When we are anxious about money, it affects more than just our bank account. Financial stress is one of the most prevalent and long-lasting types of stress in the world. Money management is an important aspect of being an adult, and when it’s not going well, it might seem like nothing else is either.
What Are the Signs of Financial Strain
Financial stress can be just as debilitating as other types of stress, but it manifests differently. Instead of anxiety, financial stress may cause us to obsess about money and the bills we can’t pay. It can lead to arguments with loved ones and a general feeling of hopelessness.
If you’re struggling to make ends meet, emergency same day loans can provide the financial relief you need. These loans can help you cover unexpected expenses and give you time to plan your budget and repay the loan. So if you’re feeling the weight of financial stress, don’t suffer in silence. There is always help available.
Financial troubles may be influencing your life if you are experiencing any of the following:
- Anxiety symptoms such as shortness of breath and pounding heart while thinking about money;
- Avoiding phone calls, letters, and communication with creditors;
- Cancellation of social arrangements and avoidance of friends;
- A sense of humiliation or embarrassment;
- Feeling out of control of your money or unable to keep up;
- Anger or hostility toward persons engaged in your money, such as a family member;
- Concern, worry, or despondency about the future.
What Exactly Is Financial Pressure?
A recent survey conducted by the American Psychological Association found that a staggering 72 percent of Americans experience anxiety about money at least part of the time. This is not surprising when one considers the fact that income is inversely connected to financial stress.
In other words, the less you earn, the more likely you are to feel stressed about money – and the fewer resources you will have to manage and cope with that stress. The APA survey found that people who earned less than $50,000 a year were more than twice as likely to report high levels of financial stress than those who earned $100,000 or more.
This is just one indication of how difficult it can be to manage finances when you are working with limited resources. If you are struggling with financial stress, it is important to seek out support and resources that can help you manage your anxiety and make sound financial decisions.
Financial Stress’s Impact On Your Overall Health
Because financial stress is often a kind of chronic stress, the consequences for your health and well-being may be severe. Chronically stressed people are more prone to suffer the following:
Money worries may cause insomnia or keep you up at night. This generates a feedback loop since less sleep makes dealing with the symptoms of stress more difficult.
Disinterest in Self-Care
Because of financial worries, you may reduce or eliminate parts of your self-care practices to save money. These might include your gym membership, haircuts, eating out with friends, doctor’s appointments, or alternative treatment such as acupuncture.
Physical Health Issues
Physical signs of stress include migraines, heart illness, high blood pressure, and gastrointestinal problems. It might make it difficult to prioritize healthy behaviors such as getting adequate sleep or eating nutritious meals.
Financial Strain And Poor Mental Health Are Related
Chronic stress has an impact on mental health as well. So there are correlations between mental health and money.
Indeed, the symptoms might be so severe that they are mistaken for post-traumatic stress disorder (PTSD). When you feel like you can’t keep up with your bills no matter how hard you work, your self-esteem and feeling of self-efficacy suffer. It might cause you to feel isolated from your friends and family, making you want to remain at home and miss out on parties and activities.
How can you avoid financial stress?
Mindfulness, self-awareness, and a supportive network may help you manage with financial anxiety, but preparation and prevention can help you remain on top of your money in the first place. Here are some money-control measures to help you minimize financial stress:
Make a budget
It’s standard advice, and for good reason: creating a budget is the most straightforward approach to see where your money is going. You don’t have to go all out. Keep track of your costs with your phone’s Notes app, or use a notepad to swiftly write what came in and went out that day. You may use a budgeting application like Mint or You Need a Budget if you like (YNAB).
Spend Less Money
Once you’ve determined how much you’re paying, search for duplication and methods to cut costs. Do you have Netflix, Hulu, Disney+, and cable? Do you need all of them? Is it possible to bundle them and save money on the subscription? When you have a goal in mind, it is typically simpler to locate areas where you don’t mind reducing down. Is it worth it to pay off your credit card debt in exchange for brewing your own coffee?
Find Strategies to Supplement Your Income
There are only two ways to generate a profit, as the phrase goes: decrease expenditures or raise income. If you’ve already eliminated wasteful spending from your budget, the only thing left to do is earn more money. See if you can work more hours, get a part-time job, or freelance. Be realistic about your time and only take on extra work that you are certain you can finish while still making time for yourself.
Create an Emergency Fund
Even the tiniest emergency might put you in debt if you don’t have anything saved up for a rainy day. Create a savings account just for unforeseen costs. If you don’t have a financial objective, most experts advocate saving three to six months’ worth of spending. The possibility of an emergency or job loss will no longer be a continual cause of worry.
Don’t attempt to completely change your budget at once. Managing money, like any other skill, is developed via the development of excellent habits. Choose one item to alter right now. Set an entertainment budget, take on one freelancing client each month, pay off your lowest credit card amount, or cut your eating spending by 10%. The new habits you’re forming may not seem like much right now, but they’ll be more sustainable in the long run and will add up rapidly.
Take It Easy on Yourself
Dealing with money concerns may be stressful. Most of us were not taught how to handle our money, which may lead to emotions of humiliation, uncertainty, and self-doubt. Be open, interested, and sympathetic to what arises as you learn to handle your money. Mistakes, unexpected costs, and other potholes along the path should not discourage you.
On numerous levels, financial stress may be daunting. The emotional stress might catch you off guard and hinder you from feeling competent and in control of your costs. Managing money pressures, on the other hand, is simpler when negative emotions are removed from the situation. Even though your circumstances are dire right now, your worth is not reflected by the amount in your bank account. You may develop new money habits, make more educated financial choices, and increase your bank balance.