Finding Peace in a Stressful Economic Environment
By now, you’ve probably seen the popular meme floating on social media about how turning off the news gives you a chance to live your best life. The news delivers in-the-moment information that can empower you to make informed decisions, but it
can also bring on stress in an ongoing rocky economy.
Recently, analysts are looking closely at whether or not we’re entering a recessionary period, and media outlets are reporting on it daily. Several factors have led our economy to this point, from the global pandemic to stimulus payouts, supply
chain shortages, worker shortages, and today’s record-high inflation.
Whether or not we are heading for a recession is still uncertain, but we’re all feeling the financial effects of our current economy and the stress of the unknown.
So, what can you do to find peace while inflation is tightening your budget, the stock market dip is impacting your hard-earned retirement savings, the job market is iffy, and the media is reminding you of it daily? A lot of what happens in the economy
is out of your control, but using the suggestions below to stay focused on what works can bring peace of mind.
Make a Financial Plan and Stick with It
While nothing is certain, historical data has shown that the economy rebounds after times of economic hardships, so don’t focus too much on what is happening outside of your control.
Focus on what you can control by evaluating your spending, savings, and investments. Simplifying your budget can relieve a lot of stress. Eliminate debts where you can and reduce unnecessary spending. A simple budget can help you outline where you can
Experts recommend saving and investing at least 15 percent of your income, which is no different in today’s economy. Consult a professional for guidance if you’re unsure where or how to invest.
Say No to Negativity
The popular meme we mentioned earlier is popular for a reason. When you tune into negativity, you tend to think negatively - it’s the human condition. Try reducing your media consumption and using that time to align with activities that bring you
joy. You might be surprised by how much better you feel just by unplugging from the noise.
Invest in Your Skills
When times feel uncertain, especially in the job market, you can gain more confidence in your marketability by brushing up on your skills or adding new skills to your resume. Several free resources available across YouTube and social sites offer valuable
Remember, we’re all in this together. Strive to find peace during this stressful economic environment by employing the practices above, and lean on the resources around you. Read the 6 Benefits of Simplifying your Life and Finances for more helpful suggestions.