust.
If you don’t feel comfortable sharing specifics, you don’t have to, but the more you discuss your worries with your support network, the less alone and anxious you will feel. Your family members might even be able to provide fresh insight into what you could do to resolve your financial problem.