Bayport Blog

Don’t let financial distress damage your health

When you worry about how to get out of debt, your health often suffers. The best way to protect your health is to take the money bull by the horns and look for help.

Financial stress not only affects your ability to pay your bills. It keeps you awake at night, causes you to eat too much or not enough, and can drive you to alcohol or drugs. When you are stressed you are less likely to exercise, which affects your health even more, and as you might struggle to concentrate, you could have accidents that leave you injured.

When we struggle with money, the emotions that go with it often keep us from asking for help. You might feel ashamed because you don’t know how to get out of debt, or you might feel guilty because you have ended up in trouble after making a bad decision. It is also normal to feel lonely, especially when other people’s social media accounts make it looks like they live their best life with enough money.

Here are five steps to take when you feel overwhelmed by debt. You don’t have to do them all at the same time – if you change only one thing, you will see results.

1. Be honest with yourself. Open your account statements, add up your debt, work on your personal budget so that you know exactly what your situation is. For example, when you know which of your accounts are the furthest in arrears, you know where you have to start.

2. Put some effort into your health, even if it is only drinking more water or taking a short walk every day. Physical activity is good for your body and it helps to clear your mind, which is what you need to come up with debt solutions.

3. Talk to someone about your situation and your worries. Sometimes, just hearing yourself talk helps you to see the way forward, and if you are in serious financial trouble, you need expert advice and practical help. For example, talk to a Bayport agent about debt consolidation, contact your credit providers about restructuring your debt, or speak to the employee wellness person at the company where you work. It is also important to discuss the situation with your household members so that you can all work together to address it.

4. Start working on your mindset. If you believe that only bad things happen to you, you will be right; if you believe that good things can happen to you, you are also right. Your mindset is what you believe, and you can change your beliefs. A great way to start, is to make a list of everything you have to be grateful for, and add to it every day.

5. Educate yourself about money and how to manage it. Read articles on the internet, talk to people you know who are financially successful, and start implementing one thing at a time to improve your situation.

The worst thing you can do when you are in trouble, is nothing. When you start taking action by, for instance, asking for help, you will be amazed at the options you discover. Financial, physical and mental health are all linked. When you take care of one, you take care of the others as well. So, instead of worrying about how to get out of debt, take action today.