Monday, April 21st, 2014
Worries about money can cause significant levels of stress that affect your quality of life, your relationships, your health, your ability to study and your career. American research shows that money is the prime cause of arguments between couples, with over 30% of arguments being about money. Couples who argue about money are 30% more likely to divorce than those who don’t. For some people, spending money creates a relief from stress and anxiety. The act of spending creates a temporary feeling of elation and hence we talk about ‘retail therapy’. In this way, worries about money can become a vicious circle – increased stress and anxiety leads to higher levels of spending which leads to more financial pressure and in turn higher levels of stress.
Aside from arguments and overspending, other signs of financial stress include feeling as though money issues are out of control, not being able to pay debts on time, making minimum credit card payments, and paying off existing debts by taking on new debts.
If you are under financial stress, the important thing to realise is that your situation is not hopeless. The sooner you acknowledge your financial stress and take action, the easier it will be to rectify.
Reduce financial stress by taking these steps:
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