Can Financial Worries Impact Your Health?
Do you often find yourself worrying about money? Are you stressed about paying down debt, or struggling with savings?
You’re not alone – finances are a major source of stress for 72% of Americans. Whether you’re living paycheck to paycheck or nervous about retirement funds, financial stress can weigh you down. From credit scores to personal relationships, money affects almost every aspect of our lives. But the problem goes deeper than our pocketbooks.
Research shows that financial worries can negatively affect our mental and physical health, from sleep problems and anxiety to migraines and heart complications. In taking control of your personal finances, you can also help stabilize your wellbeing.
Taking control of your finances doesn’t have to be hard. At Origin Bank, we offer easy-to-use tools that make financial goal planning simple, with expert advice to help you achieve good financial health so you can reduce your stress and enjoy your hard-earned money. We go beyond just banking – our goal is to connect people to their dreams.
What is financial health?
Financial health impacts your everyday life and your future. But what exactly is financial health?
Financial health is a person’s ability to:
● Manage expenses
● Prep for (and bounce back from) financial crises
● Maintain minimal debt, and
● Build wealth
Financial health is the state of your finances, from your credit and debt to savings and investments. And while everyone’s personal definition of financial health differs depending on income, it generally means you can cover your monthly expenses while simultaneously saving and paying down debt.
How can financial worries negatively impact your health?
Financial worries lead to stress, and stress impacts both your physical and mental health.
From symptoms like headaches and fatigue to stomach problems and muscle tension, financial stress can take a toll on your body. And if symptoms like high blood pressure and heightened heart rate continue, they can increase your risk of developing long-term conditions like heart disease.
Researchers found that adults with unsecured debt were more likely to experience pain and inflammation, especially in the joints. These symptoms can limit a person’s ability to work, especially in a physically intensive job, making it even harder to achieve financial stability.
And financial worries not only impact your physical health, they take a toll on your mental health as well. People who worry about debt or have trouble paying for expenses frequently report symptoms of depression and anxiety.
Issues with money management can also lead to decreased self-esteem, as many feel ashamed of or embarrassed about their financial situation. This can make you feel isolated, putting a strain on your relationships and self-image. Financial stress can also lead to unhealthy coping mechanisms like overeating, alcohol dependence, and smoking, all of which further increase health risks.
On the whole, it’s clear that financial stress can have a major impact on your life. We’re here to help you address it and manage your money for optimum health, financially and personally. Ready to learn more?
How to improve your financial health and wellbeing
To improve your financial health (and your physical and mental health) you need a plan that you can stick to. Here are a few ways to get your finances in check:
1. Budget, budget, budget
Cutting back on your monthly expenses is essential if you want to pay down debt or boost your savings. The most effective way to achieve this is to create a budget and stick to it. While certain costs like rent, mortgage payments, groceries, and insurance are necessary, incidentals are easier to reduce. Start by tracking your income and expenses, then identify areas where you can scale back.
Small purchases like coffee and takeout might seem insignificant, but they add up quickly. To cut back, try prepping meals on weekends to save time during the week and avoid expensive dinners out. If rent is a burden, consider finding a roommate to help share costs. Don't let unnecessary expenses weigh you down – take charge and start budgeting today with Origin’s online savings resources.
2. Prepare for the unexpected
Building up an emergency fund with three to six months’ worth of living expenses can keep you financially stable when life throws you a curveball. By planning for the unexpected, like job loss, car breakdowns, or medical emergencies, you give yourself a financial cushion to keep you afloat and help you weather the storm.
3. Pay down debt
Debt is one of the biggest life stressors. That’s why it’s important to pay it down ASAP. Focus on paying off the debt with the highest interest rate first. This helps you reduce the amount of interest you’re paying each month, so you can pay off your debts faster and save money in the long run.
4. Automate payments
Have you ever forgotten to pay a bill and incurred a hefty late fee? It’s no fun. Life can get hectic, and it’s easy to overlook payment reminders in your inbox. That’s why it’s so important to set up automatic bill payments where you can.
By enrolling in automatic bill pay for recurring monthly expenses like water, electricity, and wifi, you can lighten your mental load and avoid penalties for missed payments. Make sure you have enough funds in your account to cover the cost so you don’t incur overdraft fees – and if you want to take it a step further, you can even automate monthly deposits to your savings account to make sure you’re on track to reach your goal.
Taking these steps to reduce financial stress is crucial for both your physical and mental health. Small changes can make a big difference, and it's never too late to take control of your finances. At Origin Bank, we're committed to helping our customers achieve good financial health with a range of tools and resources to support the journey. Whether you need budgeting assistance or online banking resources, our Trusted Advisors are here to help.