5 Ways to Cope with Economic Anxiety

Fear and anxiety are natural responses to challenging times. When the economy takes a downturn, it can lead to widespread fear and stress. This phenomenon is commonly referred to as economic anxiety, and it is experienced by people in various locations and income brackets. Economic anxiety is typically triggered by a sudden or unexpected event that causes an individual to feel insecure about their future. Moreover, it can also be triggered when there is prolonged uncertainty about the economy or one’s financial situation; this sense of unease may be caused by external factors such as media coverage or personal experiences. For example you may have read about how millennials are earning 20% less than baby boomers did at the same age. That’s enough to make anyone anxious!  Also consider this – According to the American Psychological Association, 72% of American adults experience money-related stress, whether it’s worrying about paying rent or being weighed down by debt. Money is a frequent source of anxiety. 

Below are five coping strategies for those who are experiencing economic anxiety.

1. Keep Learning About The Economy

When someone experiences economic anxiety, it can be easy to blame the economy for one’s financial situation. However, this is not often the case; people make their own financial decisions, regardless of the state of the economy. Therefore, it is essential to keep learning about the economy and how your financial situation fits into the larger picture. Doing so will help you to better understand why you may be experiencing anxiety and what you can do about it. Learning about the economy can be difficult, as it is a complex subject. However, there are many sources of information available to help you better understand it. You can learn about economic indicators, how various industries are doing, and how the government is responding to economic trends. Doing so will help you feel like you have a better grasp of your financial situation and can better cope with economic anxiety.

2. Exercise

Exercising is not only good for the body, but also the mind. It can provide a great outlet for stress and negative emotions, while also improving your overall mental health. When you are feeling stressed, anxiety-ridden, or worried, exercise can be a great way to reduce these feelings. Exercising is also beneficial for your financial situation. It can help you stay in shape, which can be helpful for obtaining and maintaining employment. Additionally, exercise can lower your overall healthcare costs, as it is a proven mental health treatment. When exercising, it is important to choose a form that is right for you. You can choose from many different types of exercise, including outdoor activities and indoor exercises. Here are some tips for exercising when experiencing economic anxiety. –

  • Choose a type of exercise you enjoy, such as walking or swimming.
  • Schedule your exercise, so that you make time for it.
  • Find an exercise buddy who can help you stay motivated and focused.
  • Always pay attention to your body; if something hurts, stop and rest.
  • Stay hydrated when exercising, as it can help you avoid injuries. 
  • Use a guided meditation app to help you relax and stay focused during your workout.

anxious money

3. Develop A Financial Plan

When experiencing economic anxiety, it can be tempting to dwell on your financial situation. However, it is often helpful to take a step back and look at the big picture. One way to do this is by developing a financial plan. The process of developing a financial plan can help you feel more in control of your financial situation and better equipped to cope with economic anxiety. It can also be helpful to share your plan with others, such as a friend or financial advisor, so that you can get a second opinion and see how others view your plan. When developing a financial plan, you can start with what you have now. You can create a budget and identify areas where you can cut back spending. You can also make a list of your financial goals and how you intend to achieve them.

4. Seek Help

If you are experiencing severe economic anxiety, it may be helpful to seek professional help. There are many resources available for those who are struggling with financial anxiety. There are mental health professionals who specialize in treating anxiety disorders, including the ones that often come with economic anxiety. Additionally, there are organizations that provide financial assistance to those who are struggling financially. Finally, social media platforms like Reddit offer support groups for those experiencing mental health issues, including economic anxiety. Participating in these groups can be helpful for getting advice, sharing your experience, and receiving emotional support.

5. Cultivate Self-Care Behaviors

We often focus on taking care of others in difficult times, such as keeping up with work and school commitments, and providing assistance to loved ones. This can be helpful, but it can also lead to ignoring your own needs. Therefore, it is important to make time to take care of your own needs. You can start by creating a list of your needs and how to meet them. For example, you may need to take more time to relax, reduce your work hours, or find affordable housing. Then, make a plan for how you will meet these needs. Finally, it is important to remember that economic anxiety is a temporary situation. Although it can be scary, especially if you do not know what will happen next, it will likely pass. This can be helpful to keep in mind when you are facing financial struggles and feeling anxious as a result.

Help in the Denver Area

Economic anxiety can be a difficult experience. However, there are many ways to cope with it and make the most of your situation. Some of these strategies include keeping up with current events, exercising, developing a financial plan, and cultivating self-care behaviors. Remember that economic anxiety is temporary, and there are ways to overcome it.

We’re here to help.  We invite you to call us at 720-551-4553 for a free 20-minute phone consultation with an anxiety specialist. You can schedule your appointment via phone, and read more on the Anxiety Page on our website.

Self Care Impact Counseling envisions a new age of counseling for adolescents, adults, couples & groups that makes a REAL difference with core values of GROWTH | BALANCE | COMPASSION | INNER HARMONY.