Effective Ways to Manage Financial Stress & Anxiety

Money is one of the leading causes of depression, stress, and anxiety all across the world. If you have been worried about earning and spending money, then stay rest assured you are not alone. Stress can take a toll on your physical health as well and financial stress can contribute to worsening mental health. 

Experts have distinguished a link between mental and financial health to be cyclical which means that poor financial health can cause poor mental health, which further leads to poor financial health, and so on. Although some medical facilities do not put much strain on your pocket such as PricePro Pharmacy in Canada, by giving medicines and medical support at a discount, it can be overwhelming to pay medical bills at times Studies have shown that people in debt have more mental health issues like stress and anxiety than those who have no debt to pay. 

We have come up with some suggestions on how you can reduce this financial stress. Let’s take a look.

1. Fake Optimism if You Have To 

It is rightly said that optimists are better planners. Try to be optimistic about your goals and plans to get you in the mindset to achieve those goals. Even smiling can help lower your stress levels and regulate your heartbeat. Also try to find hope in a stressful situation, create a gratitude list or just try to visualize yourself being happy and stress-free. 

2. Identify the Source of Stress and Anxiety 

Take actions to address the problem which is causing you stress. Note which financial events are triggering your stress levels? Does filing a tax return create anxiety in you? Are you having trouble paying your bills? Take your time to identify money stressors.

Create a list of potential stressors and make a plan to eradicate those stressors from your life or just manage them. Look for support from your friends and family and if they are not available just apply for an ESA (Emotional Support Animal) to help with your stress and anxiety.

3. Create Extra Sources of Income

If you have been feeling stressed about your finances, you are probably in need of extra income. Look for ways to create an income stream that does not interfere with your main income source. Create a side business; it doesn’t have to be boring. Make your hobby a side business such as creating a catering company if you like cooking for people. Or become a part-time makeup artist if you love doing makeup.

4. Don’t Forget General Stress Management

Reduce your stress by practicing relaxing techniques and making changes to your life to reduce stress.

5. Reduce Your Debt

If issues related to debt are stressing you out, take steps to find a solution that works suits you best. Create a personal spending plan and free up extra money to make debt payments. It can be overwhelming to deal with your debts, so make sure to educate yourself in this regard. Complete information regarding your debt will give you closure and help you stay on top of it.