You aren't alone if you're worried about money. At this tough moment, all of us, from all over the world and from all walks of life, have to cope with financial stress and confusion. If your issues stem from a job loss, growing debt, unforeseen expenses, or a combination of factors, one of the most common stressors in modern life is financial worry. A research by the American Psychological Association (APA) found that 72 percent of Americans felt worried about money at least some of the time, long before the global coronavirus pandemic and the resulting economic fallout. Recent economic challenges mean that even more of us are now facing economic hardships and difficulties.
Economic issues can take a tremendous toll on your mental and physical health, your relationships, and your overall quality of life, like any cause of overwhelming stress. Feeling beaten down by money issues can have a detrimental effect on your levels of sleep, self-esteem, and energy. It can leave you feeling furious, embarrassed, or afraid, fuel stress and arguments with those closest to you, worsen pain and mood swings, and even increase your risk of anxiety and depression. To try to avoid your problems, you can resort to unhealthy coping strategies, such as drinking, abusing drugs, or gambling. Financial stress can also cause suicidal thoughts or acts in the worst circumstances. But no matter how bleak the scenario seems, there is assistance available. You will find a way through the financial quagmire, relieve your stress levels, and regain control of your finances and your life by tackling your money issues head on.
Financial stress on health
Although we all know deep down that there are much more important things in life than money, anxiety and stress may take over your world when you're struggling financially. It can hurt your self-esteem, make you feel incomplete, and fill you with a sense of despair. Your mind, body, and social life will pay a heavy price when financial stress becomes overwhelming.
Stress can lead to:
Difficulty sleeping - Other than thinking about unpaid bills or a lack of income, nothing can keep you tossing and turning at night.
Weight gain (or loss) - Stress will interfere with your appetite, causing you to overeat anxiously or miss meals to save money.
Depression - Living under the shadow of money issues will leave someone feeling down, helpless, and unable to focus or make choices.
Anxiety - Money can be a safety net; you could feel insecure and nervous without it. And all the concerns about unpaid bills or income loss can cause signs of anxiety such as pounding pulse, sweating, trembling, or even panic attacks.
Difficulties in interactions - As the most popular thing couples fight over, money is frequently cited. Left unchecked, you can get angry and irritable with financial stress, cause a lack of interest in women, and wear away at the foundations of even the strongest relationships.
Social withdrawal - Financial issues can clip your wings and cause you to withdraw from friends, minimize your social life, and retreat into your shell, which would only intensify your stress.
Physical ailments - Headaches, stomach issues, diabetes, high blood pressure, and heart failure. Money issues may also cause you to postpone or miss seeing a doctor in countries without free healthcare, for fear of incurring extra expenses.
Unhealthy coping method - such as too much alcohol, misuse of prescription or illicit medications, gambling, or overeating. Worries over money can also lead to self-harm or suicidal thoughts.
Dealing with financial stress
Talk to someone
There's often a strong temptation to bottle everything up and try to go it alone when you're facing money issues. Many of us even consider money a taboo topic, one that is not to be discussed with others. You may feel uncomfortable disclosing the amount you earn or spend, feel ashamed of any financial mistakes you have made, or ashamed of not being able to provide for your family. But bottling stuff up is only going to make your financial stress worse. In the current economy, where many individuals are struggling without any fault of their own, you will probably find that others are far more aware of your problems.
Not only is it a proven means of stress relief to speak face-to-face with a trusted friend or loved one, but talking openly about your financial problems can also help you put things in perspective. Keeping yourself worried about money only amplifies them until they appear insurmountable. It can make them appear much less daunting by the simple act of voicing your issues to somebody you trust.
Audit your finances
If you're struggling to make ends meet, you might think that by leaving bills unopened, avoiding creditors' phone calls, or ignoring bank and credit card statements, you may relieve your tension. But ignoring the truth of your situation, in the long run, can only make things worse. The first step to devising a strategy to fix your money issues is to outline your wages, debt, and spending over the course of at least one month.
Through collecting receipts and reviewing bank and credit card statements, a range of websites and mobile applications can help you keep track of your finances going forward or you can work backwards. Obviously, some money issues are easier to solve than others, but you'll have a much better picture of where you stand after taking stock of your finances. And monitoring your finances in detail, as overwhelming or painful as the process can sound, may also allow you to regain a much-needed sense of control over your situation.
Make a plan and stick with it
Just as a wide range of different money issues can cause financial stress, so there is an equally wide range of potential solutions. Living within a tighter budget, lowering the interest rate on your credit card debt, curbing your online spending, pursuing government benefits, declaring bankruptcy, or finding a new career or alternative source of income may be the plan to tackle your particular problem.
There are basically three options available to you if you have taken inventory of your financial condition, reduced discretionary and impulse spending, and your outgoings still surpass your revenue: boost your income, lower your spending, or both. How you accomplish any of those objectives would take a strategy to be made and followed through.
The more you can make your strategy comprehensive, the less powerless you can feel about your financial situation.
Create a monthly budget
Whatever your strategy, setting and implementing a monthly budget to mitigate your financial issues will help keep you on track and regain your sense of control.
Manage your overall stress
The resolution of financial problems tends to involve small steps which, over time, reap rewards. It's unlikely the financial problems will vanish immediately in the current economic climate. But that doesn't mean you can't take action to relieve the stress levels right away and find the motivation and peace of mind to cope with long-term problems better.
