We’re living in a strange economic moment. The back and forth about whether we will have a recession has been ongoing for months, inflation and interest rates remain high, many companies are experiencing layoffs, and the US just recently barely avoided defaulting on its debt. These realities have many people feeling like we are living in an unpredictable and precarious time, which for some is driving up anxiety. Do you think present uncertainties about the economy may be affecting your mental health? Keep reading to learn how to preserve your sanity amidst the chaos.

Doesn’t It Make Sense to be Anxious? 

To be clear, some degree of anxiety about the economy is understandable and even appropriate at this moment. Many people have already been negatively impacted by the economic trends of the past few years, and many more stand to be impacted if we do enter a recession.

Some anxiety about the state of the economy and how that might affect you could even be helpful. A moderate amount of anxiety can be motivating and serve to focus our attention in meaningful ways. For example, it could propel you to start saving more money or engaging in professional development activities to make yourself more valuable to current/potential employers. These steps are proactive and wise as they are likely to offer a degree of protection if things do go south.

Sometimes, however, our anxiety can grow to a point that it is no longer serving us. When anxiety gets too high, managing its symptoms/manifestations becomes all-consuming and our ability to work, engage in our relationships, and enjoy life suffers. Some indications that your economic anxiety might be unhelpfully high include:

• You are obsessively engaging with news that relates to the economy.

• You have become highly fearful of losing your job. You feel like you can’t set boundaries or be less than perfect at work for fear this could lead to you getting fired/laid off.

• You have become highly conscious about spending money to the point that you are not allowing yourself to spend or are doing so with high stress/guilt.

• You worry frequently about the state of the economy/your financial wellbeing. These worries impact your functioning and/or your ability to be present.

• You have become convinced that economic disaster is inevitable and don’t see any other possibilities.

• You are having trouble sleeping or feel like you can’t relax.

What You Can Do

If any of the above resonates for you, below are a few strategies you could try to help make your anxiety feel more manageable.

• Act in areas you do control. Rather than focus on what ifs or worst-case scenarios, ask yourself what you do control and where you can act to make yourself more financially resilient. Examples could include making and following a budget, working to pay down debt, or opening a high yield savings account and putting in a realistic dollar amount each month.

• Take a step back from the news. Frequent exposure to news content related to the economy can create and feed anxiety. Try to consume news mindfully and in a time-limited way. This could look like spending 15 minutes a day checking 1-2 trusted news sources rather than scrolling headlines or social media throughout the day.

• Work to accept uncertainty. Easier said than done, of course. The reality is, however, that there will always be a degree of uncertainty and unpredictability when it comes to economic trends and how they may affect us. If you find yourself stuck in worry thoughts, try using a simple mantra like “I accept that I can’t know and control everything” paired with slow, deep breaths to help yourself redirect.

• Maintain helpful coping skills. Acknowledge that anxiety is coming up for you and then allow yourself to focus your attention elsewhere. Engage with whatever activities are generally relaxing or enjoyable for you, such as exercise, listening to music, a creative outlet, or spending time with loved ones.

Finding that your anxiety is still high despite your best efforts to cope? Anxiety therapy can be a great tool in helping you understand your anxiety and develop personalized tools to address it. Contact me today to get started.