April is Stress Awareness Month and has been held every April since 1992. During this month the aim is to raise public awareness about both the causes and cures for stress.
As money seems to cause lots of people stress, we look at examples of how stress may play out with your financial situation.
Short term stressful situations
An example of this could be when you receive a higher than expected bill, or when you need pay the balance of your holiday off. They call this ‘Acute stress’ and it can be a good thing as you need to take immediate action and manage your money better. It stops you being impulsive or taking risks.
Regular stressful situations
When stress happens on a regular basis, they call it Episodic stress. An example of a sufferer of this could be someone who cannot stick to a budget or is not on a regular income so is constantly stressing about money. Whilst you are less likely to take risks, episodic stress sufferers find it difficult to change their lifestyle so just accept it rather than trying to change it.
On-going stressful situations
They call this ‘Chronic stress’ and is what acute stress turns into if not taken care off. An example when related to your finances could be someone who has a long-term unmanageable debt or is in poverty.
When trying to deal with financial stress you need to have a clear picture of your financial situation and a plan to help you get back on track. For free help and guidance, you can call Step Change who have more than 25 years of experience in providing free expert debt advice.