 The economy has given us a lot to worry about lately. The market is up and down on a daily basis, people are concerned about the amount of retirement savings they've lost and continued to lose, unemployment numbers are reaching all time highs, and thinking about what the future might bring is downright scary for many.
In the current economic climate, it's hard to remain calm and worry free. Complex financial problems and concerns surround us and there is no quick fix or solve-all solution to be had with the snap of our fingers. The fear can paralyze you and when people are afraid, making difficult decisions becomes even more challenging and the ability to think clearly diminishes. Fear is complex, and if not handled properly, can overwhelm people and cause chronic stress. Chronic stress is detrimental to our overall health and well-being, and therefore it's important to get a handle on the stress and anxiety.
Reducing financial stress, or any kind of stress for that matter, comes down to distinguishing between productive worries and unproductive worries, according to associate professor Josh Klapow from the University of Birmingham. Productive worries are situations you have some sort of control over. Worrying about these situations results in you taking action, and that's what makes it "productive". Unproductive worries are things outside of your control, and worrying about them does nothing but cause you undue stress and eventually, illness.
Here are some tips for getting a handle on your financial anxieties:
Do something. Taking action is one sure way to be productive about what worries you. Carpool to save wear and tear and commuting expenses, create and stick to a family budget, use coupons, turn out the lights more. Find ways to reduce your expenses and spend less in order to stretch your income.
Plan for the future. Planning is what enables people to be prepared, and people who are prepared have less anxiety and stress. Polish your resume in case you become unemployed, attend networking events and make new connections with people that could help you in the future or that you could help in the future. Put money aside in a savings account for emergencies and unexpected expenses. See a financial advisor for assistance planning for the future.
Relax and remember to take a break from it all. Tuning out completely from the economic conditions and fluctuations in the market isn't a good idea - but focusing on nothing but bad news is not a good idea either. Remember to participate in stress relieving activities and give yourself necessary breaks from worry. Try yoga, meditation, listening to music, exercise and spending time with friends all good methods of relieving stress.
When the economy is struggling and your personal finances are stressful, keep hope for the future. There are promising times ahead. |
|
