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Managing Your Stress in
Tough Economic Times
As talk of falling housing prices, rising consumer debt
and declining retail sales bring up worries about the nation's economic
health, more Americans feel additional stress and anxiety about their
financial future.
Money is often on the minds of most Americans. In fact,
money and work are two of the top sources of stress for almost 75
percent of Americans, according to the American Psychological
Association's 2007 Stress in America survey. Add to the mix headlines
declaring a looming economic recession, and many begin to fear how they
can handle any further financial crunch.
But, like most of our everyday stress, this extra
tension can be managed. Psychologists first recommend taking pause and
not panicking. While there are some unknown effects in every economic
downturn, our nation has experienced recessions before. There are also
healthy strategies available for managing stress during tough economic
times.
The American Psychological Association offers these tips
to help deal with your stress about money and the economy:
·
Pause but don't panic. There
are many negative stories in newspapers and on television about the
state of the economy. Pay attention to what's happening around you, but
refrain from getting caught up in doom-and-gloom hype, which can lead
to high levels of anxiety and bad decision making. Avoid the tendency
to overreact or to become passive. Remain calm and stay focused.
·
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.
Although this can be anxiety-provoking in the short term, putting
things down on paper and committing to a plan can reduce stress. If you
are having trouble paying bills or staying on top of debt, reach out
for help by calling your bank, utilities or credit card company.
·
Recognize how you deal with
stress related to money. In tough economic times some people are more
likely to relieve stress by turning to unhealthy activities like
smoking, drinking, gambling or emotional eating. The strain can also
lead to more conflict and arguments between partners. Be alert to these
behaviors-if they are causing you trouble, consider seeking help from a
psychologist or community mental health clinic before the problem gets
worse.
·
Turn these challenging times
into opportunities for real growth and change. Times like this, while
difficult, can offer opportunities to take stock of your current
situation and make needed changes. Think of ways that these economic
challenges can motivate you to find healthier ways to deal with stress.
Try taking a walk-it's an inexpensive way to get good exercise.
Having dinner at home with your family may not only save you money, but
help bring you closer together. Consider learning a new skill. Take a
course through your employer or look into low-cost resources in your
community that can lead to a better job. The key is to use this time to
think outside the box and try new ways of managing your life.
·
Ask for professional support.
Credit counseling services and financial planners are available to help
you take control over your money situation. If you continue to be
overwhelmed by the stress, you may want to talk with a psychologist who
can help you address the emotions behind your financial worries, manage
stress, and change unhealthy behaviors.
©
2008 American Psychological Association
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