Money troubles can do more than strain your budget—they can take a serious toll on your mental and physical well-being. May is Mental Health Awareness Month and while many events can negatively impact our mental health, money consistently ranks as a top source of stress for Americans and is a leading cause of anxiety, depression, and sleep disturbances. These, in turn, can contribute to high blood pressure, weakened immunity, and even heart disease.

How Financial Stress Affects Health

It’s important to note that stress itself isn’t always bad. In fact, it can sometimes help us in challenging situations and avoid dangerous ones. Persistent stress, however, is another story. Over time it takes a toll on our minds and bodies.

1. Mental Health Struggles – Constant worry over money can lead to anxiety, depression, and even panic attacks. The fear of unpaid bills or mounting debt can make it difficult to concentrate and can negatively impact personal and professional relationships.
2. Physical Health Consequences – Stress releases cortisol, a hormone that, in excess, can lead to issues such as high blood pressure, digestive problems, weaken our immune system, exacerbate pre-existing conditions that are currently being managed, and cause headaches. Chronic financial strain may also contribute to unhealthy coping mechanisms, like overeating, smoking, or excessive drinking.
3. Disrupted Sleep Patterns – Financial concerns often cause sleepless nights. Insufficient sleep can weaken the immune system, impair cognitive function, and increase the risk of chronic conditions like diabetes and heart disease.
4. Strained Relationships – Money problems are a major source of tension among couples and families. Disagreements over spending, saving, or debt can lead to arguments, resentment, and, in some cases, breakups or divorce.

Strategies to Manage Financial Stress and Improve Well-being

Stress can create a sense of losing control. Confronting your financial situation realistically is the first necessary step to regaining control; hiding from or ignoring it only prolongs an already bad situation and can cause even more or greater health issues.

1. Create a Realistic Budget – Understanding your income, expenses, and debt is the first step. Use budgeting tools or apps to track spending and identify areas to cut back.
2. Build an Emergency Fund – Even small savings can provide a sense of security and provide some stress-reducing relief. Setting aside a little money each month can help cover unexpected expenses and prevent financial crises.
3. Seek Financial Guidance – A financial expert can help create a plan for managing debt, improving credit, and working toward financial stability. Many nonprofits offer free or low-cost financial counseling. Transocean employees can also seek assistance from Fidelity by reviewing the online tools available at Fidelity NetBenefits. You can also take advantage of Fidelity financial wellness webinars and individual financial consultations.
4. Practice Self-Care – Engage in activities that promote relaxation, such as exercise, meditation, or journaling. If you haven’t tried your Calm benefit, this is an ideal time to let it help you. Reducing stress through healthy habits can help prevent burnout and maintain mental resilience.
5. Stay Connected – and Talk About It – Don’t suffer in silence. Discuss financial concerns with trusted friends, family members, or a mental health professional. Support and guidance can help ease stress and provide new perspectives.

Any Transocean employee can also seek guidance through the Employee Assistance Program (access code: RIG), including mental health and legal resources.

By taking proactive steps to manage financial challenges, individuals can protect both their mental and physical well-being. Acknowledging the connection between financial health and overall health, combined with taking a realistic look at your financial situation, are important first steps toward a more balanced  life that equips you to better manage every day stressors.