Financial stress: causes, side effects and how to deal with it

Financial stress is a widespread problem that triggers feelings of anxiety, tension, worry and panic related to one’s finances and money-related situations.

What causes financial stress?

The main causes for the emergence of such a situation are having an insufficient income compared to expenses, acquiring large debts, living from paycheck to paycheck, having no savings or insufficient resources for unexpected emergencies, poor financial management skills, inability to pay insurance. , and more. These things can cause you to live in a general state of anxiety about your overall financial security.

The financial stress usually arises when there is a discrepancy between expenses and income. Economic recessions and crises can exacerbate these feelings on a broader scale. Major events such as job loss, a health care emergency, car breakdown, or a stock market decline also cause an increase in stress.

Money can buy temporary happiness. Image courtesy: Shutterstock

Side effects of financial stress on health

Unexpected shocks show how weak financial resilience is if there are insufficient buffers and guarantees. This in turn can have a major impact on mental and physical health, including causing depression and, in severe cases, leading to thoughts of suicide.

How do finances affect your mental health?

Chronic stress, including financial stress, can lead to mental health problems such as irritability, sadness or feelings of hopelessness, depression and anxiety. Chronic financial stress can take a serious toll on mental health. It can lead to serious conditions, depression, substance abuse and also increase the risk of suicidal thoughts.

How does financial health affect physical health?

Stress can also lead to physical health problems, such as frequent headaches, high blood pressure, unexplained aches and pains, changes in appetite, fatigue, heart disease, high blood pressure and other stress-related diseases. The unrelenting stress of financial insecurity taxes the body and affects hormone levels in ways that cause depressive symptoms. Feelings of failure, shame and low self-esteem are common when you cannot adequately care for yourself or your family.

How can financial problems affect a relationship?

Financial stress can strain relationships, leading to conflict, separation or divorce. Relationship conflicts around money create isolation and tension, reducing critical social support. Without relief, the despair, worry, and emotional strain of financial stress can spiral into a severe depressive state.

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Also read: Don’t keep financial secrets from your partner! This is why

How does financial stress affect work performance?

High stress levels can affect concentration, focus and productivity, which in extreme cases can lead to reduced work performance and job loss.

Side effects of financial stress
Financial problems can negatively impact your mental and physical health. Image courtesy: Shutterstock

Can financial worries change your behavior?

Yes, financial stress can cause behavioral changes such as avoiding financial discussions or denying the financial problem, changes in spending habits, emotional outbursts and withdrawing from social activities due to financial constraints.

How to deal with financial problems?

1. Track expenses and create a realistic budget to get your finances in order. If necessary, seek debt counseling.

2. Reduce unnecessary costs, but do not compromise on essentials such as medical care. Find tools.

3. Find additional sources of income and resources through partnerships, investments and freelancing.

4. Communicate directly with creditors to discuss payment plans and options. Avoid ignoring the problems.

5. Practice self-care through healthy habits and support systems to manage stress levels. Don’t isolate yourself.

6. Seek professional help from a therapist if financial strains lead to depression or suicidal thoughts. Your life has value.

Also read: Money CAN buy happiness, research shows

The key to dealing with financial stress is communication

It helps to express the struggle – to family, friends or a professional counselor. Just acknowledging the overwhelming emotions of financial stress with someone who cares can provide relief. Human connection is healing.

With planning, ingenuity and support, financial stress can be managed. Don’t hesitate to seek help if you need it; you don’t have to do it alone. No matter how dark or restrictive the situation feels right now, there are always alternatives available, even if they are not yet obvious.

Maintaining our mental and emotional health should be a priority. It’s important to remember that financial problems are common and nothing to be ashamed of. Help is available, and with the right tools and support, it is possible to manage financial stress effectively.

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