Economic difficulties are not easy to overcome since they affect all areas of life: relationships, health, emotional, socio-economic and so on. They lead to lack of security causing stress or anxiety. Considering the current covid -19 situation a lot of people have lost their jobs, daily wagers have migrated back to their village and unemployment is on the rise because of the economic slowdown.
Financial hardship is a condition which causes fear and worry often accompanied by physical reactions. This leaves you prone to health problems that can lead to serious illness.
what does financial stress lead to?
Relationship Difficulties: Economic stresses can also cause more conflict and arguments with your spouse and family.
Financial problems affect your mental health The stress of debt or other financial problems can make you feel depressed or anxious.
It affects your physical health such as headaches, gastrointestinal problems, diabetes, high blood pressure, and heart disease all resulting from stress.
Unhealthy Habits: Some people turn to unhealthy habits to cope with financial stress such as smoking, drinking, gambling, emotional eating or drug use.
tips on dealing with financial stress
- Focus on what you can control – Create a budget. Estimate how much money you receive and spend each month, prioritize bills to pay, eliminate insignificant expenses and record expenses while keeping all your income. Adjust your expenses each month by focusing on loans, mortgages or rentals, utilities, groceries, and the things you need to have at home.
- Save more and spend less – Increase your savings and reduce insignificant expenses. For example, prepare meals at home instead of eating at or ordering from restaurants.
- Eliminate mindless spending – You may realize after a bit of introspection that most of the buying is impulsive and isn’t required.
“If you buy things you do not need, soon you will have to sell things you need.”Warren Buffet
- Ask for support – We all stress about having money issues, but we must be honest with our closest ones: spouses, family, and trusted friends. A support system can help you deal with economic difficulties. If your debt is higher, contact your bank to create a payment plan for the credit card or loan you are requesting.
- Manage your stress – Solving financial problems requires one step at a time. Problems won’t go away overnight, However, that doesn’t mean you can’t take immediate action, taking the first step puts you in the right path which helps to take off that pressure and find the strength and peace of mind to cope up with long-term challenges.
- Do some exercise – A little regular exercise can help reduce stress, boost your mood and energy and boost your self-esteem.
- Practice some relaxation techniques – Take some time each day to relax and give your mind a break from constant worry. Meditation, breathing exercises, or other relaxation techniques are great ways to reduce stress and restore balance to your life.
- Practice gratitude – Counting your blessings is a sure shot way to uplift your overall wellbeing. It is now scientifically proven that happy people earn more and are healthy and successful in all the areas of life, so a lot of people think if they achieve something they will be happy but in reality it’s the other way round, happiness fuels success.
If you identify that you are facing anxiety or stress and you are feeling overwhelmed or unable to cope with its demands, consider seeking help from our mental health professionals at MTW before the problem worsens.