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Our past years have been stressful for many. You’re not the only one who was affected by the COVID-19 epidemic. And this year is stressful too...
According to The Harris Poll, 78% of Americans say that the pandemic is a major source of stress in life. 19% of adults said that their mental health was worse than it was in the same period last year.
Stress is not fun. But it can harm your finances. It doesn’t matter if the pandemic is the cause, you must find healthy ways of dealing with your problems.
Spending Money To ‘Problem-Solve’ Stress
You are not the only one who tends to try and get rid of stress.
“This is a common one I see with my clients, specifically those clients who don’t have the necessary skills yet to manage unpleasant and painful feelings,” said Sara Weiand, a relationship and therapist in Annville, Pennsylvania. They see the ‘bad emotion’, such as sadness, anger, loneliness, or sadness, as something that can be solved.
She said that spending money, in the beginning, can make them feel better. She said that spending money is often done impulsively and can add to the stress they already feel.
Racking Up More Debt
Spending money to alleviate stress can result in short-term cash shortages. It can become a bigger problem in the long term if you are in debt.
We stated that when people are under stress they may not use their best judgment and use credit cards to buy things they don’t need. This can lead to a cycle where credit cards are used to pay off credit card debts, which only makes things worse.
Remember that money cannot buy happiness. Instead, find the root cause of your stress and tackle it immediately. This will help you avoid getting deeper into debt.
Expensive Unhealthy Habits
People don’t just shop to get their steam going. When you are stressed out, it is not unusual to have at least one problem fixation. This can temporarily distract you from your problems.
You might try to drink too much alcohol, smoke, or gamble. These actions can lead to addiction and may be expensive in many ways.
These unhealthy behaviors can lead to a decline in your health and increase medical costs. Your addiction may also require you to seek treatment, which will not come cheap.
Failure To Save Money
Stress can cause you to change your normal behavior if you are feeling too stressed. While you might be careful about saving money, it is possible to choose to spend your money on frivolous things.
Although it may not seem like much to save once in a while, the benefits of saving for multiple paychecks can quickly add up. You’ll soon have spent significant amounts of money that shouldn’t be in your savings account.
This could have a negative impact on your long-term goals as it can cause you to lose sight of the ones you set. If you don’t have enough savings, it might be necessary to defer the purchase of a house if you are saving for a downpayment.
Poor Performance at Work
Stress can make it difficult to concentrate at work.
We stated that when people are under stress, the sympathetic nervous system kicks in and triggers the fight or flight response. While a low stress level can sometimes motivate people, high levels of stress can cause severe fatigue in others.
Everybody has those days where they are not productive at work. But if this is your daily routine, it can become a problem.
We and stated that someone who is under high stress for prolonged periods of time can end up in a constant “crisis” mode. This doesn’t allow their parasympathetic nervous systems to return to baseline.
This can impact their ability to work efficiently, be productive, and could even result in disciplinary actions at the place they work, for poor work performance.
Lack of Ambition
Stress can quickly consume your energy and time. It can be difficult to concentrate on other priorities when you are constantly worrying about something.
This can have a negative impact on your career because your boss will notice if your work quality or volume is declining. A colleague might offer you a promotion if you don’t find a way to cope with the stress. Pay raises are often associated with promotions, which can lead to financial problems.
Using Up All Paid Time Off at Work
Stress can lead to increased absences from work. We stated that this could result in having to take time off without paying.
She said that extreme stress can lead to an increased risk of chronic illness or worsening existing health problems. “If someone calls off constantly due to sickness or additional doctor appointments, sooner or later that accrued paid sick will be depleted.”
A smaller paycheck can cause you to struggle with bills and other daily expenses. This is an additional stressor.
Avoidable Accidents
We stated that sleep quality can be affected if you are under prolonged, extreme stress. Being constantly tired can lead to more than just being unpleasant.
She said that if someone doesn’t get enough sleep, it can affect their ability to make decisions and judge. This can lead to injuries outside or inside the workplace from avoidable accidents.
An injury can lead to costly medical bills and time off work. You could be left permanently disabled or have to change jobs if the injury causes severe bodily harm.
Extra Healthcare Costs
It is important to seek treatment for stress-related issues in order to avoid serious health problems. However, it can be costly.
According to an Asia Care Group report, stress-related illnesses cost Americans $133.2Billion per year. However, this number is likely to be much higher due to underreporting mental health-related diagnoses. According to research, between 4%-9% of healthcare expenditures can be attributed to stress-related illnesses.
Your wallet will likely be affected if you are being treated for mental illnesses, physical ailments, or both. You are responsible for your copays as well as a portion of your premiums, even if you have insurance.
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