Financial anxiety and the effect on your health

Financial pressure is one of the biggest stresses for many South Africans right now. Living with extreme financial stress, or any other stress, for an extended period of time can lead to the development of chronic conditions, such as sleep disorders, depression, heart disease or obsessive behaviours.

These conditions can result in increasing medical costs - which intensifies the financial worry. It is a vicious cycle!

While some people worry about existing financial challenges that they currently have, others worry about possible future scenarios. "What if I run out of money as I get old?", "What if I need an expensive operation?", "What if I lose my house or job?". Financial anxiety can be observed even if, from an outside view, there is no immediate threat or problem. The fear of a potential financial challenge is still very real for that person in that moment.

Tips to deal with financial worry or anxiety

• Organise your thoughts and finances. Write down what worries you, acknowledge it and think about possible improvements. Make a budget or review your current one. Track and prioritise your spending and cut the unnecessary. If you can't do it alone, look for financial education materials that are available from banks, brokers, investment consultants or consumer education organisations, or seek the help of a financial coach or expert.
• Depending on what you worry about, creating an emergency fund might help. Even if you put away R100 or R200 a month. Start small, but start. Doing something about a problem will make you already feel a little more in control.
• Don't compare your life or lifestyle to others. You don't see what others don't have compared to you; you will probably only notice what you would like to have yourself. Give yourself a break from social media. Everybody knows that the 'lives' you observe on social media are most likely not a true reflection of reality.
• As with any anxiety, reduce the intake of coffee and alcohol. Alcohol is not only an expense that you can cut, it also only distracts you from problems momentarily, but if consumed regularly, can make you more irritable and less clear-headed to take the right decisions.
• Cut out the take-aways and find healthy ways to eat on a budget. This will benefit your health and your wallet.
• Exercise, meditate, do breathing exercises or yoga, spend time outdoors - whatever works for you to release stress on a physical level and to clear your head.
• Ask friends and family how they deal with financial pressure. Most people have similar financial problems: from increased interest rates, making it harder to pay off debt, car finance or bonds, to higher living costs, or the need to invest in solutions for power and water back-up. Brainstorm money-saving tips together or find ways to share costs by bulk buying with your friends or family or sharing a car or daily commutes.
• If your financial anxiety is too intense and none of the above feels achievable or just too overwhelming, speak to your GP or contact Lifeline on 0861 322 322 or the South African Depression and Anxiety Group on 0800 567 567. They have experts on this topic for a reason. You don't need to deal with this alone.