Financial Crisis Can Damage Your Health, But There’s a Way Out
Financial crisis is among the top causes of stress, leading to unhealthy emotions that will eventually take a toll on your health. You feel anxious, frustrated, and hopeless as debts pile up. Financial hardship is a stressful experience and is spreading widely. GetSmarterAboutMoney.com says it’s a beast that is killing Canadian society’s foundation - destroying people, businesses, and families. It also threatens young Americans, as they may find it difficult to escape from debt for a lifetime.
A poll by AboutHealth.com reports 7 out of 10 respondents worry about money, and only 1 in 10 people said they do not have any financial difficulty. In the U.S., where one of every two marriages ends in divorce, 80 percent said money problem is the main cause, Resource Management Specialist Dr. Bernice Wilson told Metro News.
With the cost of food, gas, and other basic commodities continually rising faster than income earned, more and more people worry about money and this leads to many health problems with these adverse effects:
• Coping behavior. Most people turn to overeating, smoking, drinking, and others harmful habits that may lead to depression and even more stress.
• Sleeping difficulties. When under stress, people experience sleep deficit, leading to the impairment of their immune system and other cognitive abilities, which cause them to become moody.
• Lack of self-care. Since it is a money issue, some people cut spending for self-care and pay just for the basics. This can amass to bigger problems that lead to more stress as well.
In order to reduce the stress brought from financial difficulty, experts suggest:
• Be aware of your financial standing. Check if you have a major financial problem, and admit it. See how you can be helped to be on the right track all the time.
• Implement helpful systems. Seek help as soon as possible. Learn more about effective budgeting to cope up with current and future money problems.
• Learn how to get out of debt immediately, including credit cards. Experts say it is easier when having a plan such as cutting costs, keeping a budget, and reducing debts.
• Increase cash flow. Getting more income by working harder not only lessen money problems, but will also get you out of the depression-leading frustration as you become busier.
• Find time to exercise. Exercise keeps you healthy and likewise gives you a positive mood, which you will need to handle stress.
As simple as they sound, these suggestions can also be effective in getting you out of your financial crisis, totally removing stress, so you can leave all of your money difficulties behind.
A number of companies today are focusing on events where they gather their teams together and organize financial training & guidance workshops as well as employee engagement activities. The question of how to keep a team motivated is now moving beyond the workplace, and is actually touching upon the lives of the employees at home and beyond. Help is at hand for advice on personalized financial planning and managing a healthy work life balance.
So if you are plagued with financial worries and feel like you are all alone, perhaps the first positive step you can take is to be willing to reach out to a mentor, a colleague or a peer within your company.