Financial stress takes a toll on your mental and physical health, especially when you don’t see a way out of the difficulties. This stress may cause long-term problems as your declining health leads to more spending, more bills, more debt, and increased financial stress. It’s important that you seek help for resolving both issues.
You Are Not Alone
As Thrive Global explains, money is the number one source of stress in the United States. Some researchers link these difficulties to a lack of financial literacy, feelings of financial insecurity, and money management struggles.
It may be significant that people experiencing financial stress (https://www.finra.org/media-center/newsreleases/2021/large-number-americans-reported-financial-anxiety-and-stress-even)
are more likely to have late bills for medical treatment.
Get a Handle on Debt
The first step in improving your financial and physical well-being is assessing your current situation and pinpointing areas where change is needed. Start with your debt-to-income ratio.
Do this by totaling your debt payments (https://www.redfin.com/guides/buy/calculate-debt-to-income-ratio) and dividing by your gross income per month. This step helps you appreciate the dangers of accumulating debt and understand its impact on your credit score.
You may decide to look for more affordable housing or talk to a financial representative at your mortgage lender to decrease your mortgage payment. Similarly reach out to credit card companies and other lenders. Track your money and identify ways to cut your spending. Create a budget (https://www.ynab.com/spend-less-while-living-more/) that includes a savings section.
Begin investing for your financial future. Set aside money for emergencies first and then start investing for your future and for rainy-day spending.
You should have at least six months of expenses set aside. Simply taking these steps can give you a better sense of control over your budget and may alleviate some of your stress, but picking up a side hustle to bring in more income can also help.
Use Education to Advance Your Career
Getting ahead isn’t easy, and sometimes you need to go the extra mile to stand out at your job. That might mean taking some classes or training offerings, or even going back to school. Ask your employer about tuition assistance, or look into an inexpensive program that you can do on your own.
The right degree program is a huge time savings (https://www.phoenix.edu/online-business-degrees/bachelors.html), and with that in your back pocket, you could take on a bigger role in the workplace, or maybe even venture out on your own.
Besides, as Indeed notes, lifelong learning is good for you (https://www.indeed.com/career-advice/career-development/lifelong-learning), so dig into some studying!
Start a Business Monetizing Your Talents
Many people have found that monetizing their talents and hobbies is a great way to increase the amount of money coming into their household. Some examples of work you can do on the side include becoming a notary public, making deliveries, cleaning homes, managing social media, and working as a virtual assistant. You could also start your own business. Consider what you enjoy doing and go from there.
Spend Less, Save More For Better Financial Goals
Have Fun But Spend Less
Reducing your costs doesn’t mean going without completely. Go to a matinee instead of an evening movie, snip coupons when you’re eating out, and binge free streaming instead of paying for new flicks.
You can even keep your vacation plans if you look into websites like Mouse Life Today (https://mouselifetoday.com/). Think about what you enjoy doing, and find ways to still do it while spending less.
Improvement Is a Process
Financial improvement takes time, so while putting these goals into action, be sure to spend time on self-care. Mental stress often leads to decreased motivation, feelings of being overwhelmed, and a loss of interest in the things you used to enjoy. Getting regular sleep (https://www.heart.org/en/health-topics/sleep-disorders/sleep-and-heart-health), a well-balanced diet, and daily exercise are important for maintaining physical health.
Talk to a counselor (https://mantracare.org/therapy/self-care/financial-stress-and-mental-health/) and create a support system of family and friends who will help you achieve your goals.
Post a chart to track your financial progress or create a vision board (https://remedygrove.com/wellness/10-Ways-a-Vision-Board-Can-Help-You-Succeed) that reminds you of your goals. Put these where you can see them daily. These visual reminders help you get past temptations to spend and may keep you on track when you’re discouraged.
Your financial well-being and overall health are closely related. Improve both by finding help, saving and creating a budget, getting education , and prioritizing self-care. You aren’t alone in your situation and don’t have to face it without help.
