Financial Planning

Five Ways to Stop Financial Stress from Affecting Your Overall Health

It’s natural to experience financial pressure at times – closely monitoring your monthly budget or maintaining a healthy savings account isn’t always the reality for some of us. But when your financial health begins to suffer, it can often affect physical aspects of your overall health and take a toll on your body and mind. The stress and anxiety that results from poor financial decisions is something to be aware of – and to guard against in the future. Here are five ways to stop financial stress from ruining your physical and mental health.

Take Time to Train Your Brain (Sherman, 20163)

It’s important to develop strong and healthy financial habits as early as possible. The best way to do so is to train yourself to make healthier decisions little by little. Identify any common habits you already have when it comes to saving versus spending money.

Stop impulse spending and instead allocate that money towards savings and think through whether things are a want or a need. Once your brain is on board with making healthier financial habits, you will begin to see financial stressors diminish, taking pressure off of physical aspects of your life.

Always Be Prepared for the Worst (Whysel, 20185)

Not being prepared for unknown emergencies can significantly affect your physical and mental health. If you or a loved one has an accident and needs money to financially cover the incident and the after-effects, not having an emergency fund ready could be detrimental to your physical health.

The added stress that comes with an unforeseen circumstance also takes a toll on your mind, so being prepared financially can help to relieve some of that pressure. Make sure you have a separate savings fund for emergency and have some peace of mind in knowing that you are prepared regardless of the circumstances.

Pay off Debt Quickly (Babauta, 20201)

As long as you have outstanding debt tied to you, you won’t have total control over your personal finances and financial decisions. Debt can often be a suffocating situation, where a large portion of your income is dedicated for loan repayment.

By focusing on paying back these debts faster and becoming debt free, you are regaining control of your financial situation, and that can significantly decrease stress from your life. You may find yourself able to sleep better and focus in situations when stress is decreased in your life, which contributes to an overall healthier life.

Find a Financial Consultant (Luthi, 20182)

A good financial consultant will help you shape realistic financial goals and help you to find ways to achieve them over time.

If you are unsure of something, you have someone who might be able to provide some guidance to you on some potentially scary financial decisions and someone who might explain things that may not be common knowledge. Since finances are often a point of stress in one’s life, utilizing a financial consultant can help reduce your stress levels and you would have more time in your day-to-day life to focus on other important areas.

Invest in Your Health (Babauta, 20201)

Your health should always be your number one investment. Physical fitness and good nutritional choices are two ways that you can stay physically healthy and avoid significant health risks and costly hospital bills – or worse.

Proactively taking care of your health can also reduce healthcare costs, as you’re less likely to need emergency services or unexpected procedures. In the long-term, investing in your health can prevent diseases or bigger issues. It can also help you to be more productive in the workplace and help you to move forward in your career.

Financial health is directly tied to one’s overall physical and mental well-being, so it’s crucial to follow a few basic concepts in order to keep things balanced throughout one’s life. By incorporating these five simple things into your life, you can see both your financial and physical health improve significantly. After all, life is too short to waste time worrying when there are easy enough ways to get in control of both your wealth and your health!

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Content Sources
1 - Babauta, Leo (May 2020), 10 Habits to Develop for Financial Stability and Success, retrieved from Zen Habits
2 - Luthi, Ben (January 2018), This is How Your Financial Health Affects Your Physical Health, retrieved from Chime
3 - Sherman, Brad (June 2016), 4 Healthy Financial Habits ot Develop Now, retrieved from Nerd Wall
4 - Smith, Jeff (January 2019), 7 Surprising Ways Your Finances are Affecting Your Health, retrieved from Self.Inc
5 - Whysel, Brett (June 2018), 3 Vicious Cycles: Links Among Financial, Physical And Mental Health, retrieved from Forbes