Winter often brings holiday bills, tax preparation and often anxiety about finances. The link between money worries and health is stronger than many realize.
To learn how financial stress affects health, WellTuned spoke with Dr. Kelly Askins, a medical director at BlueCross BlueShield of Tennessee.
“The relationship between financial stress and health goes both ways,” Dr. Askins says. “Sometimes people with anxiety don’t pay close attention to their financial situation. And financial problems can hurt mental and physical health.”
How financial stress affects mental and physical health
Dr. Askins: Financial stress is a burden that increases anxiety. People can worry about which bills they’re going to pay and which bills they’re not going to pay. People may wonder, “Do I answer the phone because it might be a bill collector?”
Financial stress and resulting anxiety can increase blood pressure. It can decrease the amount of sleep you get which could affect your health. Also, people may know they have a health problem but avoid going to the emergency room because of the cost. So, they may not go until symptoms or conditions get really bad.
Warning signs that financial stress is impacting your health
Dr. Askins: If you know that you’re sick and avoid going to the doctor, that’s serious.
If you’re starting to experience thoughts like, “I wish I wouldn’t wake up,” or “I’m a burden on everyone,” it’s affecting your mental health. You should get help immediately. Call 911 or 988 for the Suicide and Crisis Lifeline. Or make an appointment with a mental health clinic to get some help.
Practical strategies to manage the mental health impact
Dr. Askins: Here are ways to cope with financial stress:
Use employee assistance programs (EAPs): If your job has EAP benefits, make use of them. They often include financial guidance and mental health counseling.
Develop a budget: Creating a financial plan can help reduce anxiety. Here are resources for that: Making a Budget and Building an Emergency Fund.
Practice breathing and relaxation: These can decrease stress and interrupt negative thought patterns.
Seek community support: If you belong to a church or community organization, reach out to them. They may have the ability to help with a financial stressor on a one-time basis. They often have a budget and programs to help people in a crisis.
Access public benefits: Everyone deserves help. If you qualify for SNAP benefits or other public assistance, use them.
Protecting your health while dealing with financial difficulties
Dr. Askins: You can do healthy things even when finances are tight. Take your prescribed medications. Try to eat healthy food. Try to exercise, even if it’s just walking 10 to 15 minutes a day. Always consult your doctor before starting an exercise regimen.
Maintain your social connections. Financial stress can lead to feelings of embarrassment and shame. This may lead people to avoid socializing. We’re a social species. Within your means, socialize, because being with other people does help. Do what you can to maintain those personal connections.
“Financial stress can increase anxiety, depression and anger. These can contribute to increased blood pressure and decreased sleep,” Dr. Askins says. “But you don’t have to deal with this alone. Help is available.”
More from Dr. Askins on WellTuned
Get more information about specific health terms, topics and conditions to better manage your health on bcbst.com. BlueCross BlueShield of Tennessee members can access wellness-related discounts on fitness products, gym memberships, healthy eating and more through Blue365®. BCBST members can also find tools and resources to help improve health and well-being by logging into BlueAccess and going to the Managing Your Health tab.