Millions of people worldwide are under stress for several reasons – from losing a job to dealing with the pandemic. Stress has taken a toll on people in different ways. It leads to fatigue, insomnia, poor performance, and even bad relationships.
Out of all the effects of stress, one of the most overlooked is the financial impact. When you are stressed, you tend to make poor financial decisions. Most often than not, these decisions tend to be impulsive and ludicrous.
The question is – what is the connection of stress to our financial health and how do we cope with it? Here’s how it can cause negative repercussions to your wallet.
Impulse Buying on Products and Services to Relieve Stress
For Canadians, one of the most common ways to relieve stress temporarily is by shopping and overspending on unnecessary things like food, alcohol, and merchandise. However, you don’t realize that- it only causes long-term stress, especially when debt is involved.
The more you spend, the more you fail to save and budget your income. It eventually leads to a huge debt, inadequate financial boundaries, and failure to pay and keep up with bills. Aside from shopping, some people tend to play in an online casino that is also very popular in Canada, where the gambling business is legalized.
Playing with the best Canadian online casino can be a stress buster. However, when done excessively, it leads to addiction and mental illness. Thus, it’s vital to find ways to control and set a financial plan.
Poor Work Performance and Financial Budgeting
Aside from spending, stress can cause you to lose your job since it impairs focus and work performance. With no source of income, the finances are affected. Moreover, stress pushes you to take a day off from work, making you lose a day’s paid work.
When income is unstable, it may become difficult to reach the financial goals you have set for yourself. Every time you fall short on bills and finances, you have to keep readjusting the budget.
Health Problems Means More Expenses
Stress can cause the immune system to weaken, which eventually leads to physical and mental illnesses including depression, high blood pressure, and diabetes. If you are sick, you need to spend on expensive medication and treatment. Moreover, stress impacts your sleep and focus, which leads to accidents such as car accidents, falls, or trips. Thus, it requires additional medical costs that can be expensive.
How to Cope with Stress
The first thing to do is identify the cause of stress and learn coping mechanisms. If it seems impossible to remove the source of stress, learn how to cope with a healthy routine. For instance, it helps when you apply a 50/20/30 budget rule which comprises mandatory expenses (50%), savings (20%), and leisure (30%).
After implementing a set budget for spending, make sure to stick with it, especially for leisure expenses. For example, if you are a Canadian and decide to play slots and casino games because it is legal here, always have a bankroll and avoid using your own savings. When the time comes, you use up your budget for leisure, find other cool things to do at home, including movie night, baking, and playing free online games.
Playing free games with online casinos in Canada and most countries is legal as long as the casino operator is licensed. If you want to learn more about safe gaming, visit the Canadian Gaming Association for safe and regulated games. Another effective way to deal with stress is to do it internally by having a healthy diet, doing enough exercise, and sleeping.
To heal the mind, try meditation, breathing, and yoga. Yoga is proven to fight the negative impacts of stress on our minds and body. So before thinking about taking out your wallet during stressful times, control yourself and do indoor activities that don’t involve spending.
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