Stress and the Economy

Money and the economy topped the list of stressors for at least 80% of those recently surveyed by the American Psychological Association. Finances now overshadow the more typical daily stressors of work and relationships, with 46% reporting being worried about providing for their family's basic needs.

Some stress is adaptive and motivating. Too much is not. Yet the fundamentals still apply - stress management is stress management. So review these strategies to help reduce your anxiety about the economy and your personal finances.

• Breathe. When feeling stressed or anxious take several slow, deep breaths and as you exhale silently say “calm” to yourself. It’s not as easy as it sounds because when we’re stressed our breathing is quicker and shallower, and we breathe from the chest instead of the belly. Strive to breathe deeply but naturally from the stomach.

• Be aware of your stressors and your reactions to them. Reactions can be emotional or physical. When you realize what your stressors are you can begin to do something about them. For example, if you worry about financial losses or even losing your home remind yourself that while your lifestyle may have to change, however temporarily, you’ve gotten through difficult times before. And what are you telling yourself about the meaning of events? What we think about events has a profound effect on how we feel about them. You can change the “tape” in your head and move away from perfectionism, self-criticism and doom.

• Exercise and eat a healthy diet. Because of television and magazines you know all about this so I won’t elaborate.

• Experience gratitude. Think of the positive things in your life. Spend 30 seconds thinking of how lucky you are to alive or grateful to be loved or in good health or doing what you love or how awesome nature’s beauty is or that you have a job. There can even be gratitude for the opportunities that develop from our problems.

• Slow down. Try not to multi-task, it requires more mind-body energy. Doing things more slowly and deliberately helps calm the body down. So when feeling stressed do a common activity slowly, carefully and attentively.

• Recognize what you can change. Don’t spread yourself too thin. If you’re feeling resentful about helping others or that volunteer committee, maybe you’re overloaded. Put off taking that class, withdraw from that committee. Some things need to be done, just not today. Learn to say “No.” It’s not selfish to be nice to yourself, especially when health is involved. Financially, cut back on “luxuries” such cable television or change your cell phone plan.

• Let it go. You also have the power to decide to not get stressed if there is a circumstance you can’t change – it is what it is.

Even within this economic crisis there is optimism. While financial advisors and experts have had to talk friends and clients out of cashing in their investments because of the market nosedive they, and now Barack Obama, have also noted the opportunity for bargains. Remember, you still have to attend to your IRA and 401k plans.

Recognize that things may be bad for now, have confidence in your ability to deal with a setback, seek help from reliable people (a financial advisor, for example) and make plans for handling the situation. Even doing nothing and riding out the stock market until it rises, and it will, is a valid choice you have made.

John Holt
Cornerstone Psychological Services
3-4-2009
April 2009 GCS Insider