During this current recession, it seems like everyone is being affected in some way by the economic downturn.  On the one hand, it might feel good to know that you are not alone in worrying about your money.  On the other hand, sometimes financial anxiety is contagious.  Being surrounded by nervous co-workers discussing shrinking 401K plans can influence your own anxiety levels.  Effective stress management involves learning how to identify your own strengths and growth edges.  Although research has supported the efficacy of certain coping strategies, these strategies tend to be depend on the individual.  For example, certain people tend to be active types and like to confront their problems directly; whereas others take a more accepting view of what comes their way.  In reality, knowing when to take action and when to accept stressors out of your control is an important part of effective stress management.

Here are a few general tips for stress management in times of financial anxiety:

1) Social Support:  In general, having a good support system is a helpful way of dealing with stress.  Research tends to show that people who are more isolated have worse stress outcomes (although this can vary based on the stressor and the type/level of social support).  Family members, friends, and fellow community members are part of a good support system.  At the same time, be aware of the individual dynamics of the members of your support system.  There are certain people who are good listeners, and others who may tend to make you more anxious.  Think proactively and choose carefully whom to speak to about your financial worries and general stress.

2) Distinguish between useful thoughts and repetitive worries:  The difference between a thought and a worry is that a worry tends to stay with you like an unwelcome house guest.  Proactive problem-solving is useful; part of this involves thinking about potential obstacles and formulating a plan for dealing with them.  However, when your thinking starts to become ruminative, e.g. you are worrying about the same issue again and again, this is a signal that you are becoming "stressed out."  One basic technique for dealing with repetitive worries is a "thought-stopping" technique.  Identify which worries are repetitive.  Then, practice visualizing a bright, red stop sign.  Have fun with this visualization - imagine all the details around the stop sign.  Then, when the worries arise, imagine the stop sign and tell yourself "Stop!  I am not going to worry about this problem anymore.  I have reached my daily limit."  While a basic technique, this strategy can help you recognize when you the worry is no longer productive.  Agreeing to allow yourself to postpone it can be helpful.  Coming up with distractions is another way of delaying the worry.  For more entrenched worries, contact a mental health practitioner to deal with the issue more comprehensively.

3) Identify physical symptoms of anxiety, and learn basic strategies for reducing them:  Many people do not understand the connection between their minds and bodies.  Thoughts and feelings tend to effect the body, oftentimes in ways people do not realize.  An important first step is to allow yourself to slow down enough to notice when your body is reacting in new, different ways.  Some examples of physical symptoms of anxiety include elevated heartbeat, indigestion, sweaty/clammy hands, and shallow breathing.  Try to allow yourself to step into more of an observational rule.  Observe yourself without judgment and notice if/when these or other symptoms occur.  What tends to be happening in your life to bring them on?  Once you have become more effective at identifying these symptoms, learn some basic relaxation strategies such as diaphragmatic breathing, stretching, and meditation.  I teach relaxation strategies as part of my wellness services.  They are also incorporated into the hypnosis work that I do.  You can also learn some of these strategies through yoga, physical training, acupuncture and other holistic approaches.

4) Develop a self-care routine:  Think of the healthy things you enjoy to do, and make them a more constant part of your life.  Examples could include reading, walks, going to the gym, time with the family, meditation, yoga, therapy, self-hypnosis, etc.  Creating a positive, healthy foundation is an important part of proactive stress management.

5) Have patience!   Your 401(k) wasn't built in a day, and similarly, you are not going to dig out of a financial hole immediately.  Take the long-term approach.  Be realistic about what you can accomplish in a given day, week, etc.  Having a structured, consistent routine will enable you to reach your goals over time.

Financial anxiety is a sign that you have become distracted by the demands of the outside world.  Good stress management involves turning inwards and re-centering yourself in order to re-gain your perspective.

For more information on my services, please visit my website.  Also, be on the lookout for an upcoming "Health & Wellness" blog entry.  In it, I will be detailing strategies for staying well, as well as descriptions and links to related areas and practitioners who work holistically (acupuncturists, chiropractors, nutritionists, yoga, etc.).