How to Cope with Financial Stress

Feeling stressed over your financial situation? You are not alone. No matter what situation you find yourself in, there are ways to help you through this tough time and regain control of your life.

What Is Financial Stress?

First off, financial stress is the tension one feels towards money, and it can be felt by anyone. It affects many people from all over the world, from all social classes, regardless of their employment status, net worth, and security. So, if you are worried about money, you are never alone. But just like any kind of stress, financial stress can take a toll on both your mental and physical health. If you are unable to find healthy coping mechanisms to overcome the burden of your financial problems, you could be jeopardizing your relationships you have with your partner and your family, your sleep quality, and your self-esteem.

How it Effects Your Mental & Physical Health

As I hope you all know, there is more to life than money; but when it comes to struggling financially, money can take over your life. It can damage your self-worth and overwhelm you with feelings of despair; and when financial stress becomes a constant, unmanageable burden, it can reek havoc on your mental, physical, and social life.

Financial stress can lead to:

1. INSOMNIA

The stress of someone’s financial situation can keep them up at night. The worrying of what is going to happen and the obsession over what has already happened knows no sleep, and it takes handling the situation head on to settle those thoughts for good.

2. WEIGHT GAIN (OR LOSS)

Stress can affect your eating habits. People may feel so defeated from their situation that they are not motivated to eat at all. Sometimes people overeat to cope with their feelings. Both extremes can affect their weight tremendously.

3. DEPRESSION

When it comes to debt, people deny and freak out over the realization that the bills and any other financial responsibilities are pilling up and it starts weighing them down. This is where depression sets in, and it spreads like the coronavirus. Then comes in the feeling of hopelessness, tricking them into thinking they do not need to change because it is already too late. This can lead to more debt, which in turn leads to more feelings of depression and despair. It is a vicious cycle, that at which point the person does not care what is causing what. All they want is their pain to end.

4. ANXIETY

Money is often associated with being a safety net—it provides a sense of security and without it, it can make a person feel extremely vulnerable. Anxiety can manifest in many ways, and it is different for everybody. For example, a person may feel unable to breathe and/or they may feel a sense of doom that will not leave (common symptoms of a panic attack).

5. RELATIONSHIP DIFFICULTIES

Finances are a frequent problem amongst partners. It can cause the biggest rift in even the strongest relationships. If you do not check in financially with your partner, it can make both partners feel angry, untrusting, paranoid, and afraid. Which can lead to having resentment towards the other.

6. SOCIAL WITHDRAWAL

Financial stress can affect your self-esteem and self-worth. You start to withdraw from the people and the places you enjoy because you do not think you deserve any of it.

7. PHYSICAL AILMENTS

Stress can also have a toll on the body physically. Like headaches, chronic pain, stomach issues, and heart issues. In cases where someone will need to have medical attention that might not be covered by their benefits plan, they might delay the doctor visit or not see one at all because of the amount it might cost them.

8. UNHEALTHY COPING METHODS

When money problems start to feel unmanageable, you feel as if your whole life does too. Instead of trying to fix it, you start to find ways to numb it. This is when people turn to alcoholism, drug abuse, gambling, and eating disorder-like tendencies, which leads to further physical complications. The vicious cycle of financial stress and mental health. No matter how messy your situation might seem, there is always support and guidance to help you find your way out.

No matter how messy your situation might seem, there is always support and guidance to help you find your way out. 

Five Strategies to Help You Break the Vicious Cycle and Find Stability in Your Life Again:

1. TALK TO SOMEONE 

When someone is going through a challenging time, money related or not, there is this  strong temptation to push it deep down and keep it to themselves. They think they must do it alone. They feel ashamed. Not talking to someone and not getting support can  worsen their financial stress. Take the first step to financial freedom by talking to a  professional or opening up to a family member. 

2. REVIEW YOUR FINANCES 

When someone feels like they are struggling financially, sometimes they think the best  thing to do is to ignore it all and it will go away, but that will only make their situation  worse. The next step is to lay it all out in front of you by detailing your monthly financial  situation, including income, debt, and spending. You will be able to identify your  spending patterns and triggers and look for ways where you can make small changes  and eliminated impulse buying. 

3. MAKE A PLAN & STICK TO IT 

Once you have it all laid out in front of you, you can start devising a plan you can stick to and you will be able to identify your financial problems, devise a solution, put your  plan into action, monitor your progress, and be less likely to get derailed by setbacks. 

4. CREATE A MONTHLY BUDGET 

No matter what your plan is, it will be necessary to include a monthly budget that can  help you stay on track to accomplishing your goals and to regain control. 

5. MANAGE YOUR STRESS 

Take steps right away to help manage your stress levels and to help deal with long-term  challenges by getting physically active, practicing a relaxation technique, not skimping on sleep, boosting your self-esteem, eating nutritious meals, and being grateful for the  good things in your life.

If you would like to learn more, please do not hesitate to contact us, or see the original post here to connect with the author herself!