26 Jan Is The Stress of Money Affecting Your Health, Energy or Happiness?
Is The Stress of Money Affecting Your Health, Energy or Happiness?
Are You Stressed About Your Money Situation?
Written by: Kristen White
Are you stressed about your money situation? Do you numb your anxiety about money by overeating, shopping, drinking, smoking, spending hours in front of the TV or surfing the internet? These common coping behaviors may provide temporary relief, but you know they will never provide a long-term solution to stress.
The human body responds to stress with a fight-or-flight reaction. Hormones surge through the body, causing the heart to pump faster and sending extra supplies of energy into the bloodstream. Historically, this emergency response system was useful; it enabled people to survive immediate physical threats, like an attack from a wild animal. But today, the stress in most people’s lives comes from the more psychological and seemingly endless financial pressures of modern day life.1
Are you facing; managing your finances for the first time, growing credit card debt, spending more than you earn, financing your expenses/debts using some form of other debt like a loan or a home equity line of credit, using your savings or retirement funds to pay your bills, facing costly home repair expenses, divorce or not having enough money to pay the mortgage payment plus all your other bills at the end of each month?
It is common that people experience anxiety, fear, frustration, a sense of loneliness and hopelessness as debt piles up and increasing amounts of money are needed just to pay the interest. All of these situations can turn on the stress hormones and because these conditions don’t go away, the hormones don’t shut off. Instead of helping you survive, this kind of stress response can actually make you sick. 1
Take Steps To Decrease Your Stress
1. Create an honest monthly budget: Do you know how much and where you’re spending each month? Do you know what you need each month to cover your expenses? The only way to know is to create a monthly budget. Seriously look at how much money you are spending compared to how much money you make each month. Many people find it reduces their anxiety when they know exactly what their monthly budget is, instead of just guessing at how much they need, or hoping they have enough. Creating an honest monthly budget and continuing to track your income and expenses will take a huge weight off your shoulders.
2. Face your fear of current reality: One of the worst issues with financial stress is the difficulty of facing the reality of your situation. People are afraid to look at the amount owed on their credit cards, bills, loans and what their actual bank balance is.
People are also afraid to answer the phone regarding missed payments. Start looking at the amount owed on your credit cards, your bills, look at your bank balance and communicate with the person who is calling regarding any missed payments. Face and know your current situation, so you can take steps to solve the issue.
It will surprise you to learn how much taking action will make you feel like you are gaining more control over your money, instead of feeling like money has control over you.
3. Decide where to reduce spending and follow through: Many of us can’t imagine reducing our spending any further. If you are in debt and spending more than you make you may not have any other choice at this time but to cancel your cable TV and watch movies online, cut down on buying Starbuck’s or buying other things that aren’t absolutely necessary, cancel your gym membership and workout outside or at home, eat at home instead of eating out, bring your lunch to work, trade in your vehicle for a smaller vehicle that is less expensive on gas, find a ride or carpool with neighbors and coworkers to work, by clothes when they are on sale or downsize to a more affordable home.
These are just a few examples but what is most important is that you know you are facing your current financial reality and doing something about a situation that needs attention. When you honestly know where you stand with your financial situation, you will then be able to take the next steps towards more solutions that are right for you.
After you have done your budget, if you realize that you don’t have enough money to pay your mortgage payments each month and don’t want to lose your hard earned equity or affect your credit because of missed mortgage payments, contact us today, we specialize in helping people in these types of situations: 604- 812-3718.