There’s never an easy time for a financial crisis. The months since the pandemic, however, have taken things to a new level. As the world struggles with a global health crisis, political division, and social unrest, the economy has been teetering. You may have lost your job, business, or home.
Studies find that 23 percent of adults are enduring financial stress. For millennials, that number is 36 percent. The level of such upset and anxiety is enough to see them diagnosed with post-traumatic stress disorder (PTSD). Clearly, we need some mitigation tactics for this epidemic.
Financial Upset and Anxiety: The Connection
Roughly nine out of 10 Americans felt financial stress when the COVID-19 pandemic began. Almost half of them reported money issues as their top stressor. Even with all that’s been going on, financial problems take center stage. Unsurprisingly, this plays a role in our mental health. Debt can cause and/or exacerbate emotional issues. Here are some stats to consider:
Of all Americans carrying debt, 46 percent of them have a mental health diagnosis.
If you have depression, it’s 4.2 times harder to get out of debt.
86 percent of those with debt and a mental health diagnosis report the debt making their condition worse. They are three times more likely to consider suicide.
Budget concerns can lead people to delay seeking medical care. On top of that, they often fall back on unhealthy coping mechanisms.
Translation: Emotional recovery is essential.
6 Tips to Help You Recover from Financial Upset and Anxiety
1. Practice Mental And Physical Self-Care
Digging out from recent events is probably not going to be a quick process. You’ll need to be strong and resilient. A day-to-day self-care regimen is crucial and should include elements like:
Relaxation techniques and stress management
Daily exercise and physical activity
Regular sleep patterns
Healthy eating choices
2. Let Go of Ego-Based Reactions
We live in a very materialistic society. This can lead you to feel shame or guilt about your money struggles. It is absolutely necessary to push past this and not suffer in isolation. Getting comfortable with the struggle will open many doors for you. Do not let your ego become an obstacle.
3. Look For Free Resources
These could possibly include:
Government programs
Your local library
Free courses online and in-person
Non-profit groups
Connections made via friends and family
Once you let go of the ego trap, you can feel more comfortable networking. When you are ready to ask for help and guidance you are more likely to receive it.
4. Find Extra Sources of Income
Use those resources listed above in #3 to look for part-time work. Moreover, freelance and consulting gigs also offer opportunities for passive income. Getting creative and resourceful will help you feel more empowered and in control.
5. Practice Regular Budget Tune-Ups
Life is not static. Therefore, your budget must be flexible enough to keep up. Commit to revisiting your budget as often as possible. The minor tweaks you make can add up in a major way.
6. Ask For Some Assistance
Your co-worker’s uncle might know a little about accounting, but you need something more concrete for lasting financial stability. Assess where you need support and then seek it out from a trustworthy source. This could be found in a variety of places. Seek help from a volunteer financial advisor or an online support group for those dealing with mental health problems and debt. Just be sure to assess their qualifications and expertise first.
When You Need More Than a Little Help
Some crises are harder to manage than others. Bouncing back and recovering is not automatic or guaranteed. If you are struggling, please talk with a mental health professional. Therapy can offer you much-needed relief and insight. Your sessions can serve as a safe space to work on issues and create new approaches. Read more about anxiety treatment and reach out today for a confidential consultation.