How do you cope with financial stress?

How do you cope with financial stress?

If you're worried about money, you're not alone.

Money is a common cause of stress for adults worldwide.

Studies have shown that 72% of adults reported feeling stressed about money.

They are either worried about paying their rent or feeling bogged down by debt.

Although any stress can take a toll on your health, stress related to financial issues can be especially toxic.

Before I proceed to highlight the impact financial stress has on your health, do click the subscribe button and the notification bell.

Now let's continue with the video

So what are the impact financial stress has on your health?

How many of you actually do this like cutting corners in areas you shouldn't, like healthcare and seeking medical treatment?

Even though this may seem like a good idea to keep costs down but delaying medical care can actually lead to worse health outcomes and higher costs.

In many instances, poor financial health can lead to poor mental health.

For years, studies have shown that people in debt have higher rates of mental health issues like depression and anxiety than those who are debt-free.

Do you know that ongoing stress about money has been linked to migraines, heart disease, diabetes, insomnia and more.

Left untreated, these conditions can lead to life-threatening illnesses, which can plunge you even further into debt.

So how are you going to cope with financial stress and effectively manage your financial situation?

These are the 3 highly recommended strategies that you can apply:

Number 1: Start identifying your financial problem.

You should be able to clearly identify the financial problem you’re facing.

It may be that you have too much credit card debt and not earning enough income.

Or you overspend on unnecessary purchases.

Number 2: Create a budget plan.

Calculate your monthly income, pick a budgeting method and monitor your progress.

Try the 50/30/20 rule as a simple budgeting framework.

Allow up to 50% of your income for needs.

Leave 30% of your income for wants.

Commit 20% of your income to savings and debt repayment.

Number 3: Create extra sources of income.

Avoid taking any part time job or working overtime.

This idea will cause you to suffer from work related stress.

One of the problems with working too much is that you will be trading sleep or rest hours for work hours.

If you are married, you will introduce another stress into your life; marriage related stress.

I don't think you will want that.

You can start earning extra income, even if you have a full-time job.

Technology and the Internet has created tons of opportunities for us to start earning passive income.

Passive income can help you earn more during the good times

And it will also help you if you suddenly becomes unemployed.

Either way, a passive income gives you extra security.

There are several ways that you can start earning passive income.

If you are unsure as to what or which passive income to start you can click the links in the description.

Passive income is the only way to boost your monthly income.

In conclusion, if you feel that the stress of your financial situation is too much for you to handle,

It's important to share your concerns and not just keep them to yourself. Talk about your money concerns with trusted friends and family. Follow through with the 3 recommended strategies and start eliminating your financial stress.

I will see you again in the next video. Stay safe and stay healthy.