Dealing With Stress During the Current Economic Crisis

The recent economic meltdown in the US economy is placing tremendous stress on everyone from CEOs to taxi drivers. Dealing with loss of jobs, cost of living, and a dismal economic future, at least in the short term, promise to challenge the most stalwart member of American society. How to deal with this additional stress placed upon everyone from top to bottom will be key to survival in the current crisis. What key concepts need to be remembered in dealing with the stresses of life?

First, realize that most things in life, including economics, are cyclical. We have spring and summer when things go well, and we have fall and winter when things do not go so well. In the good times it is extremely hard to remember that the upturn rarely lasts. During those times we should really put away money for the down turn, but rarely does that happen. One of the great stress producers of this economic crisis will be the level of debt held by most American families. Currently, most families have, on average, $8,100.00 in credit card debt alone. This debt is high interest and difficult to reduce. In addition, many families will use credit cards to survive the immediate cash crisis. Credit card debt should always be the first debt retired because of the interest rate. In times of good economy the main goal should be debt reduction and savings. Remember the down cycle is coming. Be prepared!

Another great way to handle stress is to compartmentalize your life. Don’t allow stress in one area to bleed into other areas. Work stress is just so easy to bring home with you and make home life unbearable. Leave work at work and let home be a haven to relax and enjoy your family. Granted, that is harder to do when so many are faced with lay-off and jobs are threatened almost every day. Be sure to communicate with your mate and kids about the realities of what is happening with you. They need to understand their role in helping the family make ends meet. Internalizing the stress does not help you as a parent and keeping your family in the dark prevents them from helping with savings and meeting family budget goals. Sit down as a family and set up a new budget, reflecting new realities. Make saving a family project. Not only will their involvement help financially, their moral support will relieve some of the stress on mom and dad.

An aside to the idea of creating a haven to deal with stress is that you need a place to withdraw to regroup spiritually and mentally. It can even be the car. Find a place where you can take a walk, listen to music, relax, and just be alone with yourself. The old adage here is so true: Come apart and rest or you will come apart!” Creating a haven will pay huge dividends in dealing with stress.
Developing hobbies that you enjoy will give you an excellent outlet for dealing with life’s problems. It does not need to be expensive to work. Take a walk, jog, read, sit by a stream or lake, go fishing, and meet a friend for coffee. Something does not need to be expensive to be effective.

Finally, developing an attitude of gratitude will definitely change your perspective on problems. Being thankful for the things you have is a lost art. We are a society blessed with so much not enjoyed by the rest of the world. The reality of the present crisis is it was caused by greed. Greed is the over powering drive to get more without regard or appreciation for what you already have. Often an economic downturn can help us meditate on what is really important. Always ask yourself—where will all this stuff I value be in a hundred years? The reality is that if it is still around someone else will own it. So focus on what is truly important.

Stress has negative consequences on health, outlook, and self esteem. It is vital that stress is handled short term and not allowed to build and grow. We see the danger of not dealing with stress on a daily basis in the media. Meltdown has high consequences. Develop a plan for dealing with your stress and it will certainly help with current situations.

By Dr M Smith