DEALING WITH FINANCIAL STRESS
I was reading an article today talking about financial stress and it said that if you ask most people what’s worth stressing about, health, family, and money are the typically expected responses.
Indeed, money is closely connected to health and family, and most things you do every day in one way or another.
It’s normal to have financial stress
It’s only when it gets out of control and no longer a normal financial stress that it’s necessary to do something about it…
The article goes on to say that sometimes financial/money stress becomes unhelpful.
Stress is a natural response when something important is threatened. But it can also cause your mental and physical health to badly deteriorate and can set in motion a stress loop where an individual doesn’t seek the mental and financial help they need.
This in turn can lead to:
- Worsening mental health
- Eventually, worsening overall health
- More strenuous financial circumstances
- Debt
- All of the above, causing even more financial stress
Now this is not rocket science but sometimes stating the obvious becomes important so we can see the wood for the trees
If you’re struggling with financial stress, or even just struggling financially and stress hasn’t kicked in, there are things you can do to address the issue (and not said lightly because Chris and I have found ourselves in this situation after the crash of 2008 left us in a bad situation having lost our retirement savings!)
These are some but not all of the signs of financial depression (and it’s just as reeal as any other kind of depression)
Many people especially those in or approaching their retirement have a lot of financial stress going on in their lives and for those who have not yet found a way out of it depression is real threat to their mental health and wellbeing.
“Financial depression” symptoms are actually the same as those in other forms of depression. The only major difference is the cause of the depression. The relationship between clinical depression and finance should not be taken lightly…
If you are at all worried then you should seek help
The British National Health Service (NHI) identifies the following psychological clinical depression symptoms:
- Low mood or sadness over time
- Low self-esteem
- Hopelessness
- Helplessness
- Feeling overwhelmed with guilt
- Irritability towards others
- Lack of motivation
- Lack of interest
- Difficulty making decisions
- Inability to feel enjoyment
- Thoughts of suicide or self-harm
Depression can also manifest itself in physical symptoms such as poor sleep, unexplained aches and pains, low energy, loss of appetite and loss of weight etc
While financial depression isn’t clinically differentiated from clinical depression overall, its underlying cause (financial stress) is a unique form of stress.
Many of the recommended courses of action are those associated with broader mental wellbeing. But during times of extraordinary financial stress, it’s important to find healthy outlets for your stress
Easier said than done we know because we’ve been through the sleepless nights and endless worrying about what to do and still having to take care of our young family and go to work!
The health authorities suggest looking after your physical health during the process… more specifically, they both recommend regular exercise and a healthy diet
Staying active isn’t meant to distract you from your problems, but rather to keep your emotions and mental health in check.
If you are reading this and went through the stress of the COVID 19 Pandemic you will remember (we do as UK citizens) the advice to get outside every day and take exercise
There was a good reason behind it!
Many people were laid off and many more had to work from home causing many more stresses than normal. Job loss in particular is horrendously difficult to manage mentally and physically and why trying to hold on to some semblence of daily routing is important and it’s especially important you don’t let your routine and sleep habits fall apart.
Staying on top of your financial challenges is an inescapable part of financial hardship. Where applicable, you shouldn’t hesitate to reach out to free financial and mental health support resources – they are just a google search away and the people are trained to help you find solutions for your personal situation.
Financial stress can affect your health in many negative ways. But it’s important to see your stress for what it is – a call to action.
So, DO let your stress motivate you to take a cold, hard look at your finances. But DON’T let your stress go unchecked and allow you to isolate yourself from others and resort to unhelpful coping mechanisms.
Talk to those close to you, as they may be able to help!
Your mental and financiall wellness are very important and there will always be ways you can improve the situation with a little help.