Whenever you go to the store to buy groceries or fill up your car’s gas tank, you think about the costs. You’re worried that your card will get rejected. And you wonder whether you can squeeze by with your latest paycheque, or if you’re going to pack on more debt just to make it to your next payday. What you’re dealing with is called financial stress.
What Is Financial Stress?
Financial stress is a feeling of constant uneasiness regarding your personal finances. Some people refer to it as financial anxiety. The stress can be all-consuming, taking a toll on your health, your mental well-being and your livelihood.
Some popular reasons for experiencing financial stress:
- Living from paycheque-to-paycheque
- Credit card debt
- Pay day loans
- Compulsive shopping
- Gambling problems
How Financial Stress Affects Your Daily Life:
Statistics show that financial stress affects work productivity — workers are distracted by their personal finance problems for approximately 40 minutes on the job. Not only are they distracted, but they’re tired too. The condition can lead to chronic sleep troubles like insomnia. You can imagine how these factors can affect someone’s overall work performance.
Anyone living with financial stress knows that poor work performance can lead to job loss. A lack of employment and drop in income will send them spiralling into deeper financial stress. Of course, their panic intensifies because they literally cannot afford to lose their job.
Get to the Root of the Problem:
The one way to find genuine relief is to get to the root of your financial stress. If you’re living paycheque to paycheque and depending too much on your credit, you should see a licensed insolvency trustee for credit counselling. They will teach you responsible credit spending and help you develop a better budget. Slowly, you could reach a state of financial stability and personal contentment.
What if you have a mountain of credit and unpaid loans that have piled up? If you’re dealing with debt levels that are too big for budgeting to solve, you should still call a licensed insolvency trustee. They are the best option for finding reliable information about personal bankruptcy and other viable debt solutions like consumer proposals. After you’ve filed for personal bankruptcy or created a consumer debt proposal, they will expertly assist you with your financial rehabilitation.
If the root of your financial stress is an addiction, you need to seek out professional help immediately. Addictions like gambling and impulse shopping will hurt your personal finances, along with other parts of your life. No amount of budgeting or credit counselling will fix your financial stress if you’re still battling these destructive compulsive behaviours.
Financial stress is a difficult problem to master, especially because sufferers have good reason to panic about their personal finances. Not having enough money will affect their health, their relationships and their general livelihood. The only way to find any relief from this mental anguish is to tackle the money problems that are causing it.
