What is Financial Insomnia?

Financial insomnia is a term used to describe a phenomenon where money problems keep you up at night. Debt is the most common issue that prevents people from falling asleep and can be a great source of anxiety and insomnia for many. However financial insomnia can also be due to job security, unpaid bills, high monthly expenses or other related financial issues. Financial insomnia can pertain to all different kinds of financial troubles not just debt.

Compounding Concerns

There are multiple types of financial issues that can occur for an individual that can be the cause of financial insomnia. For many people debt is going to be the number one concern. However, other things can definitely play a large factor as well. Whether it’s keeping up with mortgage payments, credit card debt or past due bills, these financial issues can be a huge cause of concern for many. The effects compound on one another almost like compound interest. When you have money problems those problems can cause sleep problems and the sleep problems can cause health issues that can further demoralize you and impact your ability to earn an income to resolve the money problems. Some issues tend to feed off one another and that’s why it’s best to stay on top of things whenever possible. Financial stresses can have a negative impact on sleep and a lack of sleep can have a severe impact on our ability to make financial decisions. This is a self-fulfilling loop that ends up keeping consumers stuck in a circle of financial instability and sometimes a vicious cycle of credit card debt.

Cause of Financial Insomnia?

Lack of funds and unexpected expenses arising are also another great source of worry for those with financial insomnia. Whenever life throws an unexpected expense your way it can throw you for a loop and derail your entire budget. Other factors include, anxiety for what the future holds, comparative social pressures, lack of available savings and inability to pay off bills. Whatever caused the financial insomnia doesn’t necessarily matter what is more important that you find a way to move past it and eliminate it for good.

The Cure for Financial Insomnia?

The strategies for overcoming financial insomnia typically include eliminating the root cause of the problem. If you’re facing a particular financial issue or hardship you can overcome it but it might take some time and a little bit of strategy to get you there. You can only stress about the things that you are in control of, there’s little to no point in stressing about things that are out of your control. Stressing about things that are out of your control will often lead to insanity. Take one step at a time, one day at a time and try to do your best moving with one foot forward.Overcoming is all about mindset!

Resources for Struggling Consumers

What you can do if you’re struggling financially all depends on the struggles you’re experiencing. However, there are many resources available to consumers which can often times be free. For consumers struggling with credit card debt there are debt relief programs which can help you pay off burdensome credit card debt typically in a few years or less. For consumers looking for great educational resources there are many non-profit credit counseling resources available to them, etc. Otherwise, consumers can also take a DIY approach if they are looking to eliminate their financial worries.