Coping with Anxiety Caused By Economic Instability: Tips and Strategies

We’re living through uncharted times where the economy and society are concerned. Everything around seems to be heavily politicized, which in turn is further driving the economy in every which way.

This type of economic uncertainty can be a triggering factor for anxiety. Financial instability, fear of the unknown, and a lost sense of control can max out your stress levels. Before you know it, your sleep becomes disrupted. Your daily routines are thrown off course. Decision-making and problem-solving become harder to manage.

Understanding your triggers and having effective ways to manage your symptoms can help improve your quality of life.

Knowing the Connection

Generally, anxiety is produced when you start to feel a loss of control. With economic anxiety, it’s more localized to having this feeling of being powerless as drastic changes happen around you. You’re left feeling unsure about your future.

When you have anxiety, your brain has a natural tendency to catastrophize scenarios. If you’re not careful, you’ll end up down a rabbit hole of worry and panic. This stress over financial matters will interfere with your ability to manage them appropriately.

Practice Grounding Exercises

Immediate management of anxiety symptoms is a great first step you can take. You can practice grounding exercises anywhere and at any time. When economic stress starts to take over, try practicing the 5-4-3-2-1 method.

This method not only uses your senses to provide a healthy distraction, but it also helps ground you in the present moment. Next time you need it, give this a try: find five things you can see, four things you can touch, three things you can hear, two things you can smell, and one thing you can taste. By the time you’re done focusing on your senses, you should feel some sense of relief.

Limit Media Exposure

A common pastime for many people in the age of cell phones is doom scrolling. We scroll for distractions. We scroll to find information. The algorithms in social media platforms are very good at their job. When you look at one economic post, you will be flooded with more of them.

This won’t be the most helpful thing for managing your anxiety. The constant exposure is not helpful to the brain's ability to process. Start limiting your overall media consumption. Set specific times during your day when you’ll allow yourself to check financial news rather than on and off throughout the day. Only turn to reliable sources for your information.

Create an Emergency Plan

The best action you can take to better your position in a time of economic instability is to create a plan. Having a safety net will reduce your fear.

Evaluate your budget and make a list of necessary expenses. Multiply that by a three-to-six-month period, and you’ll get the amount you want to have on hand in the event you need to access quick cash. For example, if you lose your job unexpectedly, you want to have enough savings to cover your basic expenses until you can get yourself back on your feet.

Focus on Controllable Factors

At the end of the day, you can’t control what the economy is going to do. The job market is beyond your control. What you can do is focus your energy on the things you can influence.

Make sure your resume is up to date. Expand your skill set through online courses or webinars. Maintain contact with your social and professional networks. If you find yourself having anxious energy, channel it into something productive that will help your situation.

Working with a Professional

If your anxiety surrounding an unstable economy is interfering with your daily functioning or quality of life, you should consider exploring professional support. Working with an anxiety therapist can provide you with the tools you need to get your anxiety under control. Let’s get started!