People usually avoid discussing finances, especially when they find themselves going through a rough period. However, it’s very important to forget about embarrassment, acknowledge your problems and tackle them as soon as possible in order to avoid stress and anxiety connected to your financial situation. Yes, financial stress is serious and detrimental to your physical and mental health. So, if you’re worried about your wallet and your health, here are a few tips that will help you understand, battle and prevent financial stress.
Understanding financial stress
There’s a direct connection between emotional, psychological and physical stress and your financial situation—that’s not a surprise. Money is one of the top causes of worry for people of all ages and the stress resulting from money issues can affect every part of your life from your habits to your focus and mood. Financial stress has been linked to mood swings, migraines, insomnia and depression. Even though it sounds horrible, that’s not nearly all. The research concludes that people who suffer from chronic financial stress have a higher risk of developing heart disease, diabetes, stroke and even cancer. In the long term, money issues can affect your life satisfaction and lower your life expectancy.
Mental health effects
The biggest impact of financial stress can be noticed in psychological health. From occasional headache to full-blown migraines all the way to depression, anxiety and insecurity, money worries can literally ruin people’s lives. And if you allow your stress to pull you into various hazardous lifestyle habits like smoking, drinking, gambling or taking drugs, things can quickly spiral. So, it’s important to understand the risks and find a way to make your financial situation more stable in the future. For most people, financial stress can be solved with a good plan, discipline and a few changes in their lifestyle, so make sure to learn how to overcome your money troubles and reduce related health risks.
Be smarter with your expenses
No matter how careful you are, there are always things you can cut back on and enjoy extra savings. All unhealthy habits like smoking, drinking and compulsive shopping will all have to go so that you can redirect your funds towards better investments. It’s also smart to check out good insurers and find a plan perfect for you. For instance, with a Singlife savings account, you can achieve up to 2.5% p.a. returns and have full access to your money at all times. Another good thing about this account is that it also guarantees life insurance and provides a cover for death up to 5% of your account value. So make sure to invest in the right things (especially those that lead to bettering of your career) and ensure your money is safe.
How can insurance help?
Before you come up with a good financial plan, here’s something to think about: You can’t focus on fixing your finances and rebuilding your life if you’re constantly worried about your health or suffering from various physical and mental conditions. The harsh truth is that paying for medical care can be super difficult and even impossible for people who struggle with finances, which can additionally affect mental health. That’s why you need to invest in proper coverage, especially when it comes to serious medical conditions like cancer if you want to stop worrying and start concentrating on your future. Additionally, if you find the right insurance policy, it can help you find the best treatments without any worry about paying for your medical bills. Once you find the right insurance policy for your lifestyle, it’s time to tackle your expenses and savings.
Create a fool-proof financial plan
Finally, you need an easy-to-follow long-term financial plan that will lead you to a better and more stable future. List all your short, mid and long-term goals, analyze the costs associated with them and create a saving plan for each of the goals. This will put things into perspective and encourage you to put yourself out there, seek better employment and work harder to reach your goals in the record time.
While it’s certainly hard to reinvent your life and revive your bank account, it’s not impossible. With hard work and some smart decisions, you can reduce a lot of stress connected to money and build a financially-stable future for you and your loved ones.