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Financial Stress and How to Get Yourself Out of the Mess

As doctors and dental practice owners, your job is to focus on the health of your patients, but what about your own health? You work hard trying to keep both your practice and your family afloat, but it can be a heavy burden to bear both financially and mentally.

This does not constitute advice and advice should be sought in all instances before acting on it.

Mental health – an important aspect of your health

Work related stress or worries over money shouldn’t be overlooked, especially when it’s having an effect on your daily life. Whether you face it head on or hide your head in the sand – your mental health is vital to a happy, safe, and secure life.

A survey undertaken by Forth revealed that the most common cause of stress amongst participants was money. Another popular reason given was work, followed by health concerns.

Financial problems and the strain it takes on your health

Financial stress is a worldwide problem. Many of us live beyond our means, even just paying bills, buying food, or keeping businesses going can cause anxiety.

That anxious feeling can eat away at you, causing additional issues such as difficulty sleeping, limited budget to spend on self-care potentially leading to health concerns, and strong emotional reactions like heart palpitations, cold sweats, even frustration and anger. All of these can add up to an endless sense of hopelessness and stress.

46% of people in problem debt also have a mental health problem.

A vicious cycle that can be hard to break

Financial stress can feel like a never-ending vicious cycle of debt, with payments needing to be made month after month – it can be hard to find a way out. There are a few things you can do to rectify money issues:

  • Understand where your debt has come from
    If you’ve made big purchases on unnecessary luxuries, or gone on expensive holidays that get you deeper into debt – stop. Rethink your spending habits.
  • Know when all your payments are
    Keep track of what you’re paying off and when they’re due to come out of your bank account – it’s important to prevent paying extra fees when you may already be paying huge amounts of interest on your existing debt.
  • Reduce your living costs
    Get calculating and stick to a strict budget. Try save pennies where you can, and once you start seeing the savings you can make, it’ll give you the motivation to keep going.
  • Reduce your mental stress
    Meeting with friends for a country walk can be emotionally rejuvenating. Take up exercise or running – anything to release the endorphins to help you stay positive.
  • Get some support
    There are some great support networks out there, you don’t have to go through it all alone. See the list of help for money problems on the NHS website.

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