Here’s how having a sound savings plan can help manage workplace stress

Gone are the days when a 9 am - 5 pm job was the norm. Today’s business landscape requires the workf

Gone are the days when a 9 am - 5 pm job was the norm. Today’s business landscape requires the workforce to constantly be on their feet, in order to achieve their targets and deliver outcomes. While growth prospects for employees may have upped over the last few decades, so have the stressors. According to a recent study by Deloitte India, there has been a rise in mental health concerns in the workplace, and workplace stress contributes to 80% of these issues.

This is an alarming revelation, which makes us ponder at how we can tackle the elephant in the room. Not only does workplace stress impact mental health, it also gives rise to physical ailments. According to research by the Center for Disease Control and Prevention (CDC), frequent incidents of workplace stress can trigger mood and sleep disturbances, upset stomach, headaches, and even cause rifts in close relationships. 

Being burdened with work day in and day out, without having any time for yourself is not the best situation. There’s no denying that responsibilities increase as you move up the corporate ladder, but it’s also not fair for an organization to have unrealistic expectations, forcing you to crumble under all that pressure. 

So, what is the best way to deal with the situation? Of course, the first step is to reach out to your manager to speak about your concerns. If you have an empathetic boss, he/she may understand the situation and ease your issues. You could also practice some strategies for self-care, including mindfulness to keep your calm. But if everything else fails, there’s no option but to quit your job. For some, this may not even feature in the scheme of things because of lack of financial security.

What really is the solution?

As mentioned above, there are many who continue to hold on to a toxic workplace in the absence of a sound financial plan. That’s exactly why you must start building an emergency fund, much before you decide to resign. You can get in touch with a financial advisor to help you build a roadmap. This way, in case you ever feel the need to leave a job, at least you know your finances won’t be a cause for concern.

Plus, you will also be more disciplined from the very start and have a budget in place. Sometimes, due to the lack of any savings plan or investment, we tend to splurge all our income, which later causes trouble in times of emergencies. But with financial planning, you are building a corpus over a period of time that will prevent you from compromising on your lifestyle, even if you don’t have a steady income flowing in later on.