The Negative Affects of Financial Stress and Ways to Cope
The negative affects of financial stress can manifest themselves in many negative ways. If health is a top priority for you, then you should be aware of how your financial woes are affecting your health and well-being. Do you need some extra motivation to repair your credit, save money for your child’s education, create a retirement savings fund, or pay off your debt? In this article, we’ll provide details about how you can take better care of yourself so that you are better able to tackle your finances.
Ongoing stress is linked to many conditions
Most people who are dealing with financial difficulties have a lot of stress as a result. In fact, according to a survey conducted by Northwestern Mutual, money is the dominant source of stress for 44% of Americans. Did you know that stress is directly linked to a number of health conditions, including migraines, digestive issues, diabetes, heart problems, and sleep disorders? Your stress may not be manifesting itself physically now, but prolonged periods of stress can really take a toll on the body. Left uncontrolled, stress will eventually weaken your immune system and potentially lead to other health complications. It’s in your best interest to eliminate financial stress from your life.
Avoiding preventative healthcare
If you’re unhappy with your current financial situation, then you may also be unhappy with your health insurance and healthcare options, which can be costly if you don’t have comprehensive employer-subsidized insurance coverage. Do you often put off preventative healthcare because you don’t want to pay co-pays, or you fear what the doctor may recommend? Perhaps just getting to your doctor will require you to take time off from work or other important obligations. Regardless, you may be putting your health at risk as a result of money.
Similarly, due to lack of insurance coverage or other resources, you may be putting off treatment. These days, prescription drugs may cost a fortune, even if you do have good insurance. The longer you avoid treating a medical condition, the worse it might get. As a result, treating it in the future may become even more expensive and involved.
Tips For Handling Financial Stress
When facing financial struggles, you can start to feel like there is no hope. Depending on your financial situation, the solution can be harder to achieve than others. Either way, there is help out there for whatever situation you find yourself in.
Look into credit counseling
If you are not financially savvy, knowing what to do next to help improve your financial situation can be overwhelming. This is where a credit counselor can help out. Typically, they are a free resource provided by nonprofit financial education organizations. The services are usually for free and can be helpful in figuring out how to get your finances together. Check out the National Foundation for Credit Counseling to find help near you.
Try out therapy
Therapy could be helpful to anyone, especially if you find your mental health is taking a hit because of your financial stress. A therapist can act as a sounding board and recommend appropriate treatment. Therapy can be expensive but there ways to make it more affordable.
Find ways to cope
Feelings of stress can lead to using unhealthy coping habits. These wind up making your already taxed physical and mental health even worse. For this reason, it is important that you find positive ways to help manage stress. There are plenty of budget friendly things you can do and many of them are free. Here is a list to get you started:
- Listen to music
- Talk with a friend
- Eat right
- Practice gratitude
- Meditating or another relaxing activity
Can you see how it’s in your best interest to address your financial challenges so that you can also take care of your health? Even though your financial issues may be causing you stress, there are ways to positively cope so that you can feel financially fit.