Higher Prices, Increased Anxiety: How to Cope with Inflation-Related Stress

The biggest economic story this year has been rising cost of living, with U.S. government data showing inflation growing at its fastest rate in four decades. Even with gas prices dropping from their unprecedented highs of this past spring, there is no denying that the price of everything from bread and butter to back-to-school supplies has increased sharply from their pre-pandemic levels.

Economists know well the way inflation impacts the economy – how rising prices force consumers to alter their spending habits as changing economic realities lead them to cut corners, eschew luxuries and seek out bargains. Likewise, research reveals the many ways that process increases consumers’ sense of anxiety and concern for their future and their loved ones, a phenomenon compounded this year by the effect of the still-lingering COVID-19 pandemic. With the solution lying in focusing on things you can control, here are a few tips to help you weather this season of growing economic uncertainty.

Examine Your Budget: Most people give little thought to their spending habits when times are good, the assumption being there will always be money enough to cover costs. The current rate of inflation, however, should lead you to rethink that assumption while also presenting an ideal opportunity to re-examine your spending habits to determine where you can best save money. From there, simply establish a monthly household budget and stick to it.

Get Your Side Hustle On: Depending on your prime source of income, you may or may not have the ability to pick up a second job, something part-time that will generate enough money to close the budget gap. If you are so fortunate, look for something that fits your schedule, skills set and other needs to ensure you’re caring for your mental and physical well-being even as you bring in those additional bucks.

Lobby For Your Hobbies: Dinner and a movie now out of your range? It’s time to look for less expensive ways to entertain yourself. Consider devoting more time to your hobbies, which are not only enjoyable but promote your social-emotional growth and physical well-being. This can be a challenge, particularly if you are taking on an additional job, but one that is worth undertaking given the benefits involved. The first step is to determine how much time you spend on hobbies or similar activities and identify ways you can put more energy into them.

Seek Social Support: Suffice it to say, you are not in it alone when the global economy struggles. Fortunately, there are several different ways to find social support or increase your current level of support.  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 are 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. Spend time with the people you value and make you feel good about yourself.

At Harmony Communities, we feel strongly that each resident has a sense of home. That they come home from work and feel pride in their environment and in their place in the greater community. That families are comfortable raising children in our neighborhoods, and that couples and singles know that they belong to something bigger than their four walls. In other words, we seek to create harmony within each community, making our communities not just passable, but peaceful, safe, functional, and beautiful.