I can’t tell you how many people I’ve spoken with who have become physically ill due to their financial difficulties. They don’t sleep; their stress levels are sky high; and they often suffer from depression. Some turn to alcohol, overeat or find other unhealthy ways to self-medicate. Ironically, when people are under financial stress, they may also be unable to pay for the medical care they need, which only makes the problem worse. Nothing is as heartbreaking as talking with someone nearing retirement age who has cashed out their retirement savings to make payments on credit cards, or to hear from someone who kept paying on an unaffordable mortgage while essential expenses, such as good health, went unpaid. These mistakes may only compound the problem and make it last a lot longer.
Struggling With Your Personal Finances?
A good financial situation requires sacrifices, discipline and education. You may not know how to best manage your money, though. You may feel embarrassed to talk to friends or family about this, though chances are they are dealing with the same thing.