Stress and finances often go hand-in-hand. According to Manulife, 40 per cent of Canadians who say they are ‘financially unwell’ are more likely to report feeling stress linked to their money troubles, compared to those who are financially stable. Taking control of your finances can create positive impacts on your physical and emotional health by allowing for more stability and freedom within your life. By making smart, strategic decisions with your money, you’ll notice the benefits that it provides to your overall health, leaving room to enjoy more and stress less.

Don’t Lose Sleep Over Your Finances

Money worries can keep you up at night, causing you to lose sleep and impact your overall health. Dr. Donna Ferguson, psychologist at CAMH in Toronto, says replaying your financial woes in your head can take its toll on your physical and emotional health. Start by addressing the root of your debt and commit to monthly budgets, accounting for all necessary expenses. Spending within your limits will help to eliminate the risk of additional debt.

Reduce the Risk of Depression and Anxiety

While financial stress may not be the main cause of mental illness, it can be a contributing factor. Dr. Ferguson says this tipping point can lead to strains on relationships, which can then take its toll on your mental health. According to Verywell Mind, understanding your debt is the first step to breaking out of the cycle. Once you’ve recognized your debt patterns, you can begin a plan towards financial freedom. Taking time to budget, strategize, and cut down costs will become major factors contributing to your mental well-being.

Knowing Your Options Can Reduce Your Anxiety

Taking the necessary steps towards financial stability can reap rewards for your health, and it’s important to know your options so you can make the smartest decisions for your future.

If you require assistance when it comes to paying your bills and getting back on track, consulting your bank is the first step. They may be able to assist by providing affordable lending options to help ease your short-term troubles. If you’re not eligible for traditional lending programs, there are alternative borrowing options available. Companies like GoDay offer licensed assistance with easy applications and customer reviews, allowing you to invest in your health without breaking the bank.

According to Forbes, financial stress can affect almost every component of your body; including muscles, breathing, heart rate, and brain function, so be sure to look for assistance when you need t.

Money Can Be a Tool Towards Independence

Learning to budget can be an asset and change the way you view your finances. Rather than impulsive spending, you’ll learn to value your money and view it as a tool to help you get ahead. Changing your mindset around your finances can be a powerful tool to fulfilling your needs and your mental health.

Once you’ve mastered this tool, you can begin to plan for your future. Building an emergency fund can be a solid step towards your financial independence.  Keep the account separate from your everyday spending. You can take comfort in knowing you’ve protected yourself in the event of an unforeseen financial emergency that won’t burden your monthly budget.

Follow these steps and you’ll be well on your way to a healthier financial mindset.

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By: admin
Title: Careful Budgeting Can Bolster Mental Health
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Published Date: Sat, 16 May 2020 22:15:20 +0000




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