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

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

What are the causes of financial stress?

The main causes of such a situation are insufficient income in relation to expenses, acquiring a large amount of debt, living from paycheck to paycheck, not saving or insufficient funds to deal with unexpected emergencies, poor money management skills, inability to afford insurance. , and more. These things can lead to living in a general state of anxiety about one’s overall financial security.

Financial stress is usually caused by a discrepancy between expenses and income. Economic recessions and crises can exacerbate these feelings on a larger scale. Major events such as a job loss, health emergency, car breakdown, or stock market decline also cause increased stress.

Money can give you temporary happiness. Image provided by: Shutterstock

Side effects of financial stress on health

Unexpected shocks demonstrate how weak financial resilience is when buffers and backups are insufficient. This, in turn, can have a profound impact on mental and physical health, including causing depression and, in severe cases, leading to suicidal thoughts.

How do finances affect your mental health?

Chronic stress, including financial stress, can lead to mental health issues such as irritability, sadness, or feelings of hopelessness, depression, and anxiety. Chronic financial stress can have serious mental health consequences. It can lead to serious disorders, depression, addiction and also increase the risk of suicidal ideation.

How does financial health affect physical health?

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

How can financial problems affect a relationship?

Financial stress can strain relationships, leading to conflict, breakups, or divorces. Relationship conflicts around money add to the isolation and tensions that reduce essential social support. Without relief, despair, rumination, and the emotional strain caused by financial stress can escalate into severe depression.

Read also : Don’t hide financial secrets from your partner! here’s why

What is the impact of financial stress on job performance?

High levels of stress can affect focus, concentration, and productivity, leading to decreased job performance and job loss in extreme cases.

Side effects of financial stress
Financial problems can harm your mental and physical health. Image provided by: Shutterstock

Can financial worries change your behavior?

Yes, financial stress can lead to behavioral changes such as avoidance of financial discussions or denial of the financial problem, changes in spending habits, emotional outbursts, and withdrawal from social activities due to financial constraints.

How to deal with financial difficulties?

1. Track your expenses and create a realistic budget to get your finances in order. Seek debt counseling if needed.

2. Cut unnecessary costs, but don’t compromise on essentials like medical care. Look for support programs.

3. Find sources of income and additional resources through collaborations, investments and freelance work.

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

5. Take care of yourself with healthy habits and support systems to manage stress levels. Don’t isolate yourself.

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

READ ALSO: Money CAN buy happiness, study finds

The key to coping with financial stress is communicating

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

With planning, ingenuity and support, financial stress can be managed. Don’t hesitate to ask for help if needed – you don’t have to go through this alone. Even if the situation seems gloomy or limited, there are always alternatives, even if they are not yet obvious.

Preserving our mental and emotional health must be a priority. It is important to remember that financial difficulties are common and nothing to be ashamed of. There is help available, and with the right tools and support, financial stress can be effectively managed.

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