Money problems are a source of stress. But it’s not only a matter how sleepless nights and worries. Money can significantly damage your health. Indeed, individuals who struggle with debts are more likely to experience depression, anxiety, and low self-esteem. When it comes to mental health issues, these can become entwined with financial worries, making it much harder to solve one or the other. Your physical health is also affected by financial worries, as money troubles lead to insomnia, high blood pressure, and the inability to maintain a healthcare routine. In other words, money is an integral factor in your health. When it becomes sparse, your health can suffer.
But have you ever considered the correlation between money loss and further money loss? Indeed, money struggles can seem impossible to sort out because they generate further losses. You can easily land into a vicious circle of financial bad luck. How can you break free from money bad luck?
Stressed out drivers become reckless
The first and most surprising result of financial troubles is recklessness. Indeed, as mentioned earlier, money problems lead to stress. Stress can significantly affect your ability to make decisions. When you are going through a stressful time, you are more likely to respond to pressure with reckless behaviors. For instance, if you are driving to an appointment while thinking about money matters, you are more likely to drive at high speed without even noticing it. Unfortunately, people who are going through financial hardship tend to look for side hustle opportunities to support their income. As such, food delivery and Uber driver are some of the most popular options. Unfortunately, they contribute to potentially dangerous decisions on the road, which can lead to losing york incense. Without a driving license, you could be facing even more financial issues as driving is an essential part of our income strategy. Thankfully, you can reach out to a hardship license attorney who can help you protect your driving license. But, ideally, you want to avoid any risk on the road in the first place.
Money problems make you less productive
An experiment run in India observed the productivity of workers in a factory in combination with the absence of money. A random group of workers was given monetary compensation early during the work period, while others had to wait until the end of the period. Researchers noticed that workers who were paid upfront were up to 6.2% more productive every hour. Additionally, comparatively, the workers who didn’t get paid upfront were also more prone to mistakes, becoming less attentive to their jobs. In other words, employees who worry about money are unable to focus effectively on their tasks. Unfortunately, the only way to break free from the productive distraction caused by money problems is to increase your income. While there are plenty of online training materials to help you skill up and boost your resume, learning new skills requires attention and motivation. These are two things that someone with money struggles could lack.
Stressed shoppers buy more
Shopping is a surprisingly effective coping mechanism when you are going through high pressure. However, when you’re stressed out about money, going on a shopping frenzy is the last thing you should do. Unfortunately, shopping trips remain a popular coping mechanism, even for individuals who experience financial problems. Shopping puts you back in charge and gives you a sense of accomplishment. Therefore, it remains an effective stress-coping strategy. As you reward yourself with a nice purchase, you can experience a feel-good sensation, which can be enough to help you focus on solving your financial situation. Unfortunately, shopping as a reward can become addictive, so that you might need to spend more to experience the same “high”. Instead, it can be more beneficial to diversify your coping mechanisms, such as engaging in physical activities or choosing a DIY hobby that helps relieve stress.
When one thing breaks, everything breaks
Emergency repair bills are not fun. You might be tempted to delay repair costs until you feel more comfortable paying. However, postponing essential repairs can have long-0term consequences. Imagine you’ve been involved in a slight car collision. Your vehicle has a dent, but you choose to wait until you can comfortably afford the repair. Unfortunately, the longer you wait, the longer the dent exposes the car body to external elements. It can contribute to premature rusting and cause significant damage to the paint. By the time you are ready to schedule repair works, the invoice will need to tackle the new issues that have developed due to delaying repairs in the first place.
Everybody experiences a tough patch from time to time. However, to overcome money problems, you need to be pragmatic about their potential consequences. From cost-incurring coping strategies to reckless behaviors, getting out of debt starts with putting yourself in a safer place mentally.
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