If you feel stressed about finances, especially after the past couple years, you are not alone. It’s not a secret that money has close ties with your emotions. An overwhelming amount of debt can cause anxiety and nagging guilt nay result from overspending. Your relationship with money, however, is a two-way street and you can benefit your overall health by budgeting properly.
According to a 2020 American stress report, about 64% of adults stated that money is a primary source of stress. Additionally, a 2021 report found that only 39% of Americans could comfortably cover an unexpected $1,000 expense without dipping into savings. Financial stability is an integral tool for survival, and psychiatrists say that the fear of instability can trigger stress and anxiety.
Some stress is beneficial in certain situations, but it’s difficult to silence financial stress. It lingers in the back of your mind, no matter if you are spending money or not. Chronic stress, especially financial stress, can increase the risk of high blood pressure, mood swings, depression, anxiety, and heart disease. According to another 2020 report, people in Black, Indigenous, and People of Color (BIPOC) communities suffer from financial stress the most. The worry comes from being able to afford rent, mortgage, student loans, and childcare.
Money And Mental Health
You can blame poor mental health on a lack of money, but that’s not the root of the problem. The primary reason that links stress to finances is the way in which you manage money. Sometimes, you have to take a step back from the situation to think about the problems you have with money. Perhaps the chronic disorganization of budgeting is causing stress. That’s why it’s integral to look at why money issues started. In addition to figuring out the cause of financial stress, you ultimately have to forgive yourself and progress from there.
Accountability is everything and you have the power to take steps that can help you fix your situation. You can learn to budget and stick to it. Once you do, you can experience the following health benefits.
Budgeting Helps Reduce Physical Symptoms Of Stress
When you establish a budget and follow it, you can help set aside funds for the future. A budget also lets you know where you stand with the financial goals you set. According to a recent review of studies, budgeting may help relieve anxiety and existential dread. The reason for this is that a budget can help you feel in control, which can promote relaxation about finances. Dialing down your stress about money can reduce muscle tension, stomachaches, and even blood pressure.
Budgeting Helps you Fund Your Healthcare
This isn’t to say that budgeting gives you more money to put towards health insurance. The takeaway is that following a budget can help you set aside funds for activities, appointments, or other things that make you a healthier person. For example, you can get a gym membership, therapy sessions, massages, chiropractic adjustments, and healthier food. Investing in yourself is a form of self-care, and it helps to have a budget in place to fund healthy endeavors.
Budgeting May Improve Immune Function
How could this be true? Well, anything that can reduce stress levels can lift some pressure off the immune system. Stress causes the body to expend energy to primary functions. That slows digestion and makes the immune system sluggish. By turning off your fight-or-flight response, you can help improve immune function.
Budgeting Improves Self-Esteem
There’s a correlation between what you do to save money or control spending and how you feel about yourself. Think of adhering to a budget as a sense of competency and accomplishment. When you set goals or priorities in one part of your life, they tend to have a domino effect on the other aspects. You’ll begin to build steam and find that your self-esteem and self-confidence benefits.