How To Survive Uncertain Economic Times

If you are reading this, it’s likely that you or someone you know is worried about their job security—or job prospects—and may have even been laid off.

Between inflation and rising interest rates, many companies are downsizing or implementing hiring and spending freezes as fears of a recession inch closer to a reality. Housing is also a struggle; rising rent prices are forcing unwanted moves, while many would-be homebuyers have been unable to get a loan or secure a home.

All in all, we appear headed down a dark path.

So, what do we do? 

There is not a simple solution to something so complex, but we can try to break things down into more digestible thoughts to help us cope. 

As a starting point, hold on if you can. 

We are in the midst of economic change in our country, state, and city—and with change comes fear, anxiety, and worry. But change can also bring resolution, refocus, and motivation.

For some, forced change can be a wake-up call that our current state of affairs are no longer serving us. Change can spur people to make big decisions about their futures. It can also change their perspective on work and life and help them better compartmentalize certain aspects of both.

Change can encourage people to take stock of their strengths, tools, and positive supports to manage this uncertain time. Stability and peace of mind can be found by continuing healthy routines and looking towards the future. 

What if you feel you can’t hold on any longer? 

If this is you, take a deep breath. 

I ask that you take a moment to think about what helps you cope. Sometimes coping can be forged by moving “back to basics.” For example, engage in self-care, get some rest, eat a healthy meal, or move your body. In short, focus on managing those initial waves of anxiety and fear. Don’t make big decisions based on emotion or fear. Lean into your support systems, your friends, family, loved ones, coworkers. Have conversations with those around you about your worries. Ask questions where and when you can, such as in 1:1 meetings with your supervisor, connect with coworkers or management, and try to remain calm if they can’t provide clarity or answers right away. If your current situation is harmful to your mental well-being, consider taking a break, or step back to think about those self-care basics as mentioned to help you cope. 

Ultimately, when so many things feel out of control, finding something to control can help us feel tremendous relief. This can include taking a day for self-care, asking for help if you need it, setting and maintaining more appropriate work hours (boundaries), or carving out time to form a safe and appropriate exit strategy or safety plan. This kind of plan could include updating your résumé and starting the job search, assessing your spending and making sure you're setting aside money for an unexpected emergency, or having conversations with your family and loved ones to help answer some of the "what ifs" that feeling out-of-control can bring. 

This will all take time, but if you take anything from this post, let it be this: don’t suffer in silence. There are so many people feeling the exact same worries, just like you and me. These times can feel chaotic and scary, but if we take care of each other, we can come out on the other side.

So, if you can, hold on to the roller coaster that is our economy right now and take a deep breath. With time, it will get better. Life transitions counseling can help.

Aimee Fizor is a Licensed Clinical Professional Counselor (LCPC) at Perspective Psychology. She can be reached at 312.219.4707 or aimee@perspectivepsychchicago.com.