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The Best Ways To Manage Financial Stress

    Rolled 20 U.s Dollar Bill

    One of the largest stress-causing variables is financial instability and uncertainty. The American Psychology Association (APA) states that “money stress” can cause a variety of chronic health difficulties. Money is the biggest source of stress for the average American adult.

    According to the American Psychology Association (APA), 72% of Americans experience financial stress. Therefore, whether you have debt or a mortgage to pay, or if you rent your home, the end of every month can feel like a death sentence because of all the financial obligations that are waiting for you.

    Health Effects Of Financial Stress

    fan of 100 U.S. dollar banknotes

    Money stress is the worst sort of stress, which may be a multifaceted physical, mental, and emotional issue that can have disastrous effects on a person’s health. Stress in general can be crippling, but money stress is particularly bad.

    Among the ways that financial stress might harm your health are:

    Impacts On One’s Physical Health

    Stress can have a variety of negative consequences on a person’s physical health. Among many other health issues, these include headaches, anxiety, lack of motivation, changes in appetite, chronic fatigue, sleeplessness, restlessness, or depression. If these symptoms or the stress that is causing them are not treated, it may cause further symptom exacerbation.

    Postponing Obtaining Medical Care

    A study found that 54% of Americans reported that the cost of healthcare caused them to put off getting it in the previous year.

    Due to the enormous cost involved, another 23% claimed that they had to put off getting medical care for a year. By escalating from little issues at first to major catastrophes, and delays in seeking medical attention.

    Financial Strain Deteriorates Mental Health

    Financial stress has been linked in numerous studies to mental health problems like anxiety disorder, depression, and an increased risk of suicide.

    One of the main causes of the beginning stages of many psychological diseases is concern over money. Stress over money might make you feel like your life is out of your control.

    This may cause the person to avoid dealing with issues and seek out short-term relief.

    Managing Financial Stress

    Return to having control of your life. It’s critical to comprehend the mechanisms underlying what is occurring to you and why.

    Because the only way to escape this circumstance is by maintaining your composure. Understanding how to deal with stress and the elements that cause it is the very first thing you must learn.

    What is the Debt Cycle?

    Simply explained, being in a debt cycle means having so much debt that your payments exceed your income. In the danger zone, this may make you hesitate.

    To pay off your existing debt or debts, you could take out more loans. Your situation will become increasingly bizarre as a result of this vicious loop, which could eventually cause you to default.

    Understanding that you have a problem, creating a thorough spending plan, ceasing to use credit cards, keeping track of your spending, and altering your habits are the only ways to break the debt cycle.

    Extra Sources Of Income

    If money is a concern. Get additional sources of income if you wish to enhance your financial situation[vi]. A skill that you sell (writing, video editing, photography, etc.) or through active or inactive investments are all examples of ways to generate a side income.

    A fantastic place to offer your services is on websites like Upwork, Freelancer, and others. Please keep in mind that these earnings can contribute to your overall progress in addition to helping you earn a little more money.

    Reduce Your Spending

    There is no denying the significance of living economically. We are compelled to acquire products that are fundamentally and completely useless because of the constant barrage of marketing and the strong social proofing provided by influencers.

    Decide to adopt a minimalist lifestyle and focus more on productivity and growth than on consumption and expenditure.

    References

    [i] “Speaking of Psychology: The stress of money/Webpage,” www.apa.org, Linda Galo, Accessed on 03 Apr 2020, https://www.apa.org/research/action/speaking-of-psychology/financial-stress

    [ii] “Stress symptoms: effects on your body behavior/Webpage,” www.mayoclinic.org, Staff, Accessed on 03 Apr 2020, https://www.mayoclinic.org/healthy-lifestyle/stress-management/in-depth/stress-symptoms/art-20050987

    [iii] “Over half of Americans delay or don’t get health care because they can’t afford it—these 3 treatments get put off most/Webpage,” www.cnbc.com, Shawn Cartem, Published on 29 Nov 2018,https://www.cnbc.com/2018/11/29/over-half-of-americans-delay-health-care-becasue-they-cant-afford-it.html

    [iv] 7 reasons Mental Health Issues and financial issues tend to go Hand-in-Hand (and it has nothing to do with the cost of treatment)/Webpage,” www.inc.com, Amy Morin, Accessed on 04 Apr 2020, https://www.inc.com/amy-morin/7-reasons-mental-health-issues-financial-issues-tend-to-go-hand-in-hand-and-it-has-nothing-to-do-with-cost-of-treatment.html

    [v] “Get out of the debt cycle/Webpage,” www.thebalance.com, Justin Pritchard,Published 25 Jun 2019,https://www.thebalance.com/get-out-of-the-debt-cycle-4054269

    [vi] “113 legitimate ways to make extra money on the side/Webpage, www.breakingtheonepercent.com, Jeff Proctor, Published 09 Mar 2020, https://www.breakingtheonepercent.com/make-extra-money-list/

    [vii] “Advertising makes us unhappy/Webpage,” www.hbr.org, Nicole Torres,Published Jan-Feb 2020 issue,https://hbr.org/2020/01/advertising-makes-us-unhappy