genesis domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /services/webpages/f/i/financialpsychologycenter.com/public/wp-includes/functions.php on line 6114(3M) – More than 3 million Americans filed for unemployment during a single week in March<\/a>\u00a0as the spread of the novel coronavirus (SARS-CoV-2, which causes the disease COVID-19) forced businesses to shutter and people to stay home. Job loss, reduced work hours and financial insecurity caused by the pandemic are exacerbating stress that already stems from money.<\/p>\n \u201cWhether people have a lot of money or people have no money, money is a really stressful thing in our lives,\u201d said Maureen Kelley, a Denver-based financial therapist and founder of\u00a0MADRE (Money, Assets and Durable Relationships).<\/a>\u00a0\u201cThis crisis we\u2019re working [with], dealing with and living with now, it just accentuated it. And the fear and the panic around this is exponential.\u201d<\/p>\n Financial, physical, mental and emotional health are all intertwined.<\/p>\n \u201cWe can\u2019t just assume that it\u2019s only financial stress,\u201d said Alex Melkumian, Psy.D., LMFT, founder of the\u00a0Financial Psychology Center\u00a0External link<\/span>\u00a0<\/a>\u00a0in Los Angeles. \u201cIt\u2019s also psychological stress, emotional stress [and] the stress that compounds our concern about our physical well-being.\u201d<\/p>\n Fear and panic associated with stress can trigger the fight, flight or freeze response. Melkumian explained that we react to stress because our emotional brain, or limbic system, can take over and cloud our ability to make rational decisions.<\/p>\n Financial, physical, mental and emotional health are all intertwined.<\/p>\n \u201cAnd that\u2019s when you see the really negative response to the stress, which can be overthinking, a lot of anxiety, worry, sadness and despair,\u201d he said.<\/p>\n Studies have shown that financial stress can lead to a range of physical and psychological complications. Depression, anxiety and poor work performance are among the possible\u00a0psychological effects of financial stress (PDF, 254 KB).<\/a>\u00a0The physical health complications of financial stress<\/a>\u00a0can include cardiovascular disease, increased mortality, inflammation, hypertension, diabetes and digestion problems.<\/p>\n Long-term financial stress can also negatively affect immune response.<\/p>\n \u201cWhen we\u2019re stressed\u2014chronically stressed\u2014that stress response takes away from our immune system functioning,\u201d Melkumian said. \u201cWe\u2019re actually reducing our ability to cope with the virus.\u201d<\/p>\n Kelley has seen an uptick in fear and panic among her clients. And although she believes the economy will bounce back, the lingering question for many people is when that will happen.<\/p>\n \u201cThere\u2019s a lot of uncertainty with this,\u201d she said. \u201cPeople are losing their jobs, their hours are cut, retirement portfolios have been decimated. These fears are very real for us as a country.\u201d<\/p>\n Rather than becoming paralyzed by fear and making irrational decisions, Kelly says that it\u2019s important to learn how to manage fear, stress and anxiety.<\/p>\n \u201cLook at the small things that are in your control right now around spending and know that this will pass,\u201d she said.<\/p>\n OnlineCounselingPrograms.com asked a number of experts in the realm of financial counseling and coaching for tips on how to manage financial stress during crises.<\/p>\n Become more aware of how you are feeling and identify the root of those feelings in order to move away from a panicked state.<\/p>\n Financial coach Jenn Steliga<\/a>\u00a0explained that it\u2019s important to get comfortable being uncomfortable.<\/p>\n \u201cThe more we push our feelings away or ignore them, research actually shows that they grow and get out of control,\u201d she said. \u201cThen, we\u2019re in a position where our emotions are controlling us.\u201d<\/p>\n Simple mindfulness practices can help ease anxiety. Steliga said that if you notice you are feeling anxious, stop and ask yourself something simple.<\/p>\n \u201cSounds very silly,\u201d she said, \u201cbut if you can say, \u2018Where are my feet?\u2019 you bring focus to something.\u201d<\/p>\n Melkumian also suggested making time for short, incremental meditation sessions for a few minutes throughout the day to alleviate the buildup of stress.<\/p>\n \u201cMoney is still the last taboo in our culture,\u201d Kelley said. \u201cNobody likes to talk about it. It\u2019s uncomfortable. People don\u2019t know how to talk about it.\u201d<\/p>\n Money can be difficult to discuss because it is often surrounded by feelings of shame, guilt and embarrassment. Those feelings can be heightened in a crisis. Kelley encouraged people to find a safe space to talk about money with a friend, family member, financial advisor or therapist.<\/p>\n \u201cOften when you\u2019re just able to verbalize it or share it with someone else, that in itself relieves a lot of stress,\u201d Kelley said.<\/p>\n Free budgeting apps can help families create and track budgets<\/p>\n \u201cA budget is not just tracking their expenses,\u201d Steliga said. \u201cIt\u2019s spending every dollar on paper on purpose, before they ever hand it out to anyone at all.\u201d<\/p>\n For those facing true financial hardship, it\u2019s best to prioritize spending on basic needs including housing, utilities, food and transportation. Kelley suggested cutting down on nonessential spending and \u201creally looking at what are the things that I can control in my spending and what are the things that are not essential that I can cut out.\u201d<\/p>\n When it comes to shopping, shop intentionally, Steliga added. Take stock of products you have in your house; then, make a shopping list and stick to it.<\/p>\n After meeting your basic needs, including bills and legal obligations, make your minimum payments on loans and credit lines but don\u2019t worry about paying off debt.<\/p>\n \u201cA lot of people would say, \u2018Hurry up and get out of debt,\u2019 which is a really big misconception,\u201d said\u00a0Wendy Wright, LMFT, a financial therapist<\/a>\u00a0based in Denver. She encourages clients to build savings while paying down debt.<\/p>\n It can be tempting to take on more debt when money is tight during a crisis, but try to minimize new debt. Don\u2019t let short-term panic dictate long-term financial decisions.<\/p>\n Wright suggested tracking how much money is required to meet basic obligations and then putting extra funds in a savings account for a set period of time. She encouraged using a timeline of three months and revisiting the situation after that time has passed. Having a set window to focus on saving can help reduce anxiety.<\/p>\n \u201cOur brains like a beginning and an end,\u201d Wright said.<\/p>\n<\/div>\n Financial stress from the coronavirus outbreak can compound general stress surrounding the pandemic. It can also exacerbate pre-existing mental health issues, such as anxiety or depression.<\/p>\n The following strategies can help mitigate financial stress when paired with other mental health concerns in a crisis.<\/p>\n Creating and maintaining a schedule can provide structure for people who are home-schooling or caring for their children while dealing with struggles like job loss and financial insecurity. Schedules set boundaries and can help people avoid unhealthy coping mechanisms like binge-watching television, drinking too much or online shopping.<\/p>\n \u201cWithin that schedule, give yourself very specific time to job search and to get yourself on a budget,\u201d Steliga said. \u201cBe very specific.\u201d<\/p>\n Rather than committing to looking for jobs without a real plan in place, Steliga suggested telling yourself, \u201cI will job search for 30 minutes tomorrow morning at 9 a.m. at my kitchen table with my coffee while my kids are doing homework.\u201d<\/p>\n Eat well, exercise, and try to avoid round-the-clock binge-watching. Avoid heavy social media use and excessive news consumption.<\/p>\n \u201cDo the things that bring you into a good place so that you can continue to make good choices,\u201d Steliga said.<\/p>\n People are being asked to make important decisions while dealing with fatigue. Wright said that \u201cpacing yourself, building a routine [and] sticking to your routine as much as possible\u201d can help create a sense of steadiness during uncertain times. That can also include maintaining previously established mental health interventions.<\/p>\n She also said that it\u2019s important to remember everybody is doing the best they can.<\/p>\n Crises can bring a heavy sense of loss. Identifying the stage of grief that you\u2019re experiencing (denial, anger, bargaining, depression or acceptance) can help you build connections with others. People experience grief at different rates, so naming which stage you are in can allow you relate to people in different stages.<\/p>\n Melkumian also encouraged \u201cscheduled worry sessions\u201d\u2014actually set aside 5 to 10 minutes during the day where you allow yourself to worry. The paradoxical intervention helps contain anxiety.<\/p>\n \u201cYou get your worries out for 10 minutes, but then the rest of the day you\u2019re worry-free,\u201d he said.<\/p>\n Although worrisome thoughts may still arise throughout the day, it\u2019s up to you to guard your own mental well-being and protect yourself from those automatic thoughts, Melkumian said.<\/p>\n Staying connected in times of crisis is vital.<\/p>\n Seek financial advice from people who are grounded. Look for support from friends, family members and counselors who are financially stable. And if you are unable to see your regular counselor, look into telehealth options.<\/p>\n These resources can help alleviate financial and other stress-related to the coronavirus outbreak.<\/p>\n This article is for informational purposes only. Reach out to a financial professional before making any important financial decisions. If you are experiencing mental health issues related to financial concerns, consult a mental health professional.<\/em><\/p>\nEffects of Financial Stress<\/h2>\n
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\n<\/div>\nTips for Managing Financial Stress in a Crisis<\/h2>\n
1. Practice mindfulness<\/h3>\n
\n2. Talk about money<\/h3>\n
\n3. Make a financial plan<\/h3>\n
\n4. Don\u2019t focus on getting out of debt during a crisis<\/h3>\n
\n5. Save money when you can<\/h3>\n
\nTips for Managing Financial Stress Combined With Other Anxiety<\/h2>\n
Set a specific schedule<\/h3>\n
Practice basic self-care<\/h3>\n
Treat yourself with compassion and practice gratitude<\/h3>\n
Recognize and address grief and worry<\/h3>\n
Lean on support systems<\/h3>\n
Additional Resources for Managing Stress Related to COVID-19<\/h2>\n
Financial Resources<\/h3>\n
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Mental Health Resources<\/h3>\n
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