There is no escape from financial stress. A lot of things are there to get worried about- from utility bills, college tuition to credit cards. Mortgages and student loans must be repaid. Money must be transferred to retirement accounts. Medical bills must be paid. This kind of stress can take a toll on human lifespans. The decline of life expectancy is linked to economic insecurity. Major causes of death like diseases of the heart, suicide, stroke and unintentional injuries may have their beginnings in elevated stress levels.
Stress and ill health
According to Mark Rank of Washington University, there is a solid link between physical deterioration and financial stress. About 52 percent of American employees have reported that they felt stressed when it came to finances. In the year 2016 made Employee Financial Wellness Survey conducted by PwC, about 29 percent has reported that their health has been negatively impacted by financial stress.
An ostensible reason for this link is that financially insecure individuals frequently lack the necessary resources to seek physical and mental healthcare. It is seen that illness is specially seen when people have less cash and suffer from increased stress. There are also added complications such as substance abuse. Rank said that it is becoming much more difficult for Americans to achieve the American dream.
An individual can make a few changes to ease the mind and even increase longevity. One of them is to make an emergency fund. Becoming tensed is a surety when a cash flow is urgently needed, like medical emergencies or a car breakdown. No savings equal crisis every-time.
Another way of alleviating stress is to begin small. Debiting the monthly income into a savings account created only for emergencies have the potential to make a positive impact on financial strength. A study conducted by Urban Institute has discovered that savings accounts having amounts as small as $250 could significantly reduce chances that a few disruptions in finances will lead to derailment of the family finances.
It is also vital to prioritize the varied financial needs. Give importance to those needing maximum attention. Ensure that you have clothing, food and shelter prior to suffering stress about other matters. By this logic, paying off your mortgage is more important than paying the bills accumulated by use of credit cards. You should also look for avenues for stress relief. There are a number of free ways to relax and be free of stress. These includes exercise, deep breathing or self-talk.