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Financial Stress: Is It Damaging Your Health?

by Zoe Zorka

Pexels. CCO Licensed.

Money is one of the biggest sources of stress. From worrying about payments to dealing with large debts, most of us have likely experienced some form of financial stress. Too much money-related stress can start to take its toll on our health. When this happens, it’s important to take action – either by tackling the source of the stress or by finding ways to relieve stress.  

The warning signs

There are a few clear warning signs that financial stress is negatively affecting your health. These include:

-          Depression and anxiety: A lack of financial freedom and a fear of things getting worse can affect many people’s mental health.

-          Sleep deprivation: Are you up all night worrying about your finances? By losing sleep, you could be wearing down your entire body and further damaging your mental health.

-          Headaches/migraines: Headaches and migraines can often be triggered by stress.

-          Weight loss/weight gain: Stress can also affect your ability to maintain a healthy weight. In extreme cases, some people may even lose weight as a result of cutting back on food due to financial concerns.

-          Heart disease/diabetes: Such conditions can often be brought on by stress.

-          Delayed medical treatment: If you’re low on money and have nowhere to turn to, you could even find yourself delaying medical treatment because you can’t afford it. This could cause health problems to get worse. Some people even put off emergency treatment.

This guide at WebMD offers more information on health problems associated with stress. 

Dealing with your finances

The best way to beat financial stress is to tackle the source of the stress. There is always a way out of financial problems – although this escape route may not be easy.

If you’re struggling to make payments, start giving yourself a strict monthly or weekly budget. Consider making big cutbacks that will help you to save money – these may only need to be temporary until you recover.

If you’re struggling with large debts, consider speaking to a debt advisor. They may be able to offer tips on consolidating your debt or negotiating with creditors. Some companies can even negotiate with creditors for you to help reduce your debts. There are also companies such as Debt to Success System that can take things one step further and help you wipe your debts. You may not have to declare yourself bankrupt (although this is always an option and is possible to recover from).

If it is just too much to get out from under, Bankruptcy Lawyers can help you eliminate all of your debt. Bankruptcy will stop all of the debt payments and give you a sense of freedom from what was holding you down.

Dealing with the stress

When it comes to reducing the stress itself, there are many stressbuster activities that you can try. Meditating, taking a hot bath, exercising and doing things that make you laugh can all reduce stress. This could clear your mind, help you sleep better and reduce the risk of physical health problems caused by stress.

It’s worth also coming clean about your financial problems if you’re currently hiding them from friends or family. A problem shared is often a problem solved – as hard as it is to open up about debts you’ve been hiding, you’ll feel a lot better afterwards (the stress may have just been caused from keeping it a secret).