Introduction
In the face of economic turbulence such as recessions, inflations, or other financial downturns, individuals with loans, mortgages, and other financial commitments may find themselves under significant mental and emotional stress. These economic difficulties can lead to feelings of anxiety, depression, and hopelessness (Kawachi et al., 2011). Here are some expanded strategies for mental coping during such trying times.
1. Understanding the Situation Without Obsession
Knowledge is empowering, but too much information can become overwhelming. Regularly consuming sensationalized news about the economy can create or exacerbate anxiety. Limiting exposure and focusing on actionable, accurate information can help in finding balance (Garfin et al., 2020).
2.Budgeting and Planning
Implementing a clear budget and identifying areas for potential savings can offer a sense of control during uncertain times. Financial planning can also reduce anxiety and promote a feeling of empowerment (Klontz et al., 2015).
3. Mindfulness, Meditation, and Self-Care
Mindfulness and meditation can be effective strategies for reducing stress during economic uncertainty (Chiesa & Serretti, 2009). Establishing a daily routine that includes time for relaxation, hobbies, or exercise can contribute to overall well-being. Emotional self-care is essential and should be prioritised.
4.Building Community and Support Networks
Sharing feelings and thoughts with friends, family, or support groups can reduce feelings of isolation. Community engagement and volunteer opportunities can provide a sense of purpose and connection (Cohen & Wills, 1985).
5.Avoiding rush decisions and Reflecting on Choices
Emotional decision-making, especially concerning finances, can lead to regrettable choices. Taking time to reflect and seeking professional opinions, if needed, can help in making more thoughtful decisions.(Loewenstein et al., 2001).
6. Understanding Individual Reactions to Stress
People react differently to stress, and some may experience numbness or disconnection. Understanding personal triggers and responses can facilitate better coping strategies and self-awareness (Siegel, 2010).
7. Long-term Perspective and Goal Setting
Setting realistic and achievable long-term goals can provide a sense of direction and motivation. This perspective helps in seeing beyond the immediate crisis and focusing on future opportunities (Zimmerman & Schunk, 2011).
8.Understanding and Acceptance
Accepting that there are economic issues beyond personal control can alleviate feelings of responsibility or guilt. Recognizing what can be controlled versus what cannot helps in focusing energy productively (American Psychological Association, 2020).
9.Engage in Healthy Lifestyle Choices
Eating well, sleeping adequately, and regular exercise contribute to overall mental well-being. These practices form a foundation for coping with additional stressors like financial insecurity (World Health Organization, 2018).
10.Focus on Personal Growth and Development
Utilizing downtime for self-improvement, learning new skills, or engaging in hobbies can provide a sense of purpose and diversion from financial worries (Seligman, 2002).
11.Use Journaling as a Tool
Writing about emotions and experiences can be a therapeutic way to process feelings. Reflective writing has been linked to mental health benefits (Pennebaker & Beall, 1986).
Conclusion
Economically challenging times can profoundly affect mental and emotional well-being. By implementing a multi-faceted approach to coping, involving practical financial management, self-care, professional support, and community engagement, individuals can navigate these turbulent times more effectively and resiliently.
References
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- Klontz, B., Kahler, R., & Klontz, T. (2015). Facilitating financial health: Tools for financial planners, coaches, and therapists. University of Kentucky.
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