You might not think that your stress and your finances are related, but believe it or not, the two are very closely linked. If you’ve ever been late paying a bill or you finally see a hospital bill you’ve been dreading, you’re already familiar with the panic that financial stress can induce. A racing heart, sweaty palms…how are you going to pay for this? Of course, beyond those short-term financial problems that can cause a spike in your blood pressure, there are long-term financial issues that can have more insidious effects like depression and anxiety.
Below, we’ll go into some of the effects your finances might have on your health:
1. Worsening of existing conditions
Researchers have discovered that financial stress can negatively affect your health. Stress can impact your physical and emotional well-being. And for those dealing with health problems already, stress can make those conditions worse.
2. Monetary motivation
In one survey, 80% of Americans made health resolutions for the new year and 69% set financial goals. The study participants who were happy with their current financial situation were more likely to stick to their health goals, it turned out. 66% said they had started working on their health goals compared to 55% of all respondents.
3. Gender influences
Interestingly, there seem to be some distinct differences between men and women when it comes to their feelings about their health and finances. Men are consistently more likely to be confident they can hit their financial goals while women were less likely to say so. In addition, a very low percentage of women gave themselves a top grade of “A” for dealing with their day-to-day finances and an even lower amount responded they felt confident they could maintain the same standard of living during their retirement.
4. Higher blood pressure
In one study, adults that had a high amount of debt between the ages of 24-32 also had higher diastolic blood pressure. This is an age group that typically has the best health. While you can’t necessarily change your genetics, you can do your part to try to keep your debt under control. If your blood pressure is too high for too long, it can be a precursor to more serious issues like heart attacks or strokes.
5. Tense muscles
If reading your bank statements makes you tense up, you’re not alone. Muscle tension that resulted in other issues like back and neck pain was reported by more than half of the people in a study examining the health costs of high debt stress.
In addition to those health concerns, 44% of respondents had migraines or other headaches, compared to 15% without debt stress. If you think that you’re dealing with muscle tension from financial stress, you might want to start practicing a stretching routine to loosen up. Another report details how younger generations feel their health is impacted by financial stress.
6. Intestinal distress
Your stomach is often an indicator of your overall health. Good eating habits aren’t a health secret, but your food intake is one of the first things to change when you’re dealing with financial issues or other types of stress. If you’re upset or stressed, your eating habits are likely to change for the worse. In addition, the expense of fresh fruit and vegetables might not be affordable for those dealing with debt and other financial issues. 27% of people dealing with high debt loads reported ulcers or other digestive problems compared to 8% without.
7. Doctor avoidance
The medical industry charges a ton for services like hospital stays and specialty doctor visits. Almost 1 in 5 American adults have said they’ve considered not going to the doctor or neglected to go to a doctor’s appointment because they couldn’t afford the bills associated with their care.
The cost of healthcare is rising, which makes it easy to fall into a spiraling financial situation caused by debt, bad health, and even more debt on top of it.
8. Depression
Unsurprisingly, financial issues can negatively affect more than your physical health. It also has a huge impact on your mental health. If you lost a job or have a lot of debt, you might be more vulnerable to depression. One study reported that 23% of those dealing with debt said they had symptoms of severe depression.
9. Anxiety
Constant calls from collection agencies, the feeling of looming debt over you— it’s enough to make anyone anxious. 29% of Americans with debt have anxiety issues. And, you might be surprised how they deal with those issues. Anxiety and panic caused by financial distress can result in an uptick in unhealthy habits, lack of sleep and a sedentary lifestyle: drinking, smoking and watching TV.
10. Shame
Many people dealing with financial issues feel ashamed to admit it. In fact, many dealing with financial issues tend to isolate themselves. Luckily, when you’re doing well with your finances, you’ll likely see a mental boost too.
Health improvements from financial improvements
Getting control over your finances is associated with an increase in confidence and self-esteem. In addition, when you pay off your debt, your physical fitness tends to improve, too. So, how can you encourage a healthy body and a healthy bank account? We’ve got a few tips for you to follow below.
1. Use a budget
One of the best strategies to manage your finances is to use a budget. Whether it’s an app that helps you keep track of your expenses or an old-fashioned spreadsheet where you log where your money went, budgeting keeps you accountable.
2. Lower your credit utilization ratio
Your credit utilization ratio is the amount of credit you actually use compared to your total credit limit. If you’re maxing out credit cards, you’re showing lenders you’re a risky borrower. Keep your credit utilization ratio to 30% or lower of your total credit limit.
3. Pay down debts
Sure, this is easier said than done. But if you have a lot of credit card debt, you can utilize different strategies to pay it down in manageable amounts. One potential solution is using a balance transfer card, for example.
Conclusion
If you’re having issues financially, that source of stress can impact your health. To ensure that you are both physically and financially fit, make sure to take the reigns with your finances and take time to relax and get active.
