As part of a 3-part series, leading online financial services provider, FinChoice, will offer helpful tips and advice on how to manage your monthly expenses as well as debt.
This week we focus on the physical & psychological impact that debt can have on you and how you can cope with this.
Impact on your mind, body and loved ones
The increase in the cost of living and decline in take-home pay is putting many South Africans under financial strain, especially after the pandemic. Financial strain caused by debt pressures and the fear of not knowing what will happen next can lead to chronic stress, which has a significant impact on your mental and physical health. Stress can make you feel irritable, anxious and exhausted while continued stress can lead to insomnia, burnout and depression.
Debt can affect both adults and children. High levels of financial strain may create stress or anxiety for parents, which may hinder the ability to exhibit good parenting behaviors, and subsequently affect the wellbeing of children. Debt can have an impact on a partner too when the challenges escalate.
Communication is key in managing financial expectations in the family and preventing family traumas. Conversations around debt can include where the debt came from and how it has become unmanageable, so that you can be accountable in working towards finding a solution to address the debt. If you feel like you cannot talk to your partner about your mounting debt, speak to someone else such as a close friend or family member.
By managing your debt effectively using some of the tips offered in part 1 of this series, you can reduce the occurrence of financial strain along with its impact on your mind & body.
These are the information tips in the second part of our series on how to manage your debt brought to you by FinChoice. FinChoice. For when you need it. Find out more www.finchoice.mobi
