How to reduce your financial stress and improve your lifestyle
According to a recent financial wellbeing survey, money remains the single biggest cause of stress for employed adults in the UK, with almost one-in-five describing their own financial wellbeing as either ‘poor’ or ‘very poor’.
Of course, this issue may have been exacerbated in the minds of some during the coronavirus pandemic, and if you’re feeling overwhelmed by financial stress, it can be hard to know exactly where to turn in the current crisis.
But why is financial stress so problematic from the perspective of mental health, and how can you reduce its impact and improve your lifestyle?
Why is Stress so Problematic?
Financial stress is clearly a growing issue in the UK, and one that has undoubtedly (and understandably) become more pressing in the last 18 months or so.
What’s more, money worries can have a huge impact on both your physical and mental wellbeing, while also causing the breakdown of relationships and diminishing your overall quality of life.
For example, as many as one-in-five divorces in the UK cite money as the primary reason for the relationship breakdown, so this is a huge problem that often goes unresolved over time.
From a physical perspective, financial stress can be extremely debilitating over time too, leaving with symptoms such as headaches, gastrointestinal problems and high blood pressure in addition to more common ailments like stress and anxiety.
Because financial issues can also be a source of shame to some, they may hide their problems and shoulder the burden themselves even as they begin to mount.
How to Reduce Your Financial Stress
OK, we hear you ask, but what practical steps can you take to reduce (or at least manage) your financial stress? Here are some ideas to keep in mind:
- #1. Seek Out Debt and Financial Planning Advice: The first step to dealing with financial stress is owning your issues and your debt burden, before seeking out actionable advice and starting to reduce your liability. Initially, you could seek out overall guidance and support from debt charities such as the Citizens Advice Bureau, before accessing more targeted financial planning advice from accredited experts in the field.
- #2. Create a Budget: You’ll also need to ensure that you manage your spending, in order to help make the most of your money and afford you a far greater sense of control. Creating a budget is an excellent way to achieve this objective, as this allows you to gain an understanding of your behaviour as a consumer while also determining precisely how much disposable income you have in relation to your earnings every week or month.
- #3. Review Your Bills: It’s always a good idea to regularly review your recurring household bills, particularly as some companies (and particularly energy providers) have been known to make mistakes when charging their customers. As a result, reviewing your bills allows you to highlight any potential issues before they become too problematic, while it also enables you greater control of your spending and far greater peace of mind.
