How To Psychologically Prepare For An Economic Crisis
Faced with the prospect of having to face an economic crisis that will last for a few years, there is no doubt that what seemed to “work” during the previous months will no longer do so, and that adapting to these complicated times requires assuming a series of changes. Changes at a social level, yes, but also at an individual level.
And although economic crises are usually reflected in a very direct way in the form of numbers and curves reflected in graphs, their scope goes far beyond statistics, economics and mathematics: to face them and adapt to this new scenario it is necessary Furthermore, a process of psychological adaptation. That is: adopting new patterns of behavior and new ways of dealing with our emotions and feelings.
Therefore, in this article we will see some key strategies to prepare psychologically for an economic crisis ; general advice that, properly adapted to each particular case, can be of great help in this context of uncertainty, instability and possible economic complications.
Strategies to prepare psychologically for an economic crisis
When talking about what it means to go through a phase of economic crisis, the focus is usually on the purely monetary or its implications in the world of work: reduction in purchasing power, difficulties in accessing credit, company closures… At most , the most original analysts will also talk about the potential that a crisis entails when it comes to promoting business projects, since those who can afford it and are capable of taking advantage of the gaps left by the businesses that close, try to lay the foundations of companies that will be prosperous when the crisis ends and the economy is doing well again, given the cyclical nature of these stages.
However, mental health is the great forgotten ; And not only that, but it is also overlooked that regardless of whether we develop psychopathologies or not due to all this pressure, how we manage our psychological processes can make the difference in how we adopt a lifestyle within a social and economic context. complicated. Therefore, these tips that you will see below can be good support for adopting a philosophy of life that allows you to face economic crises in a constructive, resilient way, and that does not lead you towards self-sabotage.
1. Review your expenses and income once a month
The best way not to obsess over whether you have money problems in the face of a crisis is to systematically and periodically review your personal finances. If you set a date on which to do it and that remains consistent over the months, it will be easy for you to know at all times “how you are doing” with money and you will be less prone to suffer obsessions and intrusive thoughts associated with this type of worry. , due to the fear that the situation has gotten out of hand with the last purchases of the week, for example. That is, if you do this type of review once a month and knowing in advance when they will take place, you won’t have to do it again thus reducing the feeling that you do not control what happens to you.
2. Avoid short-term investments in order to calm anxiety
Some people manage the anxiety generated by the crisis by deciding to invest in assets or business projects that promise quick profits, as long as they feel that they will not have to go through those months being in an economically delicate situation. However, in the vast majority of cases, these types of strategies are totally dysfunctional: investments capable of giving a significant sum of money in a few weeks are those that are very risky, and that normally not only do not give the desired results, but they lead us to lose money.
It is better that you assume from the first moment that If you are worried about your money on the brink of a crisis, it is because you are not in a favorable situation, so that you can behave accordingly to solve it instead of creating fictions based on promises and wishful thinking; As much as they may comfort you a little at first, in the medium and long term they only serve to generate more anxiety.
3. Optimize your professional time management
In the face of crises, it is generally recommended not to lose the most common source of income unless you have a large amount of savings that allows you to undertake business adventures. This may clash with the intention to stop working in work areas that are increasingly exposed to external pressures (for example, lack of materials, lack of personnel, freezing of salaries…).
However, several studies show that, in general, workers do not make optimal use of their working time In this sense, workers who have the possibility of reorganizing their workday, and have new extra time, could make the most of the hours of the workday, optimizing their performance at work, avoiding distracting elements and preparing a comfortable workspace. and with all the necessary materials within reach, so that it is not necessary to go looking for them and experience interruptions. The idea is to learn attention management and time management routines so as not to give up the job stability we had before.
4. Ask for help if you need it and show that you can also give it
Loved ones are always an invaluable support network, but even more so in times of economic crisis. Do not let clichés and prejudices limit your actions in this regard; asking for help is totally human and it can even serve to strengthen ties if you show that you are also there for others.
5. Don’t give up time for yourself and your well-being
Even in the most difficult times, it is necessary to have time for leisure and for oneself Going is more than always preparing the perfect plan to save and to manage the money we have ultra-efficiently; Having moments of leisure and others to disconnect is necessary to avoid suffering psychological wear and tear that would affect us in everything: at work, but also in our family and emotionally. And of course, don’t feed a way of thinking that reinforces the feeling of guilt for indulging in something from time to time.
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Am Froilan Ibáñez, clinical psychologist specialized in the cognitive-behavioral approach, and I specialize in caring for adults and adolescents. I offer therapy sessions in person and online by video call.
