The Link between Chronic Stress and Financial Health: What You Need to Know

Key Takeaways:

• Chronic stress can have significant impacts on an individual's financial health, often leading to detrimental financial decisions.
• The financial consequences of chronic stress can manifest in various ways, such as increased medical expenses or impulsive spending.
• There exists a vicious cycle where stress leads to poor financial health, which in turn generates more stress.
• Recognizing signs of deteriorating financial health due to stress is essential for timely intervention.
• Implementing practical stress management strategies can greatly enhance financial wellness.
• Creating a stress-resilient financial plan and adopting mindful budgeting practices can reduce financial stress.
• Mindfulness techniques can be effective in combating financial anxiety and promoting better decision-making.
• Seeking help from financial advisors and therapists can be beneficial in managing chronic stress and its financial implications.
• Understanding the long-term effects of stress on finances and taking actions to reduce financial stress can contribute to overall well-being and financial stability.

Introduction

In today's fast-paced world, chronic stress has become a prevailing health concern, one that silently seeps into every aspect of our lives, including our financial well-being. The intricate link between chronic stress and financial health is often overlooked, even though it plays a significant role in shaping our financial decisions and overall economic stability.

Stress, particularly when it's chronic, can cloud our judgment, trigger impulsive spending, and lead to a cascade of financial problems. Understanding this link is of paramount importance, especially in our modern society where financial pressures are a common source of stress.

In this comprehensive article, we will delve into the causes and symptoms of chronic stress, its financial impacts, and how it affects our financial decision-making. Moreover, we will explore the vicious cycle of stress leading to poor financial health and provide practical tips for managing stress to improve financial wellness. From creating a stress-resilient financial plan to adopting mindfulness techniques, we will cover a range of strategies to help you navigate the stormy seas of financial anxiety.

By understanding and addressing the link between chronic stress and financial health, we can pave the way for better financial decisions and a healthier, stress-free life.

Understanding Chronic Stress: Causes and Symptoms

Chronic stress is a prolonged and constant feeling of stress that can negatively affect your health if it goes untreated. It differs from acute stress, which is a very short-term type of stress that can either be thrilling and exciting (like a roller-coaster ride), or unpleasant (like avoiding a traffic accident). While acute stress is a normal part of life, chronic stress is not and it can lead to serious health problems.

Stress can originate from numerous sources such as work pressures, financial difficulties, relationship problems, or major life changes like divorce or the death of a loved one. For instance, a person working in a high-pressure job with long working hours may experience chronic stress due to the constant demands of their role. Similarly, someone struggling with financial instability might face ongoing stress that becomes chronic over time.

The symptoms of chronic stress can be both physical and emotional. Physically, chronic stress can lead to headaches, upset stomach, chest pain, high blood pressure, sleep problems, and even changes in sex drive. Emotionally, it can lead to restlessness, lack of motivation or focus, feeling overwhelmed, irritability, sadness, or depression. For example, a person suffering from chronic stress might constantly feel anxious and have trouble sleeping, they might struggle to concentrate at work, or they might feel persistently overwhelmed and unable to cope with everyday tasks.

It's important to note that chronic stress can impact different people in different ways. One person might develop digestive issues, while another might experience mental health problems like depression or anxiety. Moreover, chronic stress can trigger or worsen existing health conditions, such as heart disease and mental health disorders, further emphasizing the importance of managing this pervasive issue.

Understanding chronic stress, its causes, and symptoms is the first step towards managing it effectively and mitigating its impacts on various aspects of life, including financial health. By recognizing and addressing chronic stress, we can improve our overall well-being and reduce its detrimental effects on our financial decisions.

The Financial Impact of Chronic Stress on Your Wallet

Chronic stress can have a substantial impact on your financial health. Here are some of the key ways it can influence your wallet:

• Medical Expenses: Chronic stress can lead to numerous health problems, including heart disease, diabetes, and mental health disorders. These conditions require medical attention, leading to increased healthcare costs. According to the American Institute of Stress, stress-related health issues cost the U.S. economy approximately $300 billion every year in medical bills and lost productivity.
• Impulsive Spending: Stress can lead to impulsive behaviours, including impulsive spending. A 2018 survey by Credit Karma found that about 40% of U.S. consumers have gone into debt due to stress-induced shopping sprees, with millennials being particularly vulnerable.
• Poor Financial Decisions: Chronic stress can cloud judgment and lead to poor financial decisions, such as overspending, under-saving, or making risky investments. A 2019 study published in the Journal of Financial Planning found that high levels of stress can negatively affect financial judgment and decision-making.
• Job Productivity and Absenteeism: Chronic stress can cause decreased job productivity and increased absenteeism, both of which can lead to financial loss. A report by the Global Benefits Attitudes Survey revealed that workers experiencing high stress levels are more than twice as likely to disengage from work and more than three times as likely to leave their jobs.
• Neglecting Long-Term Planning: With the overwhelming feeling of dealing with daily stressors, individuals facing chronic stress may neglect long-term financial planning, such as retirement savings or investing for future needs.

Understanding the financial impact of chronic stress is essential to manage financial health effectively. By recognizing the financial implications, we can take proactive steps to mitigate the effects and develop healthier financial habits.

How Chronic Stress Affects Financial Decision Making

Chronic stress can have a profound effect on our ability to make sound financial decisions. Here's how:

• Impaired Judgment: Chronic stress can cloud our ability to make rational decisions by affecting the prefrontal cortex, the part of our brain responsible for critical thinking and decision-making. Under stress, we may make hasty decisions without considering the long-term consequences.
• Increased Risk-Taking: Some research indicates that chronic stress may increase risk-taking behavior. For example, a stressed individual might be more likely to gamble or invest in high-risk stocks, potentially leading to significant financial loss.
• Impulsive Spending: As a coping mechanism, individuals under chronic stress might engage in "retail therapy" or impulsive buying. This can lead to unnecessary expenditure and increased debt.
• Neglect of Long-Term Goals: Chronic stress can cause individuals to focus on immediate concerns at the expense of long-term financial goals. This may result in inadequate savings, lack of retirement planning, or missed investment opportunities.
• Lowered Work Performance: Chronic stress can reduce productivity and increase absenteeism, potentially impacting income and career progression.
• Impaired Judgment: Chronic stress can cloud our judgement, making it challenging to think clearly or make logical decisions. This can lead to impulsive spending or investment choices that may not be in our best financial interest.
• Short-Term Focus: Under stress, individuals often focus on immediate relief rather than long-term outcomes. This short-term focus can lead to decisions like high-cost borrowing or tapping into retirement savings prematurely.
• Risk Aversion or Risk Seeking: Chronic stress can lead to an irregular appetite for risk. Some people become excessively cautious, missing out on potential growth opportunities. Others may become reckless, taking unnecessary financial risks.
• Neglect of Financial Responsibilities: The overwhelming feelings associated with chronic stress can lead individuals to neglect essential financial responsibilities. This could mean missing bill payments, failing to budget, or ignoring long-term financial planning.

The Vicious Cycle: Stress Leading to Poor Financial Health

Chronic stress and financial health can become a vicious cycle. Stress leads to poor financial decisions, which in turn exacerbate financial problems, leading to more stress.

For instance, consider the case of John, a middle-aged professional. John's high-stress job leads him to seek relief through retail therapy, leading to impulsive purchases that strain his budget. The resulting financial stress exacerbates his overall stress levels, impairing his judgement further and leading him to make even more poor financial decisions, such as taking out high-interest loans to cover his escalating debts. This cycle continues, with each round of poor decisions increasing his financial stress and overall chronic stress levels.

Breaking this cycle requires intervention at both ends - managing stress effectively and making sound financial decisions, which we'll discuss in the following sections.

Signs Your Financial Health is Suffering Due to Stress

Chronic stress can negatively impact your financial health. Here are some signs that your finances may be suffering due to stress:

• Increased Debt: If you notice that your debt levels are rising and you're relying more on credit cards or loans, this could be a sign of stress-induced financial problems. Stress can lead to impulsive spending, which often results in mounting debt.
• Impulsive Spending: Frequent "retail therapy" sessions, or buying items you don't need as a quick fix for stress, can be a sign of stress affecting your financial health.
• Neglecting Bills or Financial Obligations: Being late on bill payments or ignoring financial responsibilities, such as budgeting or saving, could indicate that stress is impacting your ability to manage your finances effectively.
• Lack of Savings: If your savings are depleting, or you're unable to save as much as you used to, this could be a sign of financial stress. Stress can cause individuals to focus on immediate needs, neglecting longer-term financial goals like saving.
• Withdrawal from Financial Discussions: If you find yourself avoiding conversations about money or becoming anxious when finances are discussed, this could indicate that stress is affecting your financial health.
• Lack of Financial Planning: If you find it difficult to plan for the future financially, be it retirement, investments, or even setting a budget, it could indicate that stress is impairing your ability to make sound financial decisions.

Recognizing these signs early can help you take steps to alleviate the stress and manage your finances more effectively.

Practical Tips for Managing Stress to Improve Financial Wellness

Managing stress effectively can have a profound impact on your financial wellness. Here are key strategies to help reduce stress and improve your financial health:

• Develop a Budget: Creating a comprehensive budget can reduce financial stress by providing a clear picture of your income and expenses. This allows you to make informed decisions and helps you avoid overspending.
• Save and Invest: Building an emergency fund can provide a safety net for unexpected expenses, reducing stress. Additionally, investing for long-term goals like retirement can provide a sense of financial security.
• Debt Management: Prioritize paying off high-interest debts and consider seeking professional advice if needed. Reducing your debt load can significantly lower financial stress.
• Practice Mindfulness: Techniques such as meditation, deep breathing, and yoga can help reduce stress levels. By calming your mind, you can make more rational financial decisions.
• Physical Exercise: Regular physical activity is a proven stress reliever. By maintaining a healthy lifestyle, you can improve your mental well-being and decision-making capabilities.
• Professional Help: Don’t hesitate to seek help from financial advisors or therapists. They can provide strategies to manage your finances and cope with stress.
• Regular Financial Reviews: Schedule regular reviews of your financial situation. This can help you stay on track with your financial goals and make adjustments as necessary, reducing financial stress.
• Education: Increase your financial literacy. Understanding financial concepts can help you make informed decisions, reducing anxiety about financial issues.
• Healthy Lifestyle: Eating a balanced diet, getting adequate sleep, and avoiding excessive caffeine and alcohol can improve your overall health and stress levels.
• Social Support: Don’t isolate yourself. Spend time with loved ones and share your concerns with them. They can provide emotional support and practical advice.
• Work-Life Balance: Overworking can lead to burnout and increase stress levels. Ensure you have a balance between your work and personal life.

By implementing these strategies, you can manage stress effectively, leading to improved financial decision-making and overall financial health. Remember, it's essential to tackle both ends of the issue - managing stress and making sound financial decisions - to break the cycle of poor financial health due to stress.

Creating a Stress-Resilient Financial Plan

A financial plan that can withstand stress is essential for maintaining financial health even in challenging times. Here's how to create a resilient financial plan:

1. Establish Clear Financial Goals: Begin by identifying what you want to achieve financially. These could be short-term goals (e.g., saving for a vacation) or long-term goals (e.g., planning for retirement). Concrete goals give you something to strive for and can help alleviate stress by providing a sense of direction and purpose.
2. Develop a Comprehensive Budget: A well-crafted budget is a cornerstone of a resilient financial plan. It should account for all income and expenses, including discretionary and non-discretionary spending. Regularly review and adjust your budget to reflect changes in your income, expenses, or financial goals.
3. Build an Emergency Fund: An emergency fund provides a financial safety net and can greatly reduce stress. Aim to save enough to cover 3-6 months' worth of living expenses. Having this buffer can protect you from unexpected financial shocks and give you peace of mind.
4. Diversify Investments: Diversification can help protect your investments from market volatility and reduce financial stress. By spreading your investments across a variety of assets, you reduce the risk associated with any single investment.
5. Manage Debt Effectively: High levels of debt can be a significant source of financial stress. Develop a strategy to manage and reduce your debt, focusing first on high-interest debts.
6. Plan for Retirement: Planning for retirement can help alleviate long-term financial stress. Consider your desired retirement lifestyle and calculate how much you'll need to save to fund it. Utilize retirement savings accounts like 401(k)s or IRAs to maximize your savings.
7. Review and Update Your Plan: Regularly review your financial plan to ensure it still aligns with your goals and life circumstances. Regular reviews allow you to make adjustments as necessary and ensure you're on track.
8. Seek Professional Help: If managing your finances feels overwhelming, consider seeking help from a financial planner. A professional can provide guidance, help you develop a robust financial plan, and provide strategies for managing financial stress.

Remember, the goal of a resilient financial plan isn't to eliminate stress entirely, but to create a financial structure that can withstand and adapt to stressors when they arise.

Technology and Financial Stress: A Double-Edged Sword

In today's digital age, technology plays a significant role in our financial lives. While it offers numerous tools to help manage finances, it can also contribute to financial stress in various ways.

Benefits of Financial Technology:

1. Budgeting Apps:
   Applications like Mint, YNAB (You Need A Budget), and PocketGuard help users track expenses, set budgets, and visualize spending patterns. These tools can reduce stress by providing clear financial visibility and encouraging responsible spending habits.
2. Investment Platforms:
   Apps like Robinhood, Acorns, and Betterment have democratized investing, making it more accessible to the average person. They can help reduce stress around long-term financial planning by simplifying the investment process.
3. Bill Payment and Reminder Services:
   Apps that automate bill payments or send reminders can alleviate the stress of missing due dates and incurring late fees.
4. Credit Score Monitoring:
   Services like Credit Karma offer free credit score monitoring, helping users stay informed about their financial health and identify areas for improvement.
5. Financial Education Resources:
   Platforms like Khan Academy and Coursera offer free financial literacy courses, empowering users with knowledge to make better financial decisions.

Potential Stress Factors of Financial Technology:

1. Information Overload:
   Constant access to financial information can lead to obsessive checking and increased anxiety about market fluctuations or account balances.
2. Comparison Culture:
   Social media and financial comparison tools can foster a "keeping up with the Joneses" mentality, potentially leading to stress and poor financial decisions.
3. Cybersecurity Concerns:
   The risk of data breaches and identity theft can add a layer of stress to digital financial management.
4. Gamification of Investing:
   Some investing apps use game-like features that may encourage risky behavior, potentially leading to financial stress if losses occur.
5. Easy Access to Credit:
   Digital lending platforms can make borrowing too easy, potentially leading to over-indebtedness and associated stress.

Balancing Technology Use for Financial Well-being:

To harness the benefits of financial technology while minimizing stress:

1. Choose apps carefully, focusing on those that align with your financial goals.
2. Set boundaries for how often you check financial apps or accounts.
3. Use strong, unique passwords and enable two-factor authentication for all financial accounts.
4. Be cautious of investment apps that make trading feel like a game.
5. Use technology as a tool for education and informed decision-making, not as a substitute for professional financial advice when needed.

The Role of Budgeting in Reducing Financial Stress

Budgeting plays a critical role in reducing financial stress by providing a clear roadmap of your financial situation. It involves tracking your income and expenses to understand where your money is going and to plan for how to use it most effectively.

Firstly, budgeting offers a sense of control. When you know exactly what's coming in and going out, you'll likely feel less anxious about your finances. You can allocate funds to necessary expenses, savings, and discretionary spending, which eliminates the stress of not knowing whether you can afford your lifestyle.

Secondly, a budget helps prevent overspending, a common source of financial stress. By setting limits on categories of spending, you can avoid accumulating unnecessary debt, which can lead to significant financial anxiety.

Thirdly, budgeting assists in achieving financial goals, be it saving for a vacation, buying a home, or planning for retirement. Seeing progress towards these goals can provide a sense of accomplishment and reduce stress associated with perceived financial inadequacy.

Moreover, a budget can help build a safety net for unexpected expenses. By setting aside funds for emergencies, you can alleviate the stress associated with potential financial shocks.

Lastly, budgeting promotes a sense of financial awareness and responsibility, leading to more informed and confident financial decisions. This can help alleviate the fear and uncertainty that often accompanies financial management.

In conclusion, budgeting is a powerful tool for managing money effectively and reducing financial stress. It provides clarity, prevents overspending, facilitates goal achievement, prepares for emergencies, and fosters financial confidence.

Mindfulness Techniques to Combat Financial Anxiety

Financial anxiety can be overwhelming, but mindfulness techniques can effectively alleviate stress and foster a healthier relationship with money. Here are a few techniques to consider:

1. Mindful Meditation: This involves focusing your attention on the present moment and accepting it without judgment. For financial anxiety, dedicate a few minutes each day to sit quietly and observe your thoughts and feelings about money. Acknowledge these thoughts without judgment and gently guide your focus back to your breath.
2. Body Scan: This technique helps you tune into your body and recognize any physical manifestations of anxiety. Start from one end of your body, slowly moving your attention through each part, noting any tension or discomfort. This can be especially helpful after stressful financial situations, helping you release stress and recenter.
3. Mindful Spending: Mindful spending encourages you to pause before making a purchase. Consider why you're making the purchase, how it aligns with your financial goals, and whether it brings you genuine value. This can reduce impulsive buying, a common reaction to financial stress.
4. Gratitude Practice: Regularly express gratitude for what you have, rather than focusing on what you don't. This can shift your perspective from scarcity to abundance, reducing financial anxiety.
5. Mindful Journaling: Write about your feelings towards money, noting any stress or anxiety. This process can provide valuable insights into your financial fears and help you address them constructively.
6. Yoga and Deep Breathing: These practices can help reduce overall anxiety and stress. Incorporating them into your routine can help you maintain a calm mindset, beneficial for managing financial anxiety.

Remember, mindfulness is not a quick fix but a practice. It requires patience and persistence. Over time, these techniques can help you cultivate a mindful approach to your finances, reducing anxiety and enabling more informed financial decisions.

Seeking Professional Help: Financial Advisors and Therapists

There are times when managing financial stress can feel overwhelming and seeking professional help becomes necessary. Here's when and why to consider it, and the roles of financial advisors and therapists:

1. When to Seek Help: If financial stress causes constant anxiety, affects your health, relationships, or work, or if you're unable to make progress towards financial goals, it may be time to seek professional help.
2. Role of Financial Advisors: A financial advisor helps you make informed financial decisions and create a strategic plan to achieve your financial goals. They can provide advice on budgeting, investing, retirement planning, tax planning, and more. If you're struggling to manage your finances or plan for the future, a financial advisor can provide the expertise you need. They can offer a fresh perspective, identify areas for improvement, and provide a roadmap to financial stability.
3. Role of Therapists: If financial stress is causing significant distress, a therapist, particularly one specializing in financial therapy, can be incredibly helpful. They can help you understand the emotional and psychological aspects of your financial behaviors. Therapists can provide strategies to manage anxiety, improve your relationship with money, and change unhealthy financial habits.
4. Why Seek Help: Seeking professional help can provide relief from financial stress by equipping you with the tools to manage your financial situation effectively. Financial advisors can help optimize your financial health, while therapists can improve your emotional wellbeing related to finances.

Remember, seeking help is not a sign of weakness, but rather a proactive step towards managing financial stress. Both financial advisors and therapists offer valuable services that can help you navigate financial challenges and build a healthier, stress-resilient financial future.

Effects of Chronic Stress on Finances

Chronic stress can have a profound impact on finances. Long-term, unmanaged stress can lead to a variety of negative financial consequences.

Firstly, chronic stress can lead to impulsive spending as a form of 'retail therapy.' People often buy unnecessary items to experience temporary relief. This behavior can lead to accumulated debt and financial instability.

Secondly, stress can impact job performance. High stress levels can lead to decreased productivity, lack of focus, and even job loss, leading to a decrease in income. Stress can also cause physical health problems, leading to increased medical expenses and potential loss of workdays.

Thirdly, chronic stress can impair decision-making abilities. Stress affects cognitive functions, and when under pressure, individuals might make poor financial decisions such as taking on high-interest loans, neglecting savings, or making risky investments.

Moreover, chronic stress can also lead to neglect of financial responsibilities. This could include forgetting to pay bills, leading to late fees or penalties, or neglecting to plan for future financial needs.

Lastly, stress can create a cycle of financial worry. As financial problems mount, so does the stress, which could lead to more financial issues, creating a vicious cycle.

In conclusion, chronic stress can have serious implications on financial health, leading to impulsive spending, decreased earning potential, poor financial decisions, neglect of financial duties, and a cycle of financial worry. It's crucial to manage stress effectively to maintain good financial health.

Case Studies: Overcoming Financial Stress

1. Sarah's Debt Dilemma

Sarah, a 32-year-old marketing executive, found herself $50,000 in debt due to student loans and credit card spending. The stress affected her sleep and work performance. She took action by:

• Creating a detailed budget
• Negotiating a higher salary
• Taking on a part-time weekend job
• Using the debt snowball method

Within three years, Sarah was debt-free and had started an emergency fund. She reported feeling "like a weight has been lifted" and now sleeps better at night.

2. The Johnsons' Retirement Reality Check

Tom and Linda Johnson, both 58, realized they were underprepared for retirement. This caused significant anxiety about their future. They tackled the issue by:

• Consulting a financial advisor
• Maximizing their 401(k) contributions
• Downsizing their home
• Developing new skills for part-time work in retirement

Five years later, the Johnsons feel confident about their retirement plans and report much lower stress levels regarding their finances.

3. Mike's Small Business Struggle

Mike, a 45-year-old small business owner, faced potential bankruptcy during an economic downturn. He overcame this by:

• Pivoting his business model to include online services
• Negotiating with creditors for more favorable terms
• Joining a support group for small business owners
• Practicing mindfulness to manage stress

Two years later, Mike's business is thriving, and he's developed better stress management techniques.

Expert Insights: Understanding and Managing Financial Stress

To provide a deeper perspective on the relationship between stress and financial health, we interviewed several experts in the fields of finance, psychology, and stress management. Their insights offer valuable advice for those struggling with financial stress.

Dr. Sarah Johnson, Clinical Psychologist specializing in Financial Therapy

Dr. Johnson emphasizes the psychological impact of financial stress: "Financial stress can trigger a fight-or-flight response in our brains, making it difficult to think rationally about money. This often leads to avoidance behaviors or impulsive decisions, which can worsen the situation."

She recommends: "Practice mindfulness techniques to stay present when dealing with finances. This can help break the cycle of stress and allow for more clear-headed decision-making."

Mark Rodriguez, Certified Financial Planner

Rodriguez highlights the importance of financial education: "Many people experience financial stress simply because they lack basic financial knowledge. Understanding concepts like compound interest, debt management, and investment diversification can significantly reduce anxiety around money."

His advice: "Start with small, achievable financial goals. Each success builds confidence and reduces stress, creating a positive cycle of financial management."

Dr. Emily Chen, Neuroscientist and Stress Management Expert

Dr. Chen explains the physiological effects of chronic financial stress: "Prolonged financial worry can lead to elevated cortisol levels, which can affect everything from sleep quality to cardiovascular health. It's crucial to address financial stress not just for your wallet, but for your overall well-being."

Her recommendation: "Incorporate stress-reduction techniques into your daily routine. This could be as simple as deep breathing exercises when checking your bank account or practicing gratitude for the financial resources you do have."

Tom Harris, Behavioral Economist

Harris discusses how our psychology influences financial decisions: "We often make financial decisions based on emotions rather than logic. Understanding common biases, like the sunk cost fallacy or loss aversion, can help us make more rational financial choices and reduce stress."

His tip: "Before making any significant financial decision, take a step back and analyze whether your choice is driven by emotion or sound financial reasoning."

Lisa Patel, Financial Coach and Former Bank Executive

Patel emphasizes the power of financial planning: "Having a clear financial plan acts as a roadmap, reducing uncertainty and the associated stress. It's not about predicting the future, but about being prepared for various scenarios."

Her advice: "Review and update your financial plan regularly. Life changes, and your financial strategy should evolve with it. This proactive approach can prevent a lot of financial stress down the line."

These expert insights underscore the complex relationship between our finances and our mental well-being. They highlight the importance of addressing financial stress from multiple angles - psychological, educational, and practical. By incorporating these expert recommendations, individuals can develop a more holistic approach to managing their financial stress and improving their overall financial health.

Conclusion

In conclusion, stress has a significant, often detrimental, impact on financial decision-making, leading to short-term thinking, increased risk-taking, decision fatigue, and cognitive tunneling. However, understanding these effects can help individuals recognize when stress might be swaying their financial decisions and take steps to mitigate these impacts.

On the flip side, reducing financial stress is a key aspect of overall wellbeing. Solutions include creating a budget, building an emergency fund, reducing debt, and seeking professional advice. These strategies can help foster financial health, thereby relieving stress.

Financial health isn't merely about numbers. It's about creating a sense of security, reducing stress, and ultimately, improving quality of life. It's important to remember that everyone's financial journey is unique, and what works for one might not work for another.

In the end, the call-to-action is simple: take charge of your financial health. Recognize the role of stress in your financial decisions, and actively work towards reducing it. After all, your financial wellbeing is a significant part of your overall happiness and peace.