Borrowing money can be an integral part of major financial milestones, like buying a home or building a business. On the other hand, being in debt can also be a major source of stress. The strain on your budget, the need to maintain your deadlines, and the underlying threat to your credit score can understandably be stressful.
Debt can take a toll on not only your financial standing but also your emotional and physical well-being. If your personal and financial health are suffering because of your debt, thankfully, you can take action!
The negative emotional and physical side effects of debt, and ways you can combat them, include:
Mental Distraction: You may not realize it, but stress and worry take up mental space. When you worry about your debt, you may be limiting your brain’s ability to focus on your present moment. A stressed, distracted mental state can affect your decision-making abilities, which in turn makes it harder for you to take logical, measured actions. If you spend a significant amount of time worrying about your debt, address your debt head-on! Make an aggressive repayment plan. The sooner you pay down your debt, the less interest you will be asked to pay overall and the less you will pay in the long run.
Less Confidence: Debt-related stress can negatively affect your self-image. In turn, you may become less willing to take leaps that could lead to financial and personal growth. But you don’t have to face these feelings alone! Express your concerns to a financially savvy mentor; they likely have tips they can share to restore your confidence and help you feel more in control of your finances. With the help of your support network, you can rebuild a positive, strong mindset. Once your cup is full, you can more confidently achieve professional growth and act as a role model to your friends and family.
Physical Aches and Pains: Migraines, tension, or digestive issues may all be signs that your debt is stressing you out! Aches and pains can detract from your ability to give your 100% at work. Even if you have a full schedule, make sure you take time to address your physical health each day with healthy food and physical activity. The better you feel, the better you will be able to perform, professionally and financially.
Increased Cortisol Levels: When you feel stress, your body releases cortisol. While moments of stress are normal, prolonged exposure to cortisol can have long-term, negative effects on your body. For example, repeatedly high cortisol levels have been known to lead to a reduction in muscle tone, weight gain, trouble sleeping, and issues with blood sugar regulation. You can help reduce your cortisol levels in the present and avoid these unwanted health developments by focusing your efforts on debt repayment. If your debts are not decreasing as quickly as you would like, consider pursuing an additional source of income with a second career. This will help increase your repayment power (and lower your stress levels!).
Find more ways to reduce your stress and feel financially in control at the Syncis Money Blog.