No matter how much you have, money can always be stressful. When we don't feel happy with our financial status, we easily fall into an unhealthy cycle both physically and mentally.
According to the American Psychological Association, 72% of adults report being stressed about money. Instead of letting money control your life, take back the reins, your body and mind will thank you.
How Financial Stress Impacts Health
Any stress can take a toll on your health, but financial related anxiety can cause a ripple effect and create a vicious cycle in your life.
Overall Health
Ongoing stress about money has been linked to heart disease, diabetes, sleep issues, and migraines. If you don't learn how to manage this stress, you may be putting yourself at risk for infection that will cost you even more in the long-run.
Delayed Healthcare
Many people with less money in their budget also tend to put off seeing a doctor, especially for minor medical issues. In 2019, about 29% of Americans delayed medical care because of cost.
While it may save you from having to shell out the last of your cash or avoid a copay, it'll be more expensive if the conditions worsen.
Poor Mental Health
Being happy is a necessary component of holistic health. For people to have the confidence to be able to support their families and lifestyle, it means having their financial life in order.
The people who say "money doesn't buy happiness" most likely have never been so broke that they have to choose between keeping food on the table or paying the heating bill. Studies show that people who have higher rates of debt tend to have higher rates of depression and anxiety than those who are debt-free.
Unhealthy Coping
To deal with stress, many people turn to harmful behavior such as alcohol and drug use, smoking cigarettes, or over-eating. This vicious cycle is bad for both your mind and body. Plus, smokers won't be able to find a quote for decently priced health insurance.
How to Cope With Financial Stress
There are three major changes that you should adopt in order to change your relationship with the almighty dollar. Once you get these matters in order, sticking to them will become more comfortable over time.
Get Your Budget Together
Struggling with money can be overwhelming and, in many cases, debilitating. You might be too stressed out to sit in front of your computer screen and create a detailed budget, but it is an essential step to getting your financial life together.
Think of it this way, instead of ending every month wondering where all of your money went, start it by deciding exactly where it's going to go. If you're bad at following your own budget, consider withdrawing the amount in cash, and treating it as an allowance.
Track Your Progress
With services such as Mint, you can not only draft a budget, but you can get personalized recommendations for improving your financial health. You can set some goals and monitor your progress. While you might not feel wealthy yet, each time you see that you're improving, it'll add some joy to your day.
Create a Rainy Day Fund
The best way to set yourself up for a stress-free financial future is to contribute to a liquid savings fund constantly. Life throws unexpected things our way all the time, and we don't always have control over what happens.
If you've been saving, you'll be fine if there is an unexpected addition to your family or a big destination wedding you have to attend; you'll feel at ease about it.
Daily Habits to Put Into Practice
You'll find that it's not too hard to get back on track if you can make some cuts to your budget. Every day we're convinced that we need to buy more and stay updated with the newest technologies and trends.
The truth is most things that we buy end up being a waste. Check over your budget and rank your expenses from most necessary to frivolous. You'll be surprised how little you need to be happy and healthy.
Find Joy in Minimalism
When you're organized, you feel relaxed. Clutter invades are mind and causes anxiety. Embracing minimalism will bring clarity of mind, more time, self-confidence, and less stress. You'll have extra money to spend on education, wellness, and life experiences.
Get Outside
You don't necessarily need a gym membership or a monthly pass to yoga to be healthy. Get outside; it's free. Not only is it essential for your mind and physical health, but it can be spiritually uplifting to spend some time in nature.
Meal Prep
Organize yourself on Sundays. Go to the grocery store after taking a close look at your budget. Plan and prep your meals for the week. If you're someone who doesn't like eating leftover food, find ways to switch up your recipes while incorporating the same ingredients.
Conclusion
Improving your relationship with money is essential for overcoming the stress and anxiety that is related to financial struggle. While it may seem challenging to get started, once you take a few critical steps and start making some lifestyle changes, you'll find that you feel better mentally and physically.
