We all know the feeling: you’re sitting at your desk, scrolling through social media, when you see it. That friend from college who just bought a new house, or the coworker who just got a new car. And suddenly, the little voice in your head starts asking questions. “Why can’t I have nice things like that?” “What am I doing wrong?”. It’s unbelievably easy to get caught up in keeping up. Sometimes at our own very peril
Finances are one of the leading causes of stress in our lives. But it doesn’t have to be that way! With a little bit of planning and budgeting, you can take control of your finances and reduce your stress levels. So let’s get started!
The financial burden: how finances cause stress
If you’re already struggling with other issues in your life, such as a divorce or dealing with a serious health condition, the last thing you need is to worry about money.
A recent survey by the American Psychological Association found that 72% of Americans report feeling stressed about money at least some of the time, and 22% say they experience extreme stress about finances.
Financial stress can come from a variety of sources, including job insecurity, debt, unexpected expenses, financial planning and more. And it can have a major impact on our mental and emotional well-being.
When we’re under financial stress, we may experience symptoms of anxiety or depression, including trouble sleeping, irritability, lack of focus, strained relationships and more. This stress can also lead to physical health problems like headaches, stomach problems and high blood pressure.
Our relationships. Although money is not the root of all evil, it is a significant source of stress for many couples. Money troubles can cause arguments and breakups and divorce. It’s not limited to intimate relationships. Partners feel overwhelmed, anxious, or depressed. When you borrow money from a friend or family member, and cannot repay on time, it can create strain.
Our health. Money troubles can also take a toll on one’s mental and physical health. A 2013 study found that financial strain was associated with an increased risk of depression, anxiety and sleep problems. A 2012 study found that people who were stressed about money were more likely to have high blood pressure and cholesterol levels.
The impact of financial stress on work is well documented. A 2016 survey by the American Psychological Association; fmoney is the top source of stress for Americans, with 72 percent of respondents reporting experiencing significant stress about money at least some of the time.
Work performance. A study by the Federal Reserve Bank of Boston, found that workers who reported experiencing financial stress were more likely to have poorer job performance, more absenteeism, and more difficulty concentrating at work.
The follow up post will offer suggestions for each aspect of your lives. Let me know below if this post helped!
To Your Success,