You are probably well aware that inflation is the highest it’s been in decades. It seems that everything is more expensive right now, from groceries to utility bills to new cars.
And not only is inflation daunting, but some experts have warned about a possible recession next year, which makes us even more worried about the uncertainty that lies ahead. (Oh, and not to mention that we are still living in a pandemic.)
It’s safe to say that things are stressful right now. And if you’re feeling a high amount of anxiety about inflation, you’re not alone.
The same is as true in the US as it is in the UK. The American Psychological Association found in a recent poll that 87% of respondents listed inflation as a “significant source of stress” in their lives.
And how could it not? Money loss – whether it’s layoffs, rental hikes, or expensive necessities – is stressful. Money equals safety for many people, says Dior Vargas, a mental health advocate in New York.
There’s a certain level of comfort that economic security brings, “if you have an emergency you will be able to survive and still [have] the standard of living you’re used to,” Vargas says.
When fears of losing your job or your rent increasing loom, it’s easy to worry. Here’s what you can do if you’re feeling stressed about inflation or a possible recession.
Acknowledge you’re stressed, and get specific about what’s triggering it
“Stress can be managed by taking pause, recognising and acknowledging the emotions arising due to fears and anxiety related to inflation,” says Michele Tugade, a professor of psychological science at Vassar College.
It’s crucial to understand the root of your emotions by asking yourself questions like “how does this feel in my body?” and “what is this emotion telling me about the situation?” she says.
For example, identify where the anxiety is bubbling up in your body – your stomach? Your chest? Also, think about what made the anxiety come up – was it a news report about tech layoffs? Was it browsing the aisles at the shops?
“Staying in an anxious mode can produce wear and tear on the body and have [harmful] effects on our physical and mental health,” Tugade says.
Doing this assessment is a form of mindfulness. Practising mindfulness can help us cut back on overthinking and create clarity around the situation, Tugade says. If you’re able to truly understand the reasoning behind your stress or anxiety, mindfulness can even help you start problem-solving.
When you’re feeling overwhelmed, find an activity that doesn’t take a lot of thought to execute
Whether it’s re-watching your favourite film, going for a run or doing the dishes, mindless activities are a helpful way to distract yourself from stressful matters like inflation, Vargas says.
Mindless activities mean something different for everyone, but you likely know what helps you feel more at peace. The next time you’re feeling anxious, take a step back and do something you don’t have to think about.
Create micro-moments of joy
Just the phrase “micro-moments of joy” sounds pleasing, right? Luckily, it’s easy to add this anxiety-reducing practice into your life.
“In the midst of stress and anxiety, one useful strategy is to pay attention to the small things that bring big results... I call these ‘micro-moments of joy,’” Tugade says. These moments can include watching the sunset, zoning out to the flow of a nearby creek or just taking time to admire nature.
Even small bursts of positive emotions like gratitude, joy and serenity can help during stressful times. “Having gratitude can soothe feelings of stress in ways that have important benefits for healing and stress reduction,” she said.
Plus, it’s hard not to feel a little more relaxed when you’re in nature.
Create a calming environment
Your living quarters can affect your mental health, Vargas notes. “Having a clean space does help me,” she said.
Vargas says she spends time cleaning her house (which, as a bonus, doubles as a mindless activity) during times of heightened stress. Once she’s done, she’s left with an environment that reflects a sense of calm.
Prioritise social connections
“One of our greatest personal strengths is our desire to connect with others,” Tugade says. “Rather than retreating into isolation, which can produce growing feelings of loneliness and depression, find ways to connect with others.”
She notes that these connections can be in-person, but that they don’t have to be. You can connect with loved ones via Zoom, on the phone, through text or on social media.
“Reaching out to others means more than we realise,” Tugade says. It can build community and create a sense of purpose, which, in turn, helps balance out any stress triggers, financially-driven or otherwise.
Try journalling
Vargas says that she turns to journaling during times of stress. “It’s a way for me to separate myself from my feelings,” she explains.
If you’re feeling anxious, take some time to journal. Write down whatever comes out, though it can be particularly helpful to write about the emotions you’re feeling in the moment.
It’s easy to bottle up our feelings, Vargas notes. Journaling is a way to combat that.
Be nice to yourself
Don’t discount your emotions. These are stressful times and it’s important to show some self-compassion. There are benefits to doing so.
According to Tugade, “research shows that self-compassion is one important key to building resilience from stress.”
Beyond self-compassion, recognise that you are doing the best that you can. Just by acknowledging your personal vulnerability, you can initiate your body’s self-soothing and relaxation response, she says.
Supportive touch like putting your hand on your heart, giving yourself a hug or cradling your face are other ways to show yourself compassion, Tugade adds.
“The sense of touch can release oxytocin,” she said, which activates a part of the nervous system that creates a sense of calm.
Focus on what you can control
“When I feel anxious about the future, I re-centre myself in the present and try focusing on what is within my control,” Aimee Martinez, a clinical psychologist based in Los Angeles, previously told HuffPost.
In terms of controlling your money, this can mean setting up an automatic transfer to a savings account, opening a high-yield savings account or canceling streaming services you don’t use.
Additionally, “creating a budget is really helpful,” Vargas says. It’s a nice way for you to take stock of what you’re spending money on.
And, remember, bad things don’t last forever
Nothing good lasts forever, but nothing bad lasts forever either, Vargas said. If you find yourself in a panic about the future, try to be optimistic.
If that doesn’t work, connect with loved ones and find a community that you can lean on during hard times, she said.