Your checking account is overdrawn. Your car payment is late and you don’t know how you are going to make the payment. Creditors are calling you and your landlord is threatening to evict you because you are late on your rent payment.
If any of this sounds familiar, you are dealing with financially induced stress. Unfortunately, this type of stress is very common for many people today. No matter how hard you work, you simply don’t have enough money to pay your bills.
EFFECTS OF FINANCIAL STRESS
If you are experiencing financial stress, it is most likely affecting you in negative ways emotionally, physically, and mentally. The following issues are the most common effects of dealing with financial stress.
Ø Trouble sleeping at night.
Ø Short-tempered and angered easily by your children and/or spouse.
Ø Unable to perform job duties due to difficulty in concentrating.
Ø Experience anxiety and panic attacks.
The effects of financial stress can have a devastating impact on every area of your life, including your health. It can lead to depression, stomach problems, headaches, high blood pressure, and increase your risk for heart disease and stroke. This makes financial stress a serious healthy concern.
If you are dealing with financial stress, the first thing you must do is see your doctor and have a complete physical exam. Tell your doctor what your symptoms are and explain that you think the financial stress you are experiencing may be causing those symptoms. Your doctor may refer you to a psychiatrist or licensed therapist who can help you work through your problems.
What else should you do? Consider making an appointment with a financial consultant. They can help you come up with a workable budget and a plan for both short-term and long-term goals. Coming up with a plan will help ease your stress level considerably. Instead of worrying about your situation you will be doing something constructive to improve your situation.
Initially, you will need to track every single expenditure. This will be challenging at first but is necessary. By doing this record-keeping you will see exactly where your money is going and where you can trim your budget without really feeling the pinch. Every little bit you trim will give you more money at the end of the month!
You must budget a small portion of your money to put into a savings account. No matter how tight your budget is, this is a priority. The unexpected does happen. When it does, your savings will act as an insurance policy against disaster. And, with a little money in the bank, you will start to sleep better knowing that you are doing everything you can do to get your financial situation under control.
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