Although any stress can take its toll on your health, stress related to financial issues can be particularly difficult to manage, especially during these times of uncertainty, leading people to feel more anxious about their personal finances and financial future.

According to a study by Thrive global, nearly 85% are concerned about the potential financial impacts and consequences of coronavirus, with another 75% reporting the pandemic has negatively impacted their financial well-being.

Financial distress has long-time been linked to poor physical and mental health and can be cyclical as often, the more you worry about money, the harder it can be to manage your well-being. 

How financial stress affects your health

Ongoing financial stress can feel overwhelming and inevitably manifest, causing harm to your health and well-being. 

Your physical health: Studies show financial stress is linked to migraines, diabetes, sleep problems, heart disease, to name a few. Left untreated, these conditions can lead to life-threatening illnesses. 

Your mental health: Studies show that people in debt have higher rates of mental health issues such as anxiety and depression than those who are debt-free. 

Your coping behaviours: Money worries can cause you to engage in a variety of unhealthy behaviours, from overeating to alcohol and drug misuse. In fact, 33% of Americans reported eating unhealthy foods or eating too much to deal with stress.

6 ways to cope with financial stress

Learning to manage your financial situation and cope with financial worries can help you gain control of your life and build a more secure future while reducing your stress. Consider some of the following tips to help get you started:

1. Make time for problem-solving

Taking action can help you feel better. Set aside time to address the problems you face, as well as identifying how you feel about those problems. When you find yourself worrying, focus on looking for a solution instead of dwelling on the issue.

2. Understand your debt situation

Understanding your cycle of debt is the first step to getting yourself out of it. Once you know how to break the cycle, you can start building toward a positive future with simple habits that are easy to maintain.

3. Draft up your budget 

Regular budget checkups are essential for improving your financial health. Take control and set aside time to schedule, organize, and evaluate your income and spending. 

4. Seek expert advice 

If you’re unsure of how to begin managing your finances, rather than down spiral into worrying further, seek expert advice from financial professionals at your bank or service provider. 

5. Practice and prioritize self-care

As you work on improving your financial situation, remember to pay attention to your health and well-being by making additional changes to create a low-stress lifestyle. Poor sleep, an unhealthy diet, and lack of relaxation time will only compound your stress further, so prioritize your wellness by taking care of your mind and body.

6. Reach for emotional support

When you’re struggling with emotions, like sadness and anxiety, it can help to talk to someone. Whether you chat with a friend who is in a similar predicament or you reach out to your family to talk about your concerns, emotional support can help you gain strength during this stressful time.

If you’re having a difficult time, know you’re not alone. Financial worries undoubtedly exacerbate feelings of overwhelming stress and anxiety. If these feelings inhibit your daily life, consider putting your mental health first by accessing the professional support you deserve.  

Download Snapclarity to access mental well-being resources and support from the comfort of your home.