Plus inexpensive strategies for reducing stress and tips on reducing medical costs.

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

The Many Sources of Financial Stress . . . . . . . . 3

Symptoms of Stress . . . . . . . . . . . . . . . . . . . . . . . . 5

Health Conditions Associated with Stress . . . . . 6

Inexpensive Strategies to Reduce Stress . . . . . . 7

Strategies for Coping with Financial Stress . . . . 8

Strategies to Reduce Medical Costs . . . . . . . . . . 9

 Ways
to
Improve
Your
Financial
Health

Introduction

Personal finances are a considerable source of stress for many U.S. adults.

A survey from the American Psychological Association (APA) conducted in February 2022
found that 65 percent of U.S. adults are worried about money. Among respondents
between the ages of 18 and 25, approximately 82 percent said money is a significant
source of stress.

Prolonged stress can harm our mental and physical health. When you’re under stress, your
body responds by releasing hormones called adrenaline and cortisol. When levels of these
hormones remain elevated over a long period, they can contribute to health problems like
anxiety, depression, heart disease, and digestive and sleep problems.

Financial stress can also increase behaviors linked with health problems. For example, the
APA survey noted that the pandemic brought on a rash of unhealthy habits in U.S. adults.
These include being less active, sleeping less well, eating more unhealthy foods, and
consuming more alcohol.

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The Many Sources of

Financial Stress

Consumer Debt
Consumer debt in the U.S. increased by 5.4 percent from 2020 to 2021, hitting $15.3
trillion, according to a 2022 Experian report. Mortgages and car loans account for much of
the increase. Credit card bills and student loans are also significant sources of debt.

Unemployment and Job Insecurity

Many households in the U.S. have lost jobs, reduced hours, and taken pay cuts during the
COVID-19 pandemic. Research shows that concerns about losing your job can harm
mental health, contributing to depressive symptoms and anxiety. People who are
unemployed report higher rates of depression, anxiety, and other types of mental distress.
People who are unemployed are also more likely to experience stress-related illnesses,
such as cardiovascular disease and stroke.

Monthly Bills and No Emergency Funds

According to a report by the Pew Research Center, roughly 1 in 4 Americans reported that
they had trouble paying their monthly bills on time in 2020. The same report found that
more than half of Americans surveyed did not have an emergency fund that would cover
three months of expenses if they were faced with an emergency like job loss or sickness.

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The Many Sources of

Financial Stress Part 2

Medical Debt
Medical debt refers to money due for medical bills, including dental bills. It can refer to
bills that are past due, as well as bills that are not past due. Medical debt is another major
contributor to financial stress for many Americans.

While numbers vary depending on the report and the population being surveyed, every
study on medical debt among Americans agrees on one fact—millions of Americans are
living with unpaid medical bills. Medical debt is also a significant contributor to
bankruptcy in the United States.

Financial Toxicity
Another term that is worth knowing—financial toxicity. This refers to financial problems
that a person experiences as a result of a health condition. It may include debts and
medical expenses, as well as loss of income—for example, when a person is not be able to
work while being treated for cancer.

Financial toxicity can interfere with a person’s ability to access the care they need, being
unable to meet copays for appointments or fill prescriptions for medications they need.

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Symptoms of Stress

Stress affects people in different ways, and it can cause a variety of symptoms—physical
symptoms, as well as symptoms that affect how you think, feel, and behave.

Symptoms can include:

Headaches Feeling nervous, sad, irritable, angry,

Tinnitus (ringing in the ears)
Muscle tension
Tightness in the chest
Grinding teeth
Feeling out of breath
Feeling faint or dizzy
Fatigue (physical and/or mental)
Loss of libido or problems having sex
Changes in appetite
and/or overwhelmed
Gastrointestinal symptoms, like an upset
stomach, heartburn, gas, bloating, or
diarrhea
Sleeping too little or sleeping too much
Difficulty at work
Problems in your normal relationships
Hives, rashes, or worsening skin problems
Getting sick more frequently
Changes in menstrual cycle, more severe
PMS, or worsening menopausal symptoms

Lack of interest and/or motivation

Difficulty concentrating

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Health Conditions
Associated with Stress

The relationship between stress and disease is complicated. Stress is thought to

contribute to many different health conditions, it may make some health conditions
worse, and it lowers immunity, making a person more susceptible to illness.

Stress and health conditions can also have a cyclical relationship, where living with a
health condition and/or having incurred medical debt because of an illness leads to more
stress.

Examples of conditions associated with stress or worsened by stress:

Colds, the flu, and other infections

Being overweight or obese

Sleep disorders

Cardiovascular disease

Depression and other mental health conditions

Gastrointestinal disorders

Headaches and migraines

Chronic pain

Immune diseases (psoriasis, inflammatory bowel disease, inflammatory arthritis,

multiple sclerosis)

Acne

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Inexpensive Strategies to
Reduce Stress

Because of the many ways that prolonged stress can negatively impact physical and
mental health, it’s important to take steps to reduce and prevent stress.

Stress is a topic that should be discussed with your healthcare provider—and anyone
experiencing stress is strongly encouraged to discuss how they feel with a healthcare
provider.

There are numerous inexpensive strategies that a person can use to help reduce and
prevent stress:

Making time for things you enjoy. Setting aside some time to read a book, watch a TV show,
or enjoy a hobby can give your mind a break.

Take care of yourself. Eat nutritious food, make time to exercise or be physically active, and
get enough sleep. Avoid unhealthy habits like smoking and consuming too much alcohol
and/or caffeine.

Try to spend some time outside, ideally in a park or another natural setting.

Try meditating. There are many guided meditation videos that can be found for free online.

Stay connected to other people. Financial problems and stress can be isolating. Make time
for your friends and loved ones.

Keep a journal. Keeping a journal of how you are feeling each day can help you process
feelings and better recognize what’s causing you stress. It can also help you keep track of the
things that make you happy.

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Strategies for Coping

with Financial Stress

Improving your finances will help you reduce financial stress. While personal finances are
different for everyone, here are some strategies that can help almost anyone better
understand their finances and start taking steps to improve their financial health:

Assess your finances. Know how much money you have, how much money you owe, and
what you are paying in interest. Also identify what parts of your personal finances are
causing you stress.

Organize. Keeping documents related to your finances organized will make all of the steps
on this list easier. It can also give you a better sense of control.

Determine your goals. Be as specific as possible. For example, if your goal is to save
money, set a specific number that you want to save each week.

Create a monthly budget. Know how much money you need each month—money for
housing, food, insurance, medical care, and other essential expenses—and know how much
money you are making each month. Knowing where your dollars go will help you make
adjustments and find ways to spend less.

Know when bills are due. This includes weekly or monthly bills, as well as bills that arrive
less frequently. Payments for things like car insurance only come around once or twice a
year—infrequent enough that they’re easy to forget about. Set reminders or add them to
your calendar to avoid surprises.

Start an emergency fund. Some of the greatest sources of financial stress are the expenses
we’re not ready for. Any amount of savings you can put aside for emergencies can be
helpful when you’re faced with an unexpected expense.

Work with a professional. Consider working with a nonprofit that helps people get out of
debt, such as the National Foundation for Credit Counseling (NFCC). The NFCC can match
you with a credit counselor who can help you build an action plan.

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Strategies to Reduce
Medical Costs

Many people skip healthcare appointments and medications because of costs. Remember
that doing this puts you at risk for greater expenses and setbacks in the future—such as
lost wages due to lost work or unexpected medical costs that could have been prevented.

Instead, try these strategies for reducing the cost of healthcare:

Research different medication options and prices ahead of time, so you are prepared to
find the most affordable option when a healthcare provider is writing a prescription.

Check with your health insurance provider, since medication prices can vary between
different insurance companies and plans.

Look for discounts, such as copay cards and patient assistance programs. Drug
manufacturers often advertise these on medication websites. These can be helpful for
medications that prevent flare-ups and need to be taken long-term.

Pharmacy cards are another example of a discount program that can lower the cost of
monthly prescriptions.

Ask your healthcare providers about the price of medications and if there are more
affordable options available. Don’t be shy about this—cost of medication is a major obstacle
in treatment adherence and is something good healthcare providers will want to help with.

Look for more affordable healthcare providers, such as community health centers and
university hospitals.