Posted in Generation Y/Millennials Recommended Career Resources on October 9, 2008 at 8:52 am
Feeling anxious about the current economy? Who isn’t? Author, blogger and twentysomething author Marcos Salazar is here to help.
Marcos Salazar is the author of The Turbulent Twenties Survival Guide: Figuring Out Who You Are, What You Want, and Where You’re Going After College and writes a personal and career development blog looking at the psychological, social, and workforce challenges facing college graduates in the 21st century.
If you are anxious these days about the economy, you are not alone. A recent poll by the American Psychological Association found that 8 out of 10 people say the economy is a significant cause of stress, up from 66 percent in April.
Women are also most likely to report stress related to the economic climate. Compared with men, more women say they are stressed about money (83 percent vs. 78 percent), the economy (84 percent vs. 75 percent), job stability (57 percent vs. 55 percent), housing costs (66 percent vs. 58 percent) and health problems affecting their families (70 percent vs. 63 percent).
Generation Xers (ages 30 to 43) and Millennials (ages 18 to 29) are not immune from today’s economic woes either. Generation Xers are the women most concerned about money (89 percent report money as a source of stress) and Millennials are most concerned about housing costs (75 percent report housing costs as a source of stress).
With headlines declaring that the economy is getting worse each day, it can be hard not to get stressed out about how this will affect your personal finances. Fortunately, there are strategies you can utilize to quickly help manage anxiety during this economic crisis. Here are five simple methods:
1. Do a reality check by making a budget . This is the number one thing you can do to decrease financial anxiety. By making a budget, you will become aware of where you are spending money, how much you owe, and where you may need to cut back. Not knowing where your money is going can cause you a great deal of unnecessary stress, so get organized and create a budget. Here is an easy tool to help you get started.
2. Don’t stress about what you can’t control. Just as you can’t control if the weather is going to be bad tomorrow, you can’t control whether the $700 billion bailout package is going to improve the economy. What you can control, however, is your own finances, which will help improve your self-efficacy and reduce stress. So stop thinking about things you can’t control and focus on the things you can.
3. Start being more careful with credit cards. Simply because you have credit available doesn’t mean you should be using it, so start trying to pay with cash more often than credit cards. This will help you feel more in control of your finances and save you the stress of receiving a large bill at the end of the month that you may not be able to pay in full.
4. Get some exercise. Research has show time and time again that exercise is one of the best ways to reduce anxiety and stress. In fact, exercise has been show to be just as effective as therapy and medication when it comes to improving some symptoms of depression. You don’t have to exercise for long period of time or even have an intense workout. Consistency is the key, so aim for exercising for 20-30 minutes 3-4 times a week doing your favorite kind of physical activity.
5. Focus on what’s most important in life. Make a conscious effort to start spending more time doing things you really enjoy. This doesn’t have to be anything major but rather, spending time doing simple things that make you happy such as hanging out with family and friends, finally starting that hobby or project you have been putting off, or even doing some volunteer work to help other people.
A very useful article. I’ve already shared it with some of my own clients.
Nigel
A lot of people do get anxious because of their finances. The economic crisis affected many. There are some who get anxious and have no real reason to worry, but as a general rule, there are more who are in dire straits and have every reason to be anxious.
great article and suggestion
thanks
Your blog is very nice & beautiful.
Thank you.
Great suggestion, Neal, thanks for the comment!
Lindsey
Great article. I also think that partnering with another person is helpful. It creates accountability and it makes this process fun.
Thanks to all of you for these comments. It’s definitely a good time to be careful and also to be grateful for what we do have.
Lindsey
This article was helpful, especially the easy tool (budgeting). My husband was out of work for about a year and a half, and I keep trying to get on top of things, but I find myself buying things we need because I am afraid he might get laid off again. And although we have insurance,I have been quite sick this past year so the 20% we pay plus the prescriptions all add up. We have one child in college and two in high school also. One day at a time… I am very thankful we are both working and hopefully on the right path.
I totally agree with the credit card point.
You never know when you will need that extra credit so its best to be careful with it.
Good advice. Also, know where you are going with your life and finances. Figure out where you are for sure and then make a plan to move towards where you want to be.
Great advice
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