According to the American Psychological Association (APA) survey APA Practice Media Room: 2008 Stress in America Press Kit, the ailing US economy is taking a physical and emotional toll on people nationwide.
“With the deteriorating economy dominating the headlines, it’s easy to worry more about your finances than your health, but, stress of money and the economy is taking an emotional and physical toll on America, especially among women,” says psychologist Katherine Nordal, PhD, APA’s executive director for professional practice. “Many say they are handling their stress well. Yet, people report more physical and emotional symptoms. If Americans continue to experience these high levels of stress for prolonged periods of time, they are at risk for developing serious illnesses.”
When asked about the recent financial crisis, almost half of Americans surveyed said that they are increasingly stressed about their ability to provide for their family’s basic needs.
Chronic Stress Warning Signs
- Trouble falling asleep
- Inability to concentrate at work
- Feelings of irritability, quick to anger
- Exhaustion and fatigued
- Lack of interest or motivation
- Gastrointestinal problems
- Identify your financial facts. Before tackling any problem, you must first fully understand it. Do a monthly inventory of all expenditures and compare this to your monthly earnings.
- Identify your sources of financial stress and make a plan. Examine your particular financial situation and what causes you worry.
- Come up with a family budget to address your financial concerns and review it regularly.
- Discriminate between what you want and what you truly need. In difficult financial times, restrict purchases to necessities.
- Consider learning new skills that will enable you to earn more money. Is there a hobby or something you enjoy doing that could be leveraged into a business opportunity?
- Beware of credit spending. Purchasing on credit should be avoided at all cost unless it’s an emergency.
