If you are constantly stressing about your finances, you are not alone. People from all over the world are dealing with financial strain and uncertainty during this troubling time. Whether your issues are caused by loss of employment, rising debts, emergency expenses, or something else, financial stress is extremely common.
Even before the global COVID-19 pandemic and the resulting economic damage, research done by the American Psychological Association (APA) found that more than 70% of people in the US have worried about money at some point in their lives. The recent economic fallout means that the number of people experiencing financial hardship has increased.
People can fall into serious financial problems relatively easily – it could be a bill that’s larger than normal or a boiler breaking down at the worst possible financial time and you find out you’re without a boiler cover plan.
As with any other source of stress, financial issues can have a damaging effect on your health, relationships, and quality of life. Being constantly stressed over money can take a toll on your self-esteem, sleep patterns, and energy levels. It can make you feel a whirlwind of negative emotions, which can help fuel the fire during disagreements with loved ones. You may experience mood swings or an uptick in your anxiety and/or depression levels.
You may have the urge to use unhealthy habits, like drinking, gambling, or using illicit drugs to ease your mind. Under the worst conditions, some people have even had thoughts or actions conducive to hurting themselves. Regardless of how terrible things may seem, keep in mind that help is out there. Learning to defeat your money issues will help you break the financial shackles you have been locked in, reduce your stress and get your money and life back in control.
Health Effects of Financial Stress
While many of us are aware that many things in life are more important than money, this does not stop stress and fear from overwhelming you when experiencing financial woes. It can ruin your self-image, make you feel less than others, and fill you with dread. Financial issues can cause serious damage to your mind, body, and social life.
Financial problems can result in any of the following:
– Insomnia and other sleeping issues There is nothing more likely to ruin your sleep than having to worry about income loss and how it will affect your bills.
– Fluctuations in weight
Appetite changes are common for those experiencing stress. Some overeat due to anxiety while others have to limit meals to cover other expenses.
– Depression
A cloud of money issues threatening to rain down can make anyone feel depressed, hopeless, and unable to make focus or make logical decisions.
The University of Nottingham conducted a study that concluded people who have debt problems are twice as likely to experience symptoms of depression.
– Anxiety
Many people think of money as a safety net, so losing it can lead to feeling anxious and insecure. All of the constant worrying about financial woes can trigger symptoms including rapid heartbeat, trembling, sweating, and panic episodes. There are CBD products that can help as you can see here.
– Relationship issues Money is one of the most common issues that couples have disagreements about. When not handled well, money issues can increase anger and irritability, diminish your sex drive and cause damage to even the most solid relationships.
– Social withdrawal Financial stress can lead you to withdraw from those who are closest to you. Instead of being the social butterfly you usually are, you may be tempted to climb under a rock and spend time there alone, which will only make things worse.
– Physical ailments
Headaches, diabetes, hypertension, heart disease, and gastrointestinal problems are an example of health concerns that can be caused or affected by stress levels. In countries where healthcare isn’t free, people tend to delay seeing doctors so additional expenses aren’t added to the debt they are already dealing with.
– Unhealthy coping methods Gambling, overeating, and abuse of drugs and/or alcohol are all unhealthy methods of coping with stress. Financial concerns have even led some to have thoughts of self-harm.
