Money can’t buy happiness, but monetary problems can certainly bring stress. For most people, it is the top reason for daily stress.1 Anxieties about money can affect your health and generate negative feelings about your future. It may even lead you to try unhealthy coping methods such as smoking and alcohol consumption.2 If you worry too much, you might find it difficult to sleep properly, which in turn affects your daily activities.
Yes, a blissful future lies ahead if you manage your finances well.
Balancing your finances
To begin assessing your financial situation, you need to understand where your money goes. Start by comparing your expenses with your income. Bear in mind that it’s always wise to overestimate rather than underestimate when you calculate expenses.
Here are a few ways to save money.
- Bills: Compare the providers and their plans to see if you can get a better deal.
- Daily routine: Are you a routine spender who spend too much on snacks and coffee among other things? If you are, just keep some cash on hand for your “habits” and don’t spend more than what you allocated yourself.
Don’t feel motivated enough to cut back on expenses? Think about something you really want as motivation, such as saving enough for a nice vacation. This way, you’ll have money on hand to meet unexpected emergencies.
When you plan ahead, you can cut back on a lot of stress as you’ll know that you’re covered financially in the future.
How do you deal with debt?
Money matters can be particularly stressful if you have debts. If your debt piles up, you might experience frustration, hopelessness, and anxiety.2 Here are some warning signs of accumulating debts:
- You fulfill just the minimum credit card payments each month
- You purchase more while trying to pay off the previous purchases
- You don’t know how much exactly you owe
- You use your credit card for bill payments
- You’re frequently overdrawn
- You’re not being truthful to your close ones about your debts and spending
If these signs define you, it’s time to take action. You’ll need to change your spending habits immediately. If you think you cannot handle this problem on your own, you can always seek help from support groups, but do make sure the groups you join are run by the government as private organizations might try to sell you a service or a loan.
Money can’t buy happiness, but mismanagement of it certainly causes misery. As your financial condition improves, you’ll experience less stress and ultimately a better health. Try the tips given above and you’ll see your mood and fitness improve slowly.
Resources
- Working Well: A Global Survey of Health Promotion and Workplace Wellness Strategies. Buck Surveys. Visited March 2016.
- How to identify stress. International Stress Management Association. Visited 26 March 2016.