Is financial stress bringing you down?

Do you often feel you’re stuck in a rut when it comes to financial obligations, and it keeps weighing you down?  Financial stress has a high impact on your health, and, unfortunately, we often don’t have healthy coping mechanisms. Your concern over credit card debt, unpaid bills and overdue rent has a bigger impact on your health than you may think.

Studies indicated that high financial stress has an impact on your ability to think clearly. The bigger the financial stress (regardless of income) the poorer the performance of thinking. Financial stress often leaves people with a feeling of hopelessness which can lead to depression, binge eating and excessive drinking. Financial pressure surpasses all other stressors including work, family, health and even relationship stress. Aug2016_Article_2_k.png

If you’re woman, you have even more to worry about, as women tend to stress more than men...

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So, what are your options when financial strain affects more than just your credit scores? The following steps may help you to ease up on financial stress:

  • Take a step back. Scrutinise your expenses and identify the ones you know you can draw back on.
  • Evaluate your relationship with money. Determine whether your need for spending money lies in something deeper, like buying affection, happiness or even power.
  • Stick to your budget. It’s important to follow the budget you’ve set up in the beginning of the month. If it’s a realistic budget, keeping to it won’t be too difficult.
  • Get expert help. Asking for help is not something we like, but in this instance, it is exactly what you need. A financial advisor or mentor can assist you with a realistic financial plan.

Keeping track of your expenses and managing your budget well, will not only ease your stress levels, but will also greatly contribute to your overall wellbeing.

Source: everydayhealth.com

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