Money worries can affect more than just our bank balance. One of the most widespread and enduring sources of stress in modern society is worry about money. One of the most stressful aspects of adulthood is dealing with financial difficulties.
What exactly is financial stress?
In 2015, the American Psychological Association (APA) published a study finding that 72 percent of Americans experience financial stress. There is a negative relationship between financial stress and income. The less money you make, the more tension you’ll feel and the less you’ll be able to do about it.
When money worries start to pile up, what should you do?
Financial stress has comparable symptoms to anxiety and other forms of stress, but it also alters how we feel about money and how we act because of it. You may be having financial difficulties if you are also experiencing any of the following:
·Anxiety symptoms such as shallow breathing and a pounding heart while thinking about money
Feeling that you’re losing control of your finances or can’t keep up with payments; avoiding phone calls, mail, and interaction with creditors; cancelling social plans and avoiding friends; experiencing feelings of guilt or embarrassment.
Feelings of resentment or irritation towards those with some say over your financial situation, such as a co-payer on a bill or a boss who decides your salary.
·How worrying about money can harm your body.
Due to the chronic nature of financial stress, its effects on one’s health and well-being can be devastating. The following are more common in those with chronic stress:
·Disturbed sleep
It could be because of your financial situation if you’re having trouble sleeping. Less sleep makes it more challenging to cope with stress, creating a feedback loop.
Apathy towards self-care
To alleviate financial stress, you might forego or reduce certain self-care practices. Your gym dues, haircuts, dinners out with friends, conventional medical care, and even complementary therapies like acupuncture could fall into this category.
·Changes in body weight
Overeating is one way people cope with stress and challenging emotions. However, you may discover that stress causes you to lose your appetite entirely. Your regular eating schedule may be further thrown off if money problems force you to skip a meal.
·symptoms of physical illness that cannot be explained
Headaches, heart problems, high blood pressure, and digestive disorders are some physical manifestations of stress. It can make it harder to focus on self-care, including adequate sleep and eating well.
Financial strain and psychological well-being
Mental health is also affected by chronic stress. Thus, there are links between one’s mental health and financial stability.
The severity of the symptoms can be so great that PTSD is easily mistaken for it. A person’s pride and sense of agency can be severely damaged when they feel helpless in the face of mounting financial obligations. It can make you feel like you need to spend more time alone, leading to missing out on social engagements with your friends and family.
You may be expending all your mental and emotional resources simply thinking about paying your bills, getting by until your next salary, and facing an unexpected financial crisis.
Financial strain: 4 ways to alleviate the pressure
If you’re stressed about money, the first step is to learn to manage your emotions. Maintaining composure and thinking of creative alternatives isn’t easy when we’re anxious. To alleviate the pressure caused by money, try these strategies:
1.Collect your thoughts
Although you won’t be able to improve your financial condition in the next minute or two, you can alter your perspective and reduce your current worry. Eat a snack, sip water, or take a few deep breaths to relax. Tell a close buddy about your money woes if you need to unload.
2.Create a strategy
When financially stressed, we tend to avoid dealing with our finances, mail, and bank accounts. However, if you confront your financial situation head-on, you can reclaim command. Check it out and see if you can identify the source of your anxiety. Is it a future purchase, an overdrawn bank account, credit card debt, worry about losing your job, or a fear of losing your employment? Can that one challenge seem less daunting?
3.Solicit aid.
Know someone fantastic at creating financial plans? Inquire of their assistance. Gain confidence and a sense of mastery over your financial situation by reading blogs and books on personal finance and money management. Ask a resourceful relative or pal to assist you in coming up with ways to create more money, or see if you can split some of your costs with someone else.
4.Engage in Mindful Activity
There are two sides to the difficulty of dealing with financial strain. Managing finances can be stressful in and of itself. Anxiety can be reduced without cost by engaging in mindfulness practices such as breathing exercises, yoga, or meditation. Through this process, you can avoid future financial stress by developing skills in emotional regulation and mental acuity.
How can you keep from worrying about money?
Financial anxiety can be managed by practices like mindfulness and self-awareness, as well as with the help of friends and family. However, staying on top of your finances can be achieved through careful planning and prevention. Here are some suggestions for regaining financial footing and relieving stress:
Prepare a spending plan.
It’s general knowledge that creating a budget is the easiest way to gain insight into one’s financial situation. There’s no need to get overly elaborate. You may rapidly record your daily income and expenditures in a notepad or Notes app. You can join Mint, or You Need a Budget (YNAB) if you want to get a handle on your finances.
Take steps to lower costs.
Find duplicates and other savings opportunities once you know your shopping habits. Is it free for you to watch Netflix, Hulu, Disney+, and cable? Do you really need that many? Can we save money on the subscription by grouping them? Having a target in mind will help you identify areas where you can make sacrifices without feeling too much pain. Would it be better to make your own coffee or pay off your credit card debt?
Think of ways to supplement your income.
As the adage goes, there are only two ways to enhance profits: decreasing costs or raising prices. When all other avenues for saving money have been exhausted, increasing revenue is the next best option. Consider picking up some overtime, working a second job, or going freelance. Don’t overextend yourself; only take on what you can handle while giving yourself time to relax and recharge.
Create a rainy-day fund.
A lack of savings means that even a minor unexpected expense could force you into debt. Start a savings account and put the money aside just for emergencies. Most experts agree that you should save enough money to cover your bills for at least three to six months if you don’t have a specific financial objective. That way, you won’t have to worry as much about the possibility of an unexpected event, like an illness or losing your work.
Take baby steps
Don’t try to redo your finances all at once thoroughly. Like any other skill, sound financial management can be developed by consistent practice. Take immediate action by changing just one thing. You may decide how much you want to spend on fun activities, get one new freelancing client monthly, pay off your smallest credit card balance, or cut your grocery bill by 10%. It may not seem like much now, but the new habits you’re forming will make a big difference in the long run.
Relax your standards.
Having to worry about money can be upsetting. Most of us weren’t taught how to handle our own money, which can lead to emotions of embarrassment, insecurity, and even doubt in one’s value. Learn financial management by remaining curious, open, and caring. Mistakes, unexpected costs, and other “speedbumps” on the way to success shouldn’t deter you.
In conclusion
Financial strain can be exhausting in more ways than one. The emotional tension can make it hard to see clearly, making it challenging to feel competent and in charge of one’s finances. However, if you can strive to separate your feelings from the situation, you may find it simpler to deal with financial stresses. You are worth more than the sum in your bank account, regardless of how things look monetarily. Changes in behaviour and better monetary judgment can lead to a better financial situation.
