By Sparklle Rainne (They/Them)
If the surging price of food, gas, toiletries, and other household or life necessities impacts your mental health, you’re not alone. In economics, inflation refers to price increases in goods and services. The disconnect between inflation and the wages people bring in at work has been a hot topic in conversation in recent years, and for many, it is a significant cause of stress. So, how can you cope with the financial stress of inflation? One can take routes to prepare for inflation both tangibly and emotionally or psychologically that you may find beneficial.
The current state of inflation, financial anxiety, and stress
Why is inflation such a big deal in 2022? If it seems like things are getting more and more difficult financially, it isn’t just you. This is a real issue affecting people across the nation, including those in various fields and with varying levels of education. Here’s what we know about the current state of inflation:
· The inflation rate is higher than it has been in 40 years. In 2022, we’ve seen prices increase higher than they have since the 1980s. The cost of groceries rose by 10% over the past year, which you may have noticed in your daily life. This accompanies the hike we’ve seen in the costs of airfare, hotels, gas, and rent. If you rent your home, it’s worth noting that rent rose five times faster in 2021 than it did in 2020.
· Inflation is a top stressor among people in the United States. According to a poll conducted on behalf of the American Psychological Association (APA), financial stress is at its highest recorded level since the year 2015, with 87% of people citing stress due to the rising prices of daily items such as gas and food.
· Just as inflation can lead to emotional and financial stress, it may increase depression. Studies show that income inequality raises the risk of depression. With the staggering increase in the cost of living, income inequality is becoming a concern for more and more people.
Financial stress can lead to mental stress and depression and symptoms of anxiety and physical health detriments, some of which can be severe. When stress is continuous, it can lead to trouble sleeping, an increased risk of high blood pressure and heart disease, and even a heightened chance of early mortality. So, with this in mind, what can you do to prepare for inflation and protect your health?
How to prepare for inflation on a financial level
The causes of inflation are largely out of our control as citizens. For example, the pandemic and other global events, which contribute to stress in people across the United States in and of themselves, have had a significant influence on the cost increases we see. It’s important to focus on what is in your control, and some things may help individuals prepare for inflation. With that in mind, here are some things you can do:
· Advocate for a pay raise. If you are a worker in the United States who has not received a raise (or an adequate raise), whether you are an employee, a contractor, or a worker of another title, it may be time to self-advocate and ask. Lower stress can increase workplace productivity and worker happiness, which is mutually beneficial to you and those you work for or with. For those who set their prices (i.e., self-employed individuals), it may be helpful to look at your current prices and see what you need to do to raise them to a level that will be livable for you. Many companies have released statements citing an increase in their prices due to the cost of packaging and other issues caused by inflation, so you are not on your own if this is something you have to do.
· Save money where you can. Many of us can benefit from taking a look at our spending habits. Look at your current spending habits and determine whether there might be areas where you can save more. Think about what you need, set a budget, and if you can, consider consulting with a financial advisor.
· Make money on the side. Unfortunately, many individuals have found that their everyday work wasn’t enough to cover the cost of living due to inflation. It is common for people to have multiple jobs or side jobs that bring in money, and this may be a necessity. If you’re able to do so, try to choose something that works with your schedule and other needs to ensure you’re caring for your mental and physical well-being while bringing in the money you need to support yourself and your family.
In addition to supporting your financial health, mental health is a crucial focus. It’s about choosing, if applicable, side or additional jobs that work with your needs. There are other things you can do as well.
Caring for your mental health with inflation in mind
How can you care for your mental health with inflation in mind? Here are some things that you can do:
· Establish strong coping skills. We all need to have coping skills, especially with concerns such as inflation and world events in mind. Coping skills include but aren’t limited to breathing exercises, art, music, physical activity, meditation, cognitive reframing, positive self-talk, and more.
· Find low-cost ways to enjoy yourself. Hobbies are majorly beneficial for our mental and physical well-being. It’s important to make time for the things that you enjoy. This can be challenging—especially with the increase in hours per week that many have been working—but it matters. Look at how much time you’ve spent on hobbies or activities that you engage in strictly for enjoyment and determine ways you can put more time into these things.
· Protect your financial wellness. Use tips such as those above to protect your financial health as much as possible. This may support you in relieving stress and anxiety related to finances. If you need help covering the cost of living and are eligible for programs and services that may help, there is nothing to be ashamed of, and these may be necessary for some.
· Protect your physical wellness. Physical and mental well-being go hand in hand. With the possible health detriments of financial worries in mind, it’s vital to protect your physical health. Take a look at your work-life balance, stress levels, and standard self-care practices (e.g., nutrition, physical activity, attending doctor’s appointments and screenings, sleep) to see if there is something you can adjust to improve your health.
· Seek social support. Positive social connections support positive mental and physical health outcomes alike. There are several different ways to find social support or increase the level of social support you have. For example, you can join support groups, which may exist in person or online. One of the best things about support groups is that they’re often free, and they’re also proven beneficial for those facing a wide range of concerns. You can also meet people in other ways, such as through volunteer opportunities or events, classes and activities, etc. Spend time with the people you value and make you feel good about yourself.
· Work with a therapist. Therapy can help individuals cope with life stress, including stress related to finances, relationships, mental health conditions, etc. There are ways to see a therapist at a lower cost, which can ease financial stress for those concerned about money right now. These may include working with a therapist to offer sliding scale rates, working with a therapist who takes your insurance, working with a therapist through your organization or university, if applicable, or utilizing online therapy services, which are sometimes lower in cost.
Online therapy
A support system can help you relieve stress and work toward your goals, which may be vital to your life during this time. In therapy, you can discuss concerns related to inflation and finances or anything else on your mind. Online therapy effectively treats a range of different concerns that can affect mental health, and it’s a convenient way to get the care you need. You don’t have to commute to an office, and platforms such as BetterHelp offer plans that are often more affordable than traditional, in-person therapy services are without insurance. Over 20,000 licensed and independent mental health professionals offer therapy through the BetterHelp platform with a range of specialties. When you sign up for therapy through BetterHelp, you will take a brief questionnaire to help our team match you with a therapist who fits what you are looking for in your search for mental health support or care. If you need to change therapists or cancel your plan with BetterHelp at any point in time, we make it easy to do so. Financial aid may be available for those who need it.**
