Economic stress is real and needs to be acknowledged so that people can work on the problems it causes in their bodies and lives. In other words, economic stress, like any other kind of stress, can cause physical and mental pain and even push people to the edge of what they can handle emotionally.
Also, unlike other types of stress, like when we have a problem we can solve or when we work with emotional processes or duels, economic stress is characterized by the fact that it is hard to come up with concrete solutions to the problems it poses, since many of them are beyond our control.
Many people and whole families fight with less money, especially in times like ours when inflation is higher than it has been in the last forty years. In this situation, people spend a lot of time and energy trying to figure out how to pay their bills and debts and get by day to day. This can be so constant that it causes worry.
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Other signs of economic stress are depression, frustration, anger, and sadness. These feelings get worse when people realize that working as hard as they can isn’t always enough to pay the bills. This is because bills are often so high that they are out of reach for a person or a family, and prices rise faster than salaries.
Even though the situation is complicated, there are some ideas about how to deal with economic stress in times of inflation or economic trouble. Sarah D. Acevedo, who is in charge of the School of Financial Planning at Texas Tech University in Lubbock, Texas, wrote the plans.
Communicate with empathy
When money is tight for a family, it’s important to learn how to talk to each other with understanding to avoid fights and resentment. Good communication is also likely to lead to better results with financial plans. For example, you can talk about how important it is to cut spending at home in a careful and non-aggressive way. It’s also important to know why we want to do certain things when we’re keeping track of our spending and if those things are fair for everyone. Learning to listen to your loved ones and talk to them with empathy can make a big difference when you need to talk about hard things like money at home.
Balance between taking care of money
When money is tight, you need to save more than ever. But it’s important that this habit of saving doesn’t turn into a source of stress. Instead, it should be a choice that makes us feel better. To do this, it’s best to figure out what our most important expenses are and what we’re not willing to give up, both in terms of fixed costs like rent, water, energy, etc. and in terms of things that bring us joy and make us happy.
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For example, if going to the movies once a week makes someone happy, they should make a budget that takes that into account so they don’t have to worry about not being able to treat themselves with control and knowledge.
Different types of professional help
We can say that treatment is always a great way to deal with stress, but we also know that it can be very expensive. But there are cheaper and even government-funded options you can look into if you feel a lot of pain, sadness, or other hard feelings. Asking for help from a financial adviser is also a good idea because you can think of different ways to handle money and spend it to try to make it grow. In this way, you can also get help from free consultancies and papers on the internet.
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