How financial stress affects your health
Do you feel ill every time you look at your bank statement? Does the thought of bouncing a cheque keep you up at night? You're not imagining things; your money worries are, in fact, making you sick.
According to one poll conducted the Canadian Medical Association, nearly 23 percent of Canadians are losing sleep over economic worries. This increases to roughly 33 percent among those without a university education. Over time, these sleepless nights evolve into chronic stress situations that further impact how a person thinks, feels, and behaves.
When it comes to cash, North Americans are feeling the pain – quite literally. According to a recent survey the Associated Press and AOL, respondents with high debt reported suffering from headaches, depression, heart attacks, muscle tension, lower back pain, ulcers, and digestive problems. Chronic stress caused fiscal worries can also lead to difficulty concentrating and focusing, as well as low mood and loss of sex drive.
How to fight back against financial stress
If your financial situation has you feeling helpless and physically drained, don't give up. According to Dr. Katy Kamkar, a clinical psychologist in the work, stress, and heath program at the Centre for Addiction in Toronto, it's in our nature to overestimate the stress we're experiencing and underestimate our ability to cope with problems.
When it comes to dealing with your money problems, don't assume that you're destined to a future full of debt. Take care of your mind and your body following these steps...
1) Get help
The worst thing you can do when suffering from financial problems is try and weather the storm alone. This will only send you deeper into despair. It's important to talk with others; don't let the shame of the situation or your own self-doubt stop you from seeking the support that you need to start moving forward.
Start confiding in a friend, family member, or spouse. From there, consider seeking out a credit counsellor or financial planner. Never underestimate the value of a professional opinion.
2) Get active
According to Charles Duhigg, author of "The Power of Habit," regular exercise can actually help to improve your finances. In his book, Duhigg explores how everyday habits can impact our health, relationships, and finances. Duhigg discovered that some habits are keystone habits – behaviours that have a disproportionate influence; that is, once you start changing the pattern, these habits impact all of the other behaviours in your life. For many of us, going for a jog in the morning could help cut down on our credit card spending. It's tough to explain, but it's true.
3) Get some rest
According to Dr. Elliott Lee, a sleep specialist at the Sleep Disorders Clinic at the Royal Ottawa Health Care Group, roughly 50 to 60 percent of people who come into the centre complaining of insomnia cite finances as one of the contributing factors. If visions of dollar signs are keeping you up at night, try the following coping mechanisms:
• Set a sleep schedule. Try and go to bed and get up at the same time every day.
• Keep the room dark and the temperature at roughly 21 C.
• Don't exercise or drink alcohol or caffeine right before bed.
• Avoid anything with numbers – the stock market, sports scores, math homework – just before bed.
• Get into the habit of writing down short-term and long-term goals that might help you to address your financial challenges. Do this in the early evening and then make a point of telling yourself that you won't think about them for the rest of the night. This will help you to feel like you have more control over the situation.
4) Eat better
Finding time to prepare and enjoy healthy meals can be tough, especially when you've already got a lot on your plate. However, that's no excuse to skip meals. Your body needs essential nutrients in order to function properly, so don't deprive yourself. Hop on Pinterest and search for some easy, economical, and delicious meal ideas.
5) Avoid risky situations
According to Dr. Lee, studies have shown that people are more prone to engage in risky behaviours, like gambling, when they're sleep-deprived and stressed. If you're feeling desperate, don't do something rash. Avoid the casino, stay away from the local pub, and resist the urge to buy items on impulse.
Don’t ignore the symptoms
If your money worries have morphed into physical aches and pains, don't ignore the symptoms. Make an appointment to talk with both your doctor and your financial advisor. You can overcome your economic troubles – with a little help from your friends, professionals and most importantly, yourself.