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5 Strategies for Coping with Financial Fears
by Beau A. Nelson, MA, LCSW

Most of the United States is gripped in fear regarding their personal financial issues.  Whether it is fears of losing your job, dealing with a reduced 401K, or how to meet living expenses, most of us have been feeling the fear that accompanies a severe economic downturn.

We will likely be living with economic uncertainty for the foreseeable future according to the economic experts.  How do we deal with the anxiety and fear we are experiencing?  Is there a way?  Yes, there is. 

Unfortunately our human minds are not wired for the fears of today.  When we were running from dinosaurs or searching for our next meal as prehistoric creatures, we had the ability to “do” something in order to deal with our immediate predicaments.  Today we fear the economic indicators, the future, and the financial markets – things that few (actually none) of us can 100% control. 

Here are 5 ways to help make sure you do not end up disturbing yourself out of options in life with the self-defeating emotions of anxiety, panic, and fear. 

1. Don’t make everything catastrophic or 100% doom and gloom.

               Yes, you have financial stresses.  Realize that no matter how you are doing right now, you can adapt and survive.  Rarely, if ever, is something 100% awful.  Stop for a moment and look at the situation realistically.  Don’t sugarcoat it, just step back and look at it realistically.  Most of us tend to see negative events in black and white.  Although you don’t like what’s going on and you may be struggling, it could be worse, and you can adapt.  

2. Count your blessings.

               Most of us become paralyzed with fear because of our negative “tunnel vision” approach to life.  We focus solely on the bad things and sure enough, they begin to loom larger and larger over us.  Sure, some of your life is less than 100% desirable.  Like the people who went through the depression, suffered in WWII, or endured concentration camps, we can survive even the very negative situations but we can learn to see life in a balanced picture.

3. Talk to someone about your fears.

               Sounds simple.  But it works.  Most people feel worse when they let isolation, worry, or shame cloud their judgment.  A great many people around you are concerned.  Sharing, even if it does not solve the problem, allows you to see you are not alone.  It helps to know that this isn’t something I have to beat myself over, and maybe – just maybe – we can get through this, no matter how hard the struggle now.  A family member, friend, or therapist can be a great help in getting out of our most negative thinking and give us some balanced thoughts and even some hope.

4. Practical problem solving vs. obsessive worry.

               Worrying and ruminating about your situation is useless.  It serves as a source of debilitating fear and does nothing to solve the problem.  If you need to do something about your finances then DO something.  Ask for advice, develop a budget, cut spending, etc.  DO what you need to do and stay with it.  It may be tough, embarrassing, or unknown, but in the end facing your fear with practical problem solving will go a long way in increasing your quality of life.

5. Stay active.

               People who report they are unhappy watch more television, disengage from others, have disrupted sleep and eating routines, and generally lack self care.  Break the cycle of self defeating fear by being around others, exercising regularly, maintaining healthy habits and decreasing your television and sedentary time.  Don’t let your unhealthy habits and escape behaviors take away from a balanced healthy lifestyle.  10 minutes of brisk walking or time spent reading or engaged with others will help you deal with a stressful but, in the end, manageable life.

If you find you can't seem to get through this difficult situation then talk to a friend, your healthcare provider or a therapist.  If you are concerned about your immediate safety please call 911 or go to your nearest emergency room for guidance and help.

Copyright © 2009. Beau A. Nelson, MA, LCSW Counseling and Psychotherapy. All rights reserved.