Money can't buy happiness, and money can’t buy the best things in life. But when you’re having financial problems, a scarcity in money can start to impact other areas in life, such as both physical and mental health.
Fortunately financial experts do have some tips on how to manage your money effectively to avoid more unwanted stress and anxiety.
Jennifer Streaks, a financial expert, contributor to Huffington Post, and author of the upcoming book “Digging Your Dreams Out of Debt,” said that many Americans have issues with money.
“Only 30 percent of Americans feel financially comfortable,” Streaks said in an email. “This means that 70 percent of Americans are uncomfortable in their current financial circumstances.”
These statistics come from a recent report from a study called the 2012 Household Financial Planning Survey conducted by the Consumer Federation of America and the Certified Financial Planner Board of Standards, Inc.
“Finances can affect your mental health,” Streaks said. “If there are concerns about paying your bills, keeping a roof over your head or putting gas in your car, this can lead to stress and anxiety. I am often told of individuals that are experiencing financial challenges that cannot sleep, endure stress headaches and even have ulcers. The best thing you can do for your finances and your health is to manage your money wisely.”
Streaks has three tips for people to help manage their money wisely and avoid the stress associated with finances:
1.) “Try to save more than you spend. If you can accumulate several months of expenses in a savings account, this will definitely take the edge off of a financial situation.”
2.) “Having multiple sources of income helps greatly. Even an extra $200 to $300 a month can be a huge help in finances.”
3.) “Keep up maintenance on items that would cost a lot to repair. When a car breaks down or a home appliance is on the fritz, it can cost a lot of money needed immediately. An ounce of prevention is worth a pound of cure.”
There is also a solution for people who are already in stress mode.