Handling the Emotional Stress of a Bad Economy

With Each Financial Downturns Comes Anxiety and Uncertainty

Oct 22, 2008

There is no doubt that the economic downturn has affected more than retirement funds, investments and house prices. People are pulling in their belts and worrying.

The emotional response to the poor economy can wreak havoc on a person’s health and general well being. As tough as it sounds, in addition to making financial changes to accommodate the current economy, people should also be aware of and make emotional changes.

Economic Factors Out of One’s Control

Sometimes its best to get an understanding of the things one cannot control. For example, one individual cannot control the price of gas, nor single-handedly turn the housing market around. Unfortunately, there is not much consumers can do to reduce the price of food.

It’s not necessary to take a pen and paper to write down all of the things consumers cannot control, but making a mental note is a first step to emotional well being. In any given situation, one should ask the question, “Can I control the factors in this situation?” If the answer is yes, then make the necessary changes for an improved outcome, if not, it’s time to come up with a new strategy.

Modifiable Economic Behaviors

After determining factors beyond one’s control, the next step is to look at the factors one can control. While consumers cannot control the price of gas, they can modify their driving habits or trade in gas guzzling cars for more economical models that consume less gas.

A home seller may not be able to sell a house as a result of the market, but maybe the seller can rent the house out to help recoup some of the operating expenses while the owner finds less expensive living quarters. Similarly, consumers cannot control the rising food prices, so maybe it's time to cook meals from scratch rather than purchase the higher priced nutritionally suspect processed foods.

Differentiating Controllable and Uncontrollable Economic Factors

People tend to become sick with stress and fear when they confuse the factors they can control and those they cannot. Knowing the difference is key to figuring out how to handle a given situation. One cannot control a tight credit market, but can control how much money is put aside in a savings account for an emergency. Oil prices are out of consumer control, but weatherproofing a house is not.

Economically Change the Changeable and Prepare for or Accept the Unchangeable

Complaining is easy, making a change isn’t. Sometimes it means getting more involved in community or local politics while other times it’s about buying in bulk and sharing with a neighbor.

Bottom line, if one can change a situation, then do so, if not, learn to accept it. It does wonders for a person’s blood pressure and emotional well being.

God grant me the serenity to accept the things I cannot change; courage to change the things I can; and wisdom to know the difference.

The copyright of the article Handling the Emotional Stress of a Bad Economy in Mind/Body Fitness is owned by Felicia A. Williams. Permission to republish Handling the Emotional Stress of a Bad Economy in print or online must be granted by the author in writing.