Stress occurs when life events surpass our abilities to cope. It causes the body to produce greater levels of the stress hormone cortisol, which in large amounts weakens the immune system, placing us at greater risk of contracting viruses. In addition, stress may cause changes in appetite (i.e., decreased food intake or cravings for fatty or sugary foods) and decreased sleep, which further compromise the immune system. Have I convinced you of the importance of managing your stress yet?!
If you’re like me, apart from your health and the health of your loved ones, the biggest thing on your mind right now is your financial stability. Here are some tips for managing stress related to finances during this difficult time.
The key is to balance being proactive in changing the situation and calming the thoughts that are contributing to your stress.
Problem-focused approach
Let’s start by taking a problem-focused approach that centers around the problem and entails physically doing something to change it. Being proactive in changing your situation will give you a sense of control, empowerment, and accomplishment. Keep in mind that I am not a financial advisor and that the main point is to be proactive in changing the situation.
- Research state and federal benefits that are or may soon be available to you (Benefits.gov, DOL.gov, SBA.gov, USA.gov).
- Do things that will benefit you or your business now and/or when circumstances are resolved — establish a social media presence, create a marketing plan, update your resume, build a financial spreadsheet or a business plan.
- Improve the management of your current bills. Contact each company and inquire about options (grace periods, skipping a month, smaller payments).
- Negotiate with creditors. Learn what your options are by picking up the phone or chatting online.
- Cancel unneeded memberships, and cut down on takeout or delivery foods.
Emotion-focused approach
Once you’re done being proactive to change the situation, it’s time to put it out of your mind for a moment until you’re ready to pick it up again. An “emotion-focused” approach centers around the emotion and often requires you to change your thinking.
Accept what you can’t control
Develop your own acceptance statement (e.g., “what doesn’t kill you makes you stronger,” “what will be, will be,” “everything happens for a reason,” “this too shall pass”). Acceptance doesn’t mean that I agree with the situation or give up. It simply means that I am acknowledging reality, because fighting reality only intensifies our emotional reaction. Pain is physical, but suffering is mental.
Reframe
It’s not about what happened — it’s about how I choose to frame it. Challenge yourself to highlight positive sides, avoid seeing only the negative, view the situation as a challenge, consider obstacles as opportunities, and create a narrative that describes your struggle AND your triumph.
Meditate
The benefits of meditation are many and well-supported by research — from changes in grey matter volume to enhanced connectivity between brain regions. Meditation helps relieve stress, anxiety, and depression, and improves attention, concentration, and overall psychological well-being. There are many types of meditation to suit everyone, as well as free apps, YouTube videos, and online resources.
If you feel that financial stress is becoming too much for you to handle alone, please seek help. Mental health professionals can help you get through periods of stress, anxiety, or depression.
