Managing the stress of a possible recession

Author: Julie Miller LPC Integrated Behavioral Health Specialist, AdventHealth Castle Rock

Recession and economic hardships have been shown to contribute to declines in mental health, including increased rates of depression, anxiety, rumination, hypervigilance, and suicide.

Stress and anxiety are normal responses to fear. In this case, even the possibility of a recession is a threat to a person’s financial stability, a person’s ability to provide for dependents, and a threat to so many dreams of retirement, college, or a new home.

It’s hard to think about losing your nest egg and it’s hard watching the rising cost of everyday goods. Wondering, waiting, and holding your breath can cause physical and mental stress. So how can you manage that stress in a positive and healthy way?

1. Financial education and coaching. Being money smart and having a financial advisor is a great option for anyone who wants to be responsible with their budget no matter how big or small your budget may be. It’s a great way to be proactive in securing your financial future and reduce the stress you feel about a possible recession.
2. Plan ahead. Sit down and make a list of large expenses you expect may come up in 2025. Whatever significant expense you have coming your way this year, be smart and plan ahead so you can make wise decisions with your money and reduce your stress about a recession.
3. FYI, DIY. That’s right, do it yourself! Everything from making your favorite latte to changing the oil in your car, growing your own herbs and vegetables, all these things can be done at home for a significantly lower cost than outsourcing. Not everything has to be DIY but choose one or two things you think you’d like to know how to do yourself then learn that skill and work on it. This is an opportunity for you to be creative, build a skill, and save money all while reducing stress about the recession.
4. Shift your focus from scarcity to abundance. When we see or experience financial challenges like unemployment, a cut in wages, or an increase in the cost of our regular shopping items we tend to focus on the money we don’t have. Focusing your thoughts and words on what you do have, and the blessing of that wealth will help you to decrease your recession stress.
5. Practice Gratitude and Generosity. When we are stressed about something so personal like finances it can help us to consider the needs of others. Generosity is a great cure for many ailments of the soul but especially for stress.
6. Choose healthy coping strategies. You may not be able to avoid stress about a possible recession. Consider coping with stress through physical activity, creativity, and other hobbies. The list of healthy coping options goes on and on.

Any and all of these coping strategies are healthy and a great way to help you reduce stress about a possible recession.

If you’d like to meet with Julie Miller to discuss this more, click here.