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Friday, 18 October 2019

 72% of all adults claim that they experience excessive stress about finances, according to the American Psychological Association. This is why money management and personal budgeting are critical in order to alleviate stress and elevate your quality of life. Indeed, money has a significant role to play in your physical and mental well-being. What can good money management contribute to your all-round health?

 Over 62% of adults carry some form of debt — mostly credit card balances — according to the US Census Bureau. Tackling debt haphazardly can be a cause of stress and even physical and psychological ailments over prolonged periods of time. Financial stress can balloon into anxiety and depression. Knowing how to properly handle money and have sensible debt management protocols protects you from that. Smart and reliable practices like committing to a minimum of two payments a month can keep your stress and your creditors at bay. Smooth debt management can keep you in happier sorts than the alternative.

Freedom To Pursue Passion

In life, people rarely walk away from things they feel passionate about, but it is not often considered wise. Following your passion makes you less successful, since you walk away from higher earning opportunities, according to Psychological Sciences. However, pursuing something that you love — instead of something that is assured to make you more money — brings satisfaction. To have the freedom to pursue your passion, you’ll need to have money. In order to secure that money, proper financial literacy is key. 

Happier Families

Financial troubles affect more than the adults: they affect children too. Children that experience socioeconomic hardship are more at risk of mental health challenges later in their lives, according to the Iowa State University Institute for Social and Behavioral Research. A strong understanding of how to care for your money saves you and your family from socioeconomic troubles. A steady and healthy flow of money ensures that all needs are cared for, and provides a healthier environment for your family.

While there are things in this life that you can enjoy without having to spend a dime, having a sure pile of money waiting for you on a rainy day makes all the difference between stress and happiness. So when you are able to, take some time to determine the state of your finances so that you may continue to enjoy a better quality of life. It may not be good to be overly reliant on your money to secure satisfaction in life, but you also need to be smart about it to avoid troubles.
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