5 Tips for Dealing with Anxiety Brought on by the Economy

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Wed, Dec 10 - 8:26 pm EDT | 6 years ago by
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Every now and again, thinking about the economy can bring feelings of anxiety. Indeed, instances of mental health issues are increasing, due to concern over the economy. Stress regarding the economy is high for many people, and it can be difficult to manage this stress effectively. I am even subject to these worries sometimes — and I worry that in commenting on some of the news (especially with regard national deficit and economic stimulus spending) I contribute a bit to the problem.

In my local area, there is a clinical psychologist, Matt Woolley, who makes an “appearance” on a morning radio show. His last show mentioned some tips for dealing with anxiety brought on by the economy. Here are 5 of my favorite tips for easing mental health issues related to the economy:

  1. Pay attention to your own economic experience. Don’t get caught up in the news, or in sensational headlines. Take stock of your personal finance situation. Chances are that it is better than the news shows would have you believe. So, don’t watch the news all the time, and take what you do watch with a grain of salt. Do what you can to prepare for the future and shore up your personal finance situation.
  2. Give of yourself. Spend time volunteering and helping others. Keeping busy by getting out of yourself can help you feel better.
  3. Spend more time with family and friends. Instead of spending money, spend time. Family activities and spending time with friends can help you feel better, and it does not have to be expensive. Your relationships are more important that material things.
  4. Talk to a professional. Often, getting help creating a plan can give you confidence about where you are headed financially. A financial planner or credit counselor can help you create a plan to reduce your debt, get your spending under control or reallocate your assets so that you feel more comfortable with where they are at.
  5. Make an effort to take care of yourself physically. Some reactions to anxiety and stress can include emotional eating (my problem), lack of motivation, return to addictions (smoking, heavy drinking, etc.) and even over spending (“shopping therapy”). Try to exercise each day, and follow reasonably healthy habits. This will help you keep your body in shape as you work through your economy related issues.

Can you think of anything that would help with anxiety brought on by the economy?

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  • http://letsblogmoney.com Eric J. Nisall

    I cannot say how much tip number 4 can help. There are so many people who just do not have the background or experience to deal with their finances, and having someone on the outside who is completely objective can certainly help. It is important to do research before choosing who to talk to, however, as there are always professionals who are only interested in collecting fees as opposed to truly helping and educating others. I speak from experience because I have had many people, not only clients, who have had a difficult time finding a professional who will really listen rather than jumping into an action plan blindly. Finding someone who will take the time to fully understand all of the circumstances that lead to a person’s current situation is key since without understanding these events, no professional can ever make a fully informed and individualized plan of action.

  • miranda

    I agree that there are some professionals that will not take the time. However, it is possible to find some good fee-based (don’t go to someone who works on commissions) professionals who can help you get organized and get started. Sometimes you just need that outside nudge — someone who can help make the whole thing seem doable.

  • http://letsblogmoney.com Eric J. Nisall

    I couldn’t agree more, Miranda. That is exactly the way I operate my own business. I only use a fee structure based on either an hourly rate or a per-project basis, dependent on the type of engagement and the client’s preference. I’ve even had consultations and plain conversations with people that called based on my website or blog posts without ever charging a penny. Personally, I believe that people and building relationships based on trust are more important than charging for any little thing I can so I understand exactly what you are saying.

  • miranda

    We need more like you in this world!

  • http://www.wideopenwallet.com Ashley @ Wide Open Wallet

    I was watching some expert on TV and she was talking about the importance of exercise. She was saying that our genetics program us to have a burst of adrenalin when we feel threaten. Which totally makes sense. But she was saying that that is designed to make us fight. For example, if an animal attacks you, you feel threatened, you get adrenalin and fight them off.

    But when you are watching the stock market drop, you still feel threatened. You are watching everything you worked hard for go down the drain. You still that boost of adrenalin but there isn’t anything to fight. You can’t fight the stock market, or the politicians, or the news. That makes you feel anxious, panicked. You have a biological need to DO SOMETHING!

    Working out gives you something to do with all that adrenalin. It moves it through your system and you will feel calmer.

    Just wanted to pass that on. It really made the whole exercise thing click for me when I heard that.

  • miranda

    Thanks for the tip, Ashley! That makes sense. And exercise is one of those things that has multiple benefits: emotional as well as physical.

  • http://letsblogmoney.com Eric J. Nisall

    Glad you think so, Miranda. It’s particularly difficult due to the stigma attached to the concept of “financial advisor”. I’ve read some pretty harsh views on the subject, but I keep trying to use both my blog and company website to be as transparent, upfront, and informative as possible in the hopes that people will take advantage of these types of services to prevent getting into trouble financially.

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  • http://www.flipsem.com Flipsem

    How you interpret your world is critical to your success both in personal life and in business. If you find yourself focusing on is what is going wrong in your world, you will find yourself looking subconsciously for more proof of doom-and-gloom. In today climate, that dark cloud is never far away.

    This in turn will help you to feel worse and before you know it, you will spiral out of control. The advice in this post by Matt Woolley is spot-on as it is designed to refocus your mind to the positives of your world and this can only result in you feeling good.

    No matter what is happening in the world you have the ability to find ways to change what you are doing. Not only will this result in a happier you, but will also free your thoughts from worry to discover how you can survive and prosper.

    The answers are there, you just need the right mindset to discover them.

  • miranda

    I agree that perception is a big part of how you feel, and how you cope with trouble. And, right now, there is enough negative news to really get someone down. I agree that it is important to try to find the silver lining and look for ways to positively change what you are doing.

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