Splurging will hurt you in more ways than one
There are many budgetary reasons to spend within your means, but there are also some very compelling health reasons too. Heavy debt loads and the associated stress negatively impact both your physical and mental health.
So before you make that impulse purchase and contribute to your debt load, here are a few things to consider:
It’s not surprising to learn that there is an established link between debt load and depression. Debt weighs on you with worry, interfering with your ability to sleep, eat and have normal social interactions.
Some of the warning signs of depression (debt-related or otherwise) include sleepless nights, feeling hopeless, low self-esteem, withdrawal from social situations and strain on personal relationships.
And then there is your physical health…
Physically, high stress leads to an increase in blood pressure, obesity and an increase in incidence in cancer and heart disease.
Sort of makes you want to sit out the shopping spree, doesn’t it?
On the flipside
Spending within your means will give you control over your life- which means health and emotional wealth. You’ll be able to set goals and achieve them- which gets the positive cycle going around financial management.
Stop it before it starts
You may be carrying some debt, which is not necessarily a bad thing. The issue with debt is that it tends to snowball- in part because of the way that interest accrues on your credit balances and in part because of the buy-now-pay-later attitude that contributes to growing debt.
Consider stomping out your debt before it overtakes you. It’s all about the balance of power. Consider consolidating what debts you do have and shifting to a cash-only attitude. Your mental and physical health will benefit!