*Not intended to be medical advice*
Many Americans today are feeling the ripple effect of financial strain due to layoffs, salary cuts, and small business closings. Some high school graduates are deferring a year for college, directly impacting the higher education system. Hospital bills are putting increasing pressure on families who have fallen victim to unfortunate circumstances. With the American job market being as competitive as it currently is, many Americans are facing unemployment, searching daily for new opportunities.
This, among other daily stressors, is the root of financial strain which can also take a toll on your overall physical and mental health. At First Bank Texas we care about our customers' well-being. It is important to take a step back and handle the stressful situations life throws at us with a calm mind to stay healthy, and we are here to help you every step of the way. Let’s explore the effects of financial strain, and how to cope with high-stress situations so that you can prioritize your financial health and overall live a better life in Texas.
The Impact of Financial Stress on Your Health
There are times in our lives when it can be difficult to remain financially stable. But it is incredibly important for your physical and mental health to stay on top of your finances – and that’s why we’re here to help.
It is important to feel in control, no matter the amount of income that you have. There are always options to get back on your feet and First Bank Texas can help you through the good times and bad. A few common physical representations of chronic stress that can be a direct result of poor finances include:
- Digestive issues
- Stomach ulcers
- Insomnia
- Anxiety
- High blood pressure
Having chronic stress in your life is a dangerous road to travel down. Many Americans avoid doctor visits and yearly physicals to diminish medical expenses, but this type of preventative treatment can be costly to your health. This can be even worse if you have fallen victim to stress-induced situations such as depression or high blood pressure.
Stress relating to money can also impact your mental health, which adversely makes it harder to focus on managing your finances. Tackling a pile of bills or taking time off from work because of financial distress can start a downward spiral, and only get worse from there.
Tips To Cope With Financial Stress
1. Reach Out for Help
Find People You Trust: The first step for maintaining your health in correlation to your finances is to ask for help when you need it. Whether it’s opening up to your family members or asking for help from a professional, talking face-to-face with someone whom you trust can go a long way in mitigating stress. It helps put things into perspective and allows your loved ones to know right where you are financially and how they can help.
Work with a professional: Meet with an advisor whose specialty is organizing your finances and helping you get out of difficult situations and into healthier situations. Take the time to meet with one of our experienced team members at First Bank Texas to ensure that you are set up for success in the future.
2. Stay on Top of Your Money
Take a full inventory of all your finances. Where is all your money coming from, and where is it going out to? It’s better to face your bills head-on, rather than avoiding them and letting them pile up.
List your debts and take the time to see where your money is going and if there are patterns that cause stress. Spending patterns and triggers could lead to poor financial decisions. It’s common to shop or order takeout when you're bored or unhappy. Try transforming that habit into something more positive like learning a new skill or taking part in volunteer work. By eliminating impulsive spending behavior, you can save your money and put it towards more important financial decisions. You will also want to look at your monthly expenses and see if there are opportunities to spend less. You might have charges for streaming services you no longer use, bills where there are opportunities to save by looking at competing offers, and so on.
3. Create a Monthly Budget
Need help getting started with building out your budget? First Bank Texas is here for you. Here are tips on how to create a monthly budget that fits your lifestyle. Additionally, our online home budget calculator can be a helpful tool to stay organized and put a visual on your monthly spending.
- Start by including your everyday expenditures like gas and groceries, monthly rent or mortgage, insurance and utility bills.
- Take a look at monthly subscriptions such as gym memberships, streaming services, and meal services. Classify these as either a necessity or a luxury expense to understand where you might be able to cut back.
- Set up automatic payments where you can to ensure bills are paid on time and avoid late fees.
- For yearly expenses such as car insurance, divide them by 12 so you can understand the cost when broken up monthly.
- Lastly, dedicate a certain amount of money each month for things that you love such as entertainment or activities with friends. Not everything has to be expensive, but quality time with friends and families can go a long way towards a healthier and happier you.
4. Put Your Health First
High levels of stress can negatively impact your financial behavior, so managing this is crucial. Here are a few actions you can take to help reduce your stress:
- Stay active – regularly exercising can boost both your mood and energy levels so your mind and body are happy. Even less intensive activities like taking a walk to get some fresh air will go a long way for your mental and physical health.
- Get more sleep – it’s important to have a consistent sleep schedule that fits your lifestyle. Avoiding sleep and feeling tired can lead to more stress and anxiety, so make sure you’re getting a sufficient amount of sleep.
- Eat right – adding the right foods to your diet such as fruits, vegetables, and proteins can help improve your energy and mood. Plus, there are plenty of ways to stock your fridge with healthy meal options on a budget.
Managing your financial life can be naturally stressful, especially in times when life throws you a curveball. At First Bank Texas, remember that we are always here to help you manage your money with confidence. Contact us today for more information on budgeting or any other inquiries you may have.
