Money is on the minds of most Americans, according to a recent American Psychological Association survey that found that all age groups reported money and the economy as significant stressors.
According to survey responses, those stressors have increased since 2019, with 82% of 18- to 34-year-olds surveyed reporting money as a significant stressor, followed by 77% of 35- to 44-year-olds, 63% of 45- to 64-year-olds, and 47% of those age 65 and older.
But there are healthy strategies available for managing stress during any difficult financial time for you and your family. Here are some tips:
Pause, but don’t panic. There are many negative stories in newspapers and on TV about the state of the economy. Pay attention to what’s happening around you, but refrain from getting caught up in doom-and-gloom hype, which can lead to high levels of anxiety and bad decision-making. Avoid the tendency to overreact or to become passive. Remain calm and stay focused.
Identify your financial stressors and make a plan. Take stock of your particular financial situation and write down specific ways you and your family can reduce expenses or manage your finances more efficiently. Then commit to a specific plan and review it regularly.
Although the process can be anxiety-provoking in the short term, putting things down on paper and committing to a plan can reduce stress. If you are having trouble paying bills or staying on top of debt, reach out for help by calling your bank, utilities or credit card company.
Recognize how you deal with stress related to money. In tough economic times, some people are more likely to relieve stress by turning to unhealthy activities such as smoking, drinking, gambling or emotional eating. The strain can also lead to more conflict and arguments between partners.
Be alert to these behaviors — if they are causing you trouble, consider seeking help from a psychologist or community mental health clinic before the problem gets worse.
Turn challenging times into opportunities for growth. Times like this, while difficult, can offer opportunities to take stock of your current situation and make needed changes. Think of ways that these economic challenges can motivate you to find healthier ways to deal with stress.
Try taking a walk, for example. It’s an inexpensive way to get good exercise. Having dinner at home with your family may not only save you money, but also help bring you closer together.
Consider learning a new skill. Take a course through your employer or look into low-cost resources in your community that can lead to a better job. The key is to use this time to think outside the box and try new ways of managing your life.
Ask for professional support. Pine Rest Christian Mental Health Services is a nonprofit organization founded in 1910 in Grand Rapids, Mich. As the third-largest nonprofit behavioral health provider in the U.S., Pine Rest offer a full continuum of services, including psychiatric urgent care, inpatient and partial hospitalization, residential, outpatient and teletherapy services, addiction treatment and recovery, extensive child and adolescent programs, senior care services, and specialized assessment and treatment clinics.
MSU Extension partnership
MSU Extension has partnered with Pine Rest Christian Mental Health Services to better support farmers, farm families and workers who are experiencing stress and mental health concerns. Through a teletherapy pilot program, farmers are connected to online counseling services with therapists who understand the agricultural community and farming.
Financial assistance is available on a first-come, first-served basis. To get more information about the program — or to refer yourself, a friend or a loved one — fill out an online contact form and an MSU Extension farm stress specialist will get back to you as soon as possible.
Source: MSU, Pine Rest Christian Mental Health Services