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Even though many avoid talking about their finances, a huge number of people struggle with money and goes through anxiety attacks every time they look at their bank accounts. Financial Stress is a real menace, but it can be battled! Here are a few tips that will help you prevent, battle and relieve financial stress and avoid all those nasty health risks that come with it.
How to Prevent and Battle Health Risks That Come with Financial Stress
Identify your stressors
Write down all the ways you spend money unnecessarily and try to see how you can direct your hard-earned dollars towards a better cause. This exercise will cause your anxiety and stress to a spike in the short run, but it will do wonders in the future.
Budget, Budget, Budget
While initially, budgeting can be very stressful and even make things worse for you, it will pay off in the long run. It’s actually the best way to control your finances and stop your financial stress and worry.
Sticking to your budget might be tricky the first few months, but once you see how well having a stable budget makes you feel and behave, you’ll love your new lifestyle. Plus, in time, you will learn to budget quickly and have plenty of time to enjoy your newfound financial freedom.
Stay Away from Temptations
Of course, you can’t avoid all sorts of shopping stores and malls, but what you can do is limit your time spent there in order to battle your shopping addiction and reduce spending.
In order to limit money waste and avoid all that buyer’s remorse and stress, choose to replace shopping with a different activity that’s free. You can grab your friends and go on a short hike or organize a dinner party at home. You can also leave your cards at home and put some cash in your pocket when you go shopping—this will put a premature stop to your uncontrolled shopping spree.
Also Read: 5 Easy Ways to Relieve Stress for Women
Invest in Insurance
Many people think insurance is an unnecessary waste of money, but there’s no way to stay safe and stress-free if you constantly need to think about robberies, car stealing, and health issues that happen around you, all of which can basically bankrupt you. So, make sure to invest in good insurance for your prized possessions and your health, but be smart about it.
For instance, if you dig around, you can save on car insurance and still get away with tailored premiums that will save you loads. Do your homework, and you’ll get good quotes that will offer amazing coverage and allow you to get your beauty sleep without stressing about money.
Have an Emergency Fund
You will always have some unexpected expenses (home improvements, medical emergencies…) so in order to reduce the stress connected with these, make sure to form an emergency fund. Once you know you tap into your dedicated emergency fund, many surprise repairs and doctor’s visits will be less stressful.
Also, having some money on the side will allow you to be freer with using your budget money. In order to be safe, have at least $1,000 in your emergency fund. Once you get more financially stable, aim to have between three and six month’s living expenses in your fund.
Tackle One Decision at a Time
Having multiple financial decisions on your hands can be overwhelming and your willpower can succumb to temptation. In order to avoid this, space out your important decisions and you’ll reduce all the stress and anxiety.
Get Outside Help
If you need some initial help with your new financial situation, consult a professional financial planner who will help you with saving, investing and plants for the future. If you’re bothered by stress, you can contact a credit counseling service and restructure your debt.
Deal with Stress like a Boss
Many of us choose to ignore stress or try to relieve it in unhealthy ways (drinking, gambling, smoking, binge eating). However, none of these activities will neither fix your financial situation nor help you with stress.
Instead, practice good budgeting, avoid temptations, try exercising, meditating and consulting with a mental health professional about your problems. Basically, this is the only way to deal with stress in a healthy way.
With some hard work and dedication, you will manage to revive your finances and finally be free of debts hanging over your head. Once you see how discipline helps with money, you will manage to shed plenty of financial stress and continue with a much healthier life.
So this was it for today. I hope you have enjoyed reading this.
Have a Good Day! 😇