Financial Stress - A Dreadful Weapon Against Health and Wellness

When some individuals talk about their well-being and health, they imagine things like exercise, nutrition, and regular checkups, but not generally about how much money they have.

Despite this, financial well-being is an important component of total well-being, and many individuals struggle with it. Based on the American Psychological Association report, approximately one-third of all individuals are concerned about their financial situation.

It's not all about the money, though. Financial stress can have a negative impact on your physical and mental health. According to one study, those who were under severe financial stress were thirteen times more prone to a heart attack.

Financial constraints may disrupt social connections, work performance, and even a person's capacity to find joy in life, from worrying about earning rent to paying off debts.

Yes, it's frightening, but on the other hand, feeling good about your money may help you better your mind and health. The task is to figure out how to go from " poor financial wellness" to "financial well-being."

In this article, we will share with you steps or guides that could help you get there if properly followed.

Your Overall Health and Financial Stress

There are several forms of stress that are unavoidable. We are concerned about our own and loved ones' health, political and societal difficulties, and future uncertainty, in addition to money concerns. You have more influence over some of these stresses than you might believe. Others are caused by external causes such as societal turmoil and politics, and while you may not be able to influence the stressor, you can control how you respond to it.

Financial stress might feel out of your control at times. You're not alone if you're feeling this way. A lot of individuals are worried about their financial position. Financial stress is the biggest source of stress in the workplace, accounting for 59% of all stressors, relationship stress, surpassing job stress, and health problems combined.

However, it's critical to do everything you can to reclaim control so that financial difficulties don't turn into other issues. Financial stress can have the following negative consequences if it is not addressed:

• It can have a negative influence on your physical health, sleep issues, increasing your chances of chronic disease, and other issues. Financial stress has also been linked to a 20% increased risk of migraines, according to one study.
• It can have a negative influence on your mental health, substance misuse, anxiety, and increasing your chances of developing depression.
• It can influence your mental well-being, increasing the likelihood of interpersonal issues (such as marital and friendship tensions), work satisfaction and performance, and your general view on life.

Furthermore, financial stress may create a vicious cycle that impairs your general health. It can, for example, cause health issues, which can result in medical costs and debt, adding to your stress.

Money stress has recently been worsened by COVID-19's present economic situation. According to a poll conducted by the Kaiser Family Foundation in late March 2020, 45% of individuals believe the epidemic has had an impact on their mental health. This mental health issue is occurring at a time when the unemployment rate is hovering just around 8% at that time, and millions of Americans are turning to food banks for help.

Considering all that is happening around us, the financial hardship we're seeing today may appear to be out of your control. But there's some good news: there are a lot of things you can do to reclaim control and improve your financial situation. You can achieve harmony in your well-being by doing so.

How to reclaim control of your life.

If you're dealing with financial stress, one of the first and best steps you can take is to develop and stick to a healthy living plan that includes a major concentration on financial health. This plan might assist you in visualizing your future and pursuing health and well-being in all aspects of your life. It's the road to a healthier, happier self.

Try concentrating on these three key components as part of your wellness plan: get healthy, live healthy, and retire healthy.

1. Get healthy.

Determine which aspects of your personal life are out of order and give them the care they require:

• Determine what is causing your financial stress, such as loans, tuition, bills, and home expenditures.
• Reduce your expenditures where you can and pay off your debts first.
• Check with your Human resources department to see if there are any financial wellness services accessible to you and if so, make use of them! Many businesses are recognizing the financial hardship that their employees are under and are now providing these services to them for free.
• Make a cushion of funds.
• Seek out specialists that can assist you in dealing with financial stress, including both financial and mental health specialists.

2. Live healthy.

Wellness necessitates dedication to making healthy decisions. Financial health, like preparing nutritious meals or keeping physically active, is based on making smart decisions, from day-to-day decisions to life's major milestones. Here are some suggestions for living a healthy lifestyle:

• Create a workable operating budget that accounts for both living expenditures and discretionary expenses.
• Examine your financial obligations for both minor and large expenditures.
• Differentiate your needs from your wants, yet give yourself a treat now and then.
• Align your financial expectations and create goals with your spouse.

3. Retire healthy.

Wellness is indeed an adventure, and you should envision where you want to go on it. There are several tools available to assist you in achieving your retirement objectives. You may welcome your old age with a higher feeling of well-being and retire comfortably by taking tiny and persistent measures.

• Build a retirement plan with the help of a financial advisor. 
• Create private pensions accounts that suit your needs, such as 401(k) or an IRA.
• Make monthly installments and see your dreams come true.
• When important life events occur, like the birth or adoption of children, changing marital status, or becoming a homeowner, you will need to reassess your finances.
• These three areas, when combined, may provide you with peace of mind through life's challenges, revive your financial confidence, and improve your general well-being.

Taking the First Steps to a Healthier Life

Stress may have a negative impact on every area of your health and well-being, but you must remember that you are in control! It is up to you to take efforts to regain financial control so that you may get healthy, live well, and retire well. To begin your journey to financial wellness, take the first step now and contact a financial advisor.

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