There’s little doubt that the economy is changing, and it’s not for the better in most cases. Stocks are plummeting and real estate isn’t faring much better. With economic woes comes stress, too.
How is someone to deal with the pressure of an economic downturn? What’s the best method of coping with stress in this situation?
S.T.O.P., but don’t panic.
Step back.
Don’t get caught up in the doom-and-gloom hype around the economy. Relax for a moment and pay attention to what is happening around you.
Think.
The most intuitive reaction is to look for problems. We go into survival mode, because this is what we have conditioned our mind to do. The problem is that we get stuck into this negative state of mind which leads to high levels of anxiety, stress and bad decisions. Dealing with change more effectively requires us to think.
Options.
In slow economic times, there are still options available to you. For example, you could try laying aside a few dollars every week as an emergency fund. You’ll feel a lot less stress if you knew that you had some money laid aside for an unforeseen event.
Plan Ahead.
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.
The point is that by planning ahead, and taking control of your own financial wellbeing, you can greatly reduce the amount of stress you’re under. Dealing with problems before they arise is much better than dealing with them when they do.
Rely on Your Personal Support Network
When doubt and anxiety peak, rely on the people who constitute your personal support group, people who care about you and your wellbeing. When life starts to get you down, open up to them and bounce some of your feelings off them. They may provide you with valuable advice, or at the very least, be able to listen.
If you continue to be overwhelmed by the stress, seek professional help, like counseling or a personal life stress coach who can help you with effective coping strategies to reduce and manage the stress in your life.
The economy may be a source of stress to many, but remember, times change. The economy may be seeing some tough times now, but tomorrow is a new day. This too will pass.
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