Sunday, August 14, 2011

Finding Yourself High and Dry? Navigating Stress During a Financial Crisis

The financial crisis is back on everybody’s mind as we have been watching the news.  Money worry is familiar to most of us.  And it doesn’t help to see this issue illuminated from all angles on our news networks.  No matter what your employment status or how far away you are from retirement.

People deal with financial stress in different ways.  Some take the “head in the sand” (aka ostrich) approach by avoiding thinking or talking about the topic.  This can often backfire – the more we suppress certain thoughts, the more likely they are to pop back up in sneaky ways in our minds (research backs this up).  This approach can also leave us in the dark when we may need to make important decisions. 

Other people become obsessed with the topic and find themselves glued to the TV screen, analyzing each minute detail.  This too can be unhealthy, as it takes away important mental resources from our daily lives and may not help us solve the problem. 

In this, as with many other issues, balance is key when we try to cope.   Here are some things to keep in mind:

Be News Savvy.  While it’s important to stay in the know, don’t get caught up in the media hype prophesizing doom and gloom.  Try to limit your news intake to a certain amount of time per day - for example 15-20 minutes from a trusted news source.  Avoid these news first thing in the morning or right before bedtime.

Take Inventory.  It is important to assess what in life we are in control of, as opposed to what we are not.  All too often we grip onto and waste our energy on things that will run their course.  If you are immediately affected and/or have lost your job, create a written outline on how you and your family can manage expenses and finances differently and more efficiently.  Reaching out to credit counseling services and financial planners can help alleviate anxiety.  Talk to your bank, utility companies, and credit card companies about payment options.  Research options for continuing education to make yourself more marketable.

Notice How You Deal With Stress.  Stress can be sneaky – before we know it, we can turn to food, inactivity, smoking, alcohol, or other substances to somehow manage it.   We may withdraw from family and friends and lose sight of what’s important.

Identify Healthy Choices.  Take a walk with a loved one, try a new recipe at home, call a friend.  Be proactive while taking care of yourself.  Reach out for support.  Make sure to eat right and make some room for exercise and socializing – again, things you can control. 

Be Patient.  Uncertain times leave us with more questions than answers.  It takes courage and tenacity to weather these types of storms.  Having question marks in our lives can help us reflect on what’s important.  And this can leave us richer in the long run.

If you continue to be overwhelmed by the stress, it can be useful to seek professional support.  A career counselor can help you create a concrete vision and goals if you are in a job transition.  A psychologist can help you address the emotions and meanings behind your worries and teach new skills to manage stress.  I am a Houston psychologist – to learn more about my services, visit