|By Sarah Carlson, CFP®, CLU®, ChFC®|
The recent market unrest has been hard on everyone, and it's taking a toll on our mental health. The constant news coverage and volatile stock prices can be overwhelming, and it's important to remember that during times like these, it's more important than ever to take care of our mental health.
One of the most stressful things about tough economic times is the feeling of being out of control. It can feel like the world is falling apart and there's nothing you can do about it. In my book, Facing Financial Fears, you'll learn how to change your mindset around money because, the reality is, there are always things you can control.
You can't control the stock market, but you can control your spending and saving habits. Focus on making choices that are best for your financial future, and don't let the news dictate how you live your life.
Here are some tips for managing your mental health during a market crisis:
1. Focus on Self-Care
It's important not to dwell on the negative during a market meltdown. Instead, focus on practicing self-care. There are still many good things happening in the world, and it's important to remember that.
Try to focus on your personal goals and what you can control. This will help you stay positive and motivated during tough times. Also, don't forget to:
- Eat healthy foods: Fueling your body with nutritious foods will help you feel your best and be better equipped to deal with stress.
- Exercise: Exercise is a great way to boost your mood and reduce stress.
- Get enough sleep: Getting enough rest is crucial for maintaining your mental health during times of stress.
- Find ways to relax and de-stress: Whether it's listening to music, spending time in nature, or journaling, find what works for you and make sure to do it regularly.
2. Limit Your Exposure to News and Media
The constant stream of bad news can be overwhelming and stressful. If you need a break, step away from social media or turn off the TV. Take some time for yourself to relax and de-stress. This includes:
- Setting limits for yourself: Checking the news or stock prices constantly can make things feel worse. Try to limit your exposure to updates, and take breaks from social media if it's causing you anxiety.
- Staying informed: It's important to stay up-to-date on what's going on, but you don't need to be glued to the news. Checking in once a day or a few times a week should be enough.
3. Talk to Someone Who can Help
It can be easy to feel like you're the only one struggling during tough economic times, but it's important to remember that you're not alone. Lots of people are feeling anxious and down right now. Lean on them for advice and conversation when things get tough.
- Find a therapist or counselor: If you're feeling overwhelmed by the situation, talking to a therapist or counselor can be incredibly helpful. They can provide you with support and guidance on how to cope with difficult emotions.
- Talk to friends or family members: Sometimes just having someone to talk to can make all the difference. Talk to people who understand what you're going through and who will be there for you.
- Join a support group: There are many online and in-person support groups available for people dealing with anxiety and stress. Joining one of these groups can provide you with much-needed support and advice from others who are going through the same thing.
4. Find Other Outlets for Stress
Getting outside and enjoying nature can help you relax and de-stress during a market meltdown. Spend time in your backyard, go for a walk in the park, or take a hike in the woods. These tips will help you clear your head and improve your mental health:
- Start a new hobby: Doing something you enjoy can help take your mind off of the stress of the situation.
- Spend time with loved ones: Surrounding yourself with people who care about you can provide much-needed support and comfort.
- Get involved in your community: Helping others can make you feel good and distract you from your own problems.
As a team of Spokane Financial Advisors, we've seen how the financial crisis has taken a toll on everyone's mental health. It's especially hard on those who were already struggling with anxiety and depression. If you're feeling anxious or down, these tips will help with the psychological impact of the financial crisis.
Transform Your Money-Fears into Money-Loves!
Unlock your patterns, gain clarity and focus, and become supremely confident with money using my simple 8-step approach to changing your financial future.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
All investing involves risk including loss of principal. No strategy assures success or protects against loss.