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 "worked" during the previous months will cease to do so, and that adapting to these difficult times requires assuming a series of changes. Changes at the social level, yes, but also at the individual level.

And it is that although economic crises are usually reflected in a very direct way in the form of numbers and curves reflected in graphs, their scope goes much further. beyond statistics, economics and mathematics: to face them and adapt to this new scenario, an adaptation process is also needed psychological. This 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 psychologically prepare for an economic crisis; General advice that, duly adapted to each particular case, can be of great help in this context of uncertainty, instability and possible economic complications.

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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 on its implications in the world. employment: reduction in purchasing power, difficulties in accessing credit, closure of companies... At most, the most original analysts will also talk about the potential that a crisis entails when 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 goes 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 or not we develop psychopathologies due to all this pressure, the how how we manage our psychological processes can make a difference in how we adopt a lifestyle within a social and economic context complicated. For this reason, these tips that you will see below can be a good support to adopt a philosophy of life that allows you to face economic crises in a constructive, resilient way, and that does not lead you towards the self sabotage.

1. Check 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 trust a date on which to do it and that it remains constant 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 concern, fearing that the situation has gotten out of hand with the last purchases of the week, for example. In other words, if you do this type of review once a month and know in advance when it will take place, you won't have to do it again, thus reducing the feeling that you do not control what happens to you.

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2. Avoid short-term investments in order to appease anxiety

Some people manage the anxiety generated by the crisis by deciding to invest in assets or business projects that they promise quick profits, as long as they feel that they will not have to go through those months being in a financial situation delicate. However, in the vast majority of cases, these kinds of strategies are totally dysfunctional: investments capable of giving a sum of money significant in a few weeks are those that are very risky, and that normally not only do not give the desired results, but also lead us to lose money.

You better assume from the get-go that If you are worried about your money at the gates 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 comfort a little at first, in the medium and long term they only serve to generate more anxiety.

• Related article: "Types of Anxiety Disorders and their characteristics"

3. Optimize your time management professionally

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 claim to stop working in increasingly exposed work areas. to external pressures (for example, lack of material, lack of personnel, freezing of wages…).

However, several studies show that, in general, workers do not make optimum use of their working time. In this sense, workers who have the possibility of reorganizing their working hours, and have new extra time, could make the most of the hours of the working day, optimizing their performance at work, avoiding distracting elements and preparing a comfortable workspace with all the necessary materials within reach, so that it is not necessary to go looking for them and fall into 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 give it too

Loved ones are always an invaluable support network, but even more so in times of economic crisis. Do not let clichés and prejudices constrain 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. Do not 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. The way is more than always preparing the perfect plan to save and to manage the money we have at our disposal ultra-efficiently; having moments of leisure and others to disconnect is necessary in order not to suffer psychological exhaustion that would affect us in everything: at work, but also in the family and emotionally. And of course, do not feed ways of thinking that reinforce the feeling of guilt for giving yourself a whim from time to time.

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Am Froilan Ibanez, clinical psychologist specializing in the cognitive-behavioral approach, and I specialize in care for adults and adolescents. I offer therapy sessions in person and online by video call.