Everyone stresses from money problems from time to time, but prolonged stress could cause significant health issues. We are going to discuss why stress is bad and what you can do to prevent it from being toxic to your health.
The first thing you should know is that not all stress is bad. Stress can be good if you are actually in a dangerous situation. In a scenario where you're in immediate danger, those heightened senses and extra energy are good because they'll allow you to react and either fight or fly.
However, if you are sitting down at the table and stressed out because you are having money issues, those hormones could cause significant chronic issues that could be dangerous for your health. Prolonged stress has been linked with cardiac issues, obesity, Type 2 diabetes, mental disorders, and more. In general, if you are constantly worried about money, you might be putting yourself in an early grave.
What Can You Do to Shake Off Money Issues?
The first thing you should do is come up with a plan to pay down your debt. You should establish a budget that you can live with and stick to it. You might have to get a second job to make things work or reduce your spending. You could also get more creative.
For example, if you own an annuity or structured settlement, you might consider selling your annuity payments for cash now. If you do decide to do this, just remember to get as many quotes as possible to ensure you are getting the best deal. Our partners all fit our stringent criteria for annuity buyers. Also keep in mind that you don't have to sell of your annuity payments. You only need to see what you need to address your financial concerns.
Basic Tips for Surviving Financial Stress
Get a second opinion from someone you know who is good with money or an actual professional who can provide you with advice and information on what you can do to get out of the hole.
Practice well-known stress relief exercises to help you stay calm. This could include exercising, meditating, yoga, or breathing exercises.
Don't shy away from your finances. Address them head on and don't pretend like they're not there.
Create a plan that you can follow and one that can be changed if necessary.
Take a deep breath. Act on things you can control, and know when you have to let some things go.