Financial Stress How It Affects Our Health

Financial Stress: How It Affects Our Health

Physical and mental health are the main victims of financial stress. To what extent does our personal economy influence our health?

In the latest  CIS survey , the economic crisis and its derivatives are considered the  main problem . This can trigger what is known as  “financial stress” .

Financial stress is defined as the impact generated by economic problems on our  physical and mental health.

In other words, “poor financial health” increases the likelihood of worsening personal health. The main symptom is anxiety, but there are others. Let’s see what they are.

The impact of financial stress on our health

Depression, insomnia  and even  cardiovascular problems and immune system disorders are other conditions of financial stress.

Our well-being is based on three fundamental pillars: the family, our social context and the employment situation. If any of these elements fail, our balance is shaken and the domino effect begins on our health.

Tips for dealing with financial stress

Although economic problems are always complex to manage, BBVA gives us a series of recommendations that seem interesting to us to face this situation.

1. Make a detailed breakdown of expenses

It is time to take a pen and paper (or a spreadsheet) and write down all the income and expenses in detail. It is about seeing where the main expenses come from and if we can cut any more superfluous.

As far as possible, it is convenient  to draw up a savings plan and not deviate from it. That is, put an amount of money in a virtual or physical piggy bank  every month.

It also helps  to set minimums and maximums for certain budget items. For example: maximum spending on clothing and accessories every month, money dedicated to leisure, etc.

The apps of financial institutions facilitate the monitoring of expenses to a great extent without additional costs.

There are also apps for managing finances and controlling expenses that can be very useful to reach your goals or even to make investments.

2. Improve your financial education

Having financial knowledge will help you make the best decisions, increase your ability to invest or spend and avoid situations of excessive debt.

3. Give up bad habits

Bad habits such as  alcohol or drug use or other addictions such as gambling  can trigger financial problems. And vice versa: these problems are also often the consequence of weak finances, among other conditions. 

If you detect any type of addiction, it is important that you say “enough”. Put yourself in the hands of a specialist who will help you redirect your life.

4. Get good advice

Both with regard to state or regional aid, as well as from private organizations. Many entities can help you get out of the rut. Find out and don’t be afraid to ask.

Also Read : How To Avoid Mental Stress At Work

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