Although 71% of Americans report feeling financially secure, other figures paint a completely different picture. The average woman in the U.S. has approximately $38,000 in personal debt.
Additionally, 44.7 million individuals have a combined total of $1.56 trillion in student loan debt. It’s no surprise, then, that so many women experience ongoing stress related to their income and payments. When it comes to achieving stability in your life, having financial stability seems to have some of the biggest impact on all facets of life.
Explore several factors that reveal whether or not you can boost your well-being through financial stability.
Finances and mental health
You’ve more than likely heard the expression, “money can’t buy you happiness.” While this is absolutely true, there should be a disclaimer to this phrase. Research has shown that your financial stability can influence your well-being in a number of ways. The first is your mental health. Studies have shown that experiencing financial hardship can lead to anxiety about one’s future, feelings of being inferior to others, and symptoms of anxiety and depression.
Additionally, Psychology Today reported on a study showing that “the likelihood of having a mental health problem is three times higher among people who have debt.” The mental health challenges caused by a lack of financial stability can even lead to problematic physical symptoms, such as fatigue, headaches, digestive trouble and muscle aches.
Finances and personal relationships
Among all of the ways that finances can affect lives, the most damaging is often through personal relationships. Study after study has revealed that financial instability can cause massive problems between those who are dating and those who are married.
Also, multiple sources report that the primary topic couples fight about is money. These disagreements are attributed to a variety of factors, including excessive debt, differences in personality, the expense of having children, and how a couple’s income should be split. Those who work together when resolving financial issues often experience greater relationship satisfaction.
For example, when working to understand How to Remove Credit Collection Services from Your Credit Report, the task should not be left to one partner. Instead, researching the topic together, and dividing tasks related to contacting credit repair companies, will help create better harmony in the relationship.
Effective ways to begin working toward financial stability
Aside from these two major parts of life, there are additional ways in which your finances can affect your well-being. Although having financial stability won’t instantly make you a happier person, it will remove the stress, mental health concerns, and relationship issues that surround these problems.
Whether you are single, in a relationship or married, you must first take an in-depth look at your finances before you can make improvements. Lay out all of the information on your debt, savings, ongoing expenses and income to see where you stand. Next, check your credit score. Since most people could use improvements in this area, explore ways that you can boost your score.
Finally, accept that the process of achieving financial stability will not be an overnight process.
The road to financial stability may involve you changing some habits, paying down large amounts of money, and potentially increasing your income, so be patient with yourself during your journey, and remind yourself what your goals are.
