Stressful events are bad enough on the surface, but when they also somehow cost you money, that adds insult to injury. In many cases, prevention is going to be your best bet. But at least understanding the relationship between stress and money will help no matter what once you finally end up in one of these situations.
Think of the times that stressful events can end up costing you your hard earned cash. If you get in a car accident, whether it’s your fault or not, it will probably cost you money. If you get injured at work, it’s probably going to cost you money. If you miss any deadlines, that’s incredibly stressful, and if people depend on you, that may chew into your profit margin. And, if somehow you forget to pay attention to specific tax details during that stressful time of year, that can result in fines as well.
You can do your best to drive defensively at all times, but you may still end up getting in a car accident. Even if it’s not your fault, you may end up having to pay extra money either through lawyers fees for having to pay higher insurance costs over time. The best thing that you can do is prevent car accidents as much as possible because of your behavior, and then understand what steps you have to take if someone else is at fault.
Getting injured at work costs you money for several different reasons. First of all, if you get hurt to the point where you can’t work, then you are losing out on the amount of money you would be getting paid for doing your job. Also, there may be costs associated with your recovery process. For example, if you break a bone doing something at work, you’ll have to pay for the hospital bill, and you also lose money during recovery time before getting back to work.
Some people are natural procrastinators. Unfortunately, this often means missed deadlines. And when people depend on you down the chain of financial necessity, these missed deadlines not only create stress in yourself, but everyone behind you, and ultimately that leads to lower productivity and lost income.
Not Paying Attention To Taxes
A final time that is very stressful that can lose you money is if you don’t fill out your tax forms correctly. Particularly if you own a business or are a contractor, tax laws can seem a little vague. If you don’t make sure that you fill out all the information correctly and have all of your necessary information on hand, it can come back to bite you if you end up not paying the right amount to the government.