Dealing with Financial Stress

Worrying about money is directly linked to physical and emotional illness. While you cannot immediately rectify your financial problems, you can take immediate steps to deal with the stress of your financial problems. Dr. Nancy Molitor, PhD. Of the American Psychological Association (APA) offers these tips to help deal with money-related stress.

• Pause but do not panic. There are many negative stories in newspapers and on television about the state of the economy. Pay attention to what is 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.

If you do suffer from an economic crisis, you will need to make changes in your life. Discuss these changes with your family. Be forthright, but reassuring, about the reason for these changes. Many families find that that the things they give up weren't that important in the long run. Dinners around the kitchen table, followed by family movie nights at home create longer lasting memories than trips to the mall.