|Have you ever thought about how your financial position and any debts you have could be having an impact on your health?|
Financial stress can negatively impact on your physical health, as stress no matter what the cause of it has been linked to heart disease, strokes, gastrointestinal problems, diabetes, insomnia, high blood pressure and other conditions.
Two of the most common results of financial stress however, are anxiety and depression. Each of these can be debilitating, preventing you from spending time with your family, working effectively, and therefore earning the money to help you improve your financial position.
Financial stress has also been proven to have a negative impact on work life:
- Financial stress in the UK is a growing problem for employees with 51% worried about their finances.
- 22% of UK employees say that the stress of their financial situation impacts on work productivity
(Source: Sodexo, 2014)
If you are constantly worried about your money situation, how you are going to pay bills and your job security, you may well start to have stress-related health conditions and struggle at work. Whilst becoming stressed about your financial position is something to try to avoid you do need to think about how to improve it!
This is where you need to take action. Depending on the nature of your financial problems, you could improve them with simple tricks such as creating a household budget and sticking to it, or by looking at saving a small amount each month to go towards an ˜emergency fund to help you cope with what life throws at you. Try using the Piggybank Technique to save for different things in different accounts so you always know how much money you have for each goal, such as a holiday, new car or wedding.
If your money worries are bigger and you are trying to juggle debts with high interest lenders such as credit cards, or payday lenders, you should perhaps look at a debt consolidation loan to help structure your payments and improve your cash flow. Even if you have a bad credit rating, you can get help talk to East Sussex Credit Union about a loan and see if they can help you, as they look at your ability to pay, not just your credit history.
If you think your financial situation is impacting on your health, act now and get help. You can improve it and stop it effecting your life longer term by taking control now. Looking after your money will help you look after yourself.