Prioritise your spending to avoid debt stress

Many Aussies are wallowing in debt and this could have a negative impact on their physical health and mental wellbeing.

The cost of living down under appears to be rising all the time and plenty of people have seen their bank accounts take a major hit in recent years.

Occupational psychologist and author of Taming the Pound: Making Money Your Servant, Not Your Master Kim Stephenson believes that being in arrears can have serious consequences.

"We can end up with a whole range of niggling things and become more susceptible to serious illness because our immune system isn't working properly," he remarked.

With money being so tight, Mr Stephenson suggested that Aussies cannot afford to have materialistic attitudes anymore.

He said that the desire to always want more can make Aussies really unhappy and people can easily become slaves to money.

The expert advised households to adjust their spending habits so they are only buying essential items.

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