Managing Stress About Money and the Economy |
According to data from the American Psychological Association (APA), when asked about the recent financial crisis, almost half of Americans say that they are increasingly stressed about their ability to provide for their family’s basic needs. Eighty-two percent say that the economy is a significant cause of stress.
How can you protect yourself from the health consequences of financial stress? Below are tips from the APA for managing stress during tough economic times:
Be mindful of your stress level and symptoms. Don’t ignore the physical and emotional symptoms of too much stress, which may include the following: irritability, problems sleeping, changes in appetite, headaches, stomach aches, intestinal problems, nervousness, excessive worry, or feeling sad and depressed.
Pay attention, but don’t panic. There has been a constant stream of negative stories in newspapers and on television about the state of the economy. Pay attention to what’s happening – particularly as it directly relates to you – but refrain from getting caught up in doom-and-gloom hype, which can lead to higher levels of anxiety and bad decision making.
Identify your financial stressors and make a plan. Take stock of your particular financial situation and what causes you stress. Write down specific ways you and your family can reduce expenses or manage your finances more efficiently. Then commit to a specific plan and review it regularly.
Recognize how you deal with stress related to money. Determine if you are using unhealthy behaviors (such as smoking, drinking alcohol, gambling or over/under eating) to cope with financial stress. Be alert to these behaviors – if they are causing you trouble, consider seeking professional help before the problem gets worse.
Find healthy ways to manage stress. Consider healthy, stress-reducing activities such as exercise, yoga, meditation or talking things out with friends, family or trusted advisors.
