How to Handle the Stress of a Financial Crisis

How to Handle the Stress of a Financial Crisis Stress Management Situational Stress Print Dealing With the Stress of a Financial Crisis By Elizabeth Scott, MS twitter Elizabeth Scott, MS, is a wellness coach specializing in stress management and quality of life, and the author of 8 Keys to Stress Management. Learn about our editorial policy Elizabeth Scott, MS Updated on June 28, 2019 How Stress Impacts Your Health Overview Signs of Burnout Stress and Weight Gain Benefits of Exercise Stress Reduction Tips Self-Care Practices Mindful Living Adam Gault/OJO/Images/Getty Images While money is a relatively common cause of stress and marital tension, a serious global economic downturn can have many people concerned about losing their home or their savingsâ€"or both. If you’re finding yourself stressed about money, the following steps can lead you to a greater sense of peace, and a brighter financial future. Remain Calm When we feel threatened, our fight or flight response â€" the body’s stress response â€" kicks in and makes changes in the body. The heart rate quickens, stress hormones like cortisol are released, and a host of other changes occur that allow the body a quick burst of energy to run away fast or stay and fight â€" strategies that have worked for thousands of years but aren’t always practical now. While that jolt of energy and alertness can inspire you to act, if your body remains in this state for long periods of time it can be damaging to your health. How Stress Affects Your Health That’s why it’s important to have some stress relief strategies that can be used in a variety of situations, to calm your body’s stress response so you can think clearly and stay healthier. Then you can work on solutions. There are a few all purpose stress relief strategies that can work well here. Breathing ExercisesBreathing works well because it can be done anytime and anywhere. People don’t have to know you’re even doing it, but focusing on your breathing can help you calm your body and soothe tense emotions within a few short minutes.PMRProgressive muscle relaxation is another fast-acting stress reliever that I really love to recommend because it’s simple, free and can be done just about anywhere. Again, it can calm your body’s stress response so you don’t remain in a state of chronic stress.JournalingFor those who are really stressed and need to feel that they’re doing something, journaling about stressful emotions can help get them out of your head so you don’t end up ruminating on what stresses you. Be sure to end your journaling session with some brainstorming on solutions, and you’ll get a better sense of control over the situation  and a more positive attitude. While we can’t always control what happens to us, much of how we respond to life’s events depends on how we view what’s happening; how we make sense of it all. If we see a life event as a threat, for example, we may react more negatively and helplessly than if we see it as a challenge. If we blame ourselves and imagine that things will never change, a stressful situation feels more overwhelming than if we remember that we can always find a silver lining with the dark clouds and that this, too, shall pass. Reframing the Situation Here are some specific types of reframing that can be very useful in getting through a financial crisis: If you’re feeling that your financial crisis is a form of personal failure, remind yourself that many, many people are in this situation as well. The situation itself is not a failure on your part, and working through it only demonstrates your strength.If you’re concerned about the impact on your family, remind yourself that families can grow stronger and closer when they weather challenges  together and that this experience (although you may not have willingly chosen it) can make your family stronger, too.If you’re stressed about the uncertainty of the future, remind yourself that these changes also bring opportunity; down the road, you may find yourself in an even better place. Even if you don’t have more money, you may have more happiness. Get the idea? By acknowledging the feelings and thoughts you have, and gently  redirect  your attention to the positive, you can lessen the stress you are experiencing. When you’re not feeling crushed under extreme levels of stress, you may even make choices that better maximize the opportunities that you still face. 4 Steps to Shift Perspective and Change Everything Another way to reframe a situation is to take a break from  it and return later with a more relaxed attitude and a fresh perspective. Many people dont know how to take a break from stressful thoughts, especially when stressing about finances. They tend to  ruminate  and remain stressed. Spending more time doing  fun activities  with family and friends, enjoying  hobbies, or even simply watching comedies on t.v. can get you into a better frame of mind. These activity-oriented reframing techniques, as well as the mental reframing techniques mentioned, could lead to less stress and an upward spiral, rather than a downward one. A financial crisis presents significant change and challenge to be dealt with, but can also be a valuable learning experience, and a stop on the road to more stable financial times and a healthier long-term attitude toward money. (For example, a financial crisis can inspire more frugal habits, better long-term planning, and an attitude of gratitude for material possessions and other important things in life.) And even serious financial problems, like foreclosures and bankruptcies, can be overcome. That’s why it’s not only important to make a plan to get through these tough times, but it’s important to have a positive attitude toward the future. If you keep your eye on the possibilities of the future and bear in mind that much better times can be created ahead, dealing with financial challenges of today can be less stressful. When creating a plan, you should look at all the possibilities you have open (even if it may not seem like there are many), and talk to as many wise people as you can, in order to be sure there are no avenues you’re overlooking. You may want to speak with a financial advisor or credit counselor, for example, and get a clear idea of where you are right now and where you’re going. Your plan may span several years, but it’s important to have an idea of how you’re going to handle this crisis. Not only will it be easier to know what to do, but having a plan can put your mind at ease so you’re not thinking about finances and what to do all the time. In addition to making a plan and maintaining a  positive attitude, it’s important to keep your positive vision for the future in mind. Your long-term goals may include a stable financial situation for yourself and your family and a life that includes joyful activities and close relationships. Your short-term goals may simply include getting through the next month â€" or week â€" in a relatively peaceful state. Both long-term and short-term goals are important. You can create a vivid mental image of what you hope to find in the future, and revisit it often, or you may want to  create a vision board  for yourself to flesh out what you’d like to see in the future. Keep your eyes on your goal, and don’t look down. How to Ask for Help If you feel that the stress of your financial situation is too much for you to handle, it’s important to ask for help. Often people are afraid or ashamed to ask for help from others, but asking for help is sometimes the wise and necessary thing to do. Help can take many forms: Friends and FamilyThe people who love you don’t want to see you suffer alone. If you need a wise ear or a shoulder to cry on, friends and family are usually very good at offering the type of comfort and support. In fact, that’s what they’re there for.Financial AdvisorsIn financial crises, sometimes the type of professional help you need can come in the form of someone who understands money crises better than the rest of us. Often, getting a plan put together with the help of a professional can take much of the stress away â€" you may feel more in control, less alone, and more optimistic about your situation.Mental Health ProfessionalsDon’t underestimate the importance of the other type of professional help when you’re experiencing a crisis. Sometimes the stress of a financial crisis can be more than one person can â€" or should â€" handle alone. If the  stress relief techniques  mentioned in this article seem to be not nearly enough help for the  type of stress  you’re fa cing, it may be time to talk to your doctor. If you’re feeling an overwhelming sense of hopelessness, a lasting loss of interest in activities you usually enjoy, or a general feeling that you probably do need more help, for example, a professional can offer more in-depth options that can help you through these difficult times. 4 Simple Ways to Relieve Money Stress