Financial stress and anxiety
The last few years have been unprecedented challenging times the world over, thanks to the COVID pandemic and its knock-on domino effect around the globe.
A recent study by DebtBusters found that South Africans are more stressed than ever by financial worries, which is further affecting their health, personal- and work lives. Also alarming, is that most people are trying to manage the problem by themselves without seeking professional help.
In the study, 76% of participants cited that financial stress was affecting their health, with more women saying that they shoulder these burdens.
Worrying about how to pay the rent, fill the car with petrol, see to electricity and water needs while feeding your family is certainly a lot to digest at a time when prices and unemployment are both high.
What does this mean for your health?
Anxiety is a common by-product of financial worries – after all, how can it not be? It’s totally natural to feel worried and fearful about making ends meet. The problem is that letting this anxiety build to unmanageable levels keeps the vicious worry, fear and stress cycle going.
When you’re constantly stressed, you’re unable to think clearly, find solutions and plan better. As you worry more about finances, you neglect your health, people around you and possibly, even your work. Anxiety isn’t just relegated to the mind either, you could feel the effects in sudden aches and pains, stomach issues, nausea and insomnia.
We know that everything costs money, even professional help. Let’s explore a few practical ways to get a grip on financial stress before it spirals into uncontrollable anxiety or depression.
Debt counselling
According to the National Debt Review Council (NDRC), debt counselling is a process that’s designed to help anyone who needs to regain control over their finances by restructuring their debt according to a legally approved plan. “Over-indebtedness” refers to a situation where your financial obligations are simply overwhelming and impossible to manage. This is when you’d reach out to such an organisation who will take you through the process. A debt counselor will assess your assets, debt, salary, accounts etc. and then work out a plan to make things more financially manageable. Everything goes through legal channels, which means a court must approve the new plan and you’re legally protected during the review period. Your bank may also offer a debt review service, so enquire with them as well.
Stress relief
Once you have a handle on the financial relief options, it’s time to take care of your health. This means keeping up with regular exercise and a healthy diet. If for no other reason, do you really want to add medical bills to your financial anxiety basket? Prevention is always better (and cheaper) than cure.
Budget talks
It may sound absolutely impossible to strip down your budget even further – but it’s worth a look. Is there anything you’re paying for that’s not necessary? Do you have unexplained debits going off your account? How much can you save if you shop weekly rather than monthly? Even if you can’t make any more budget sacrifices, it’s always good to maintain a beady eye over that spreadsheet. The more you know, the more you’re in control.
Talk therapy
Try reaching out for support from your family and friends to help reduce stress. If you’re feeling self-conscious and would rather keep things private, contact the South African Anxiety and Depression Group (SADAG). For one thing, it’s a free service and they have professional experience in helping those suffering from anxiety and depression. Contact them on the 24-hour helpline: 0800 567 567.
Disclaimer
This article is for informational purposes only. Always check with your doctor or medical practitioner about any health concerns, before embarking on any fitness or nutrition programme, and usage of any medication.