Advice: How To Cope With Financial Stress

As the U.S. economy continues to struggle, more and more Americans are losing their jobs and many are worried about their finances.

While unemployment and falling stocks are affecting people financially, they're also taking a toll on many emotionally, too.

The uncertain economy has many Americans facing emotional and stressful situations they've never been in before, and many are looking for answers for how to cope.

Selina Blatz, a certified health and wellness coach at Healtheast, offers advice on how to deal with situations many might find themselves in currently.

Should You Tell Your Child That A Parent Has Lost His/Her Job?

With unemployment numbers continuing to rise, many U.S. families are coping with one, or even two, parents losing their jobs.

But while the parents deal with the financial implications of a job loss, how much information should they share with their child, if any at all?

"First and foremost, you need to recognize the age of the child and their level of understanding," Blatz said. "Honesty is the best policy."

Blatz suggests that if a child is old enough to understand that there are changes going on in their household, then you should probably tell the child that a parent is no longer working. Blatz says that children are perceptive and are likely to sense that something is wrong. By not telling them that mom or dad lost their job, you risk building a distrust with that child.

When addressing the situation with your children, Blatz offers several tips.

First, she says to explain what happened. Tell your child that either mom or dad won't be going to work anymore, or that perhaps a different parent will be staying home during the day while the other goes to work. Blatz also suggests telling your child that there will be changes. Explain that you might not be going on your usual outings as often, but make it clear that it's not because anyone is being punished. She also says to bring up the positive impacts, such as the family will be spending more time together. And lastly, Blatz says to tell your children that this situation is only temporary and the changes are not permanent.

How Can You Help Your Spouse Cope With A Job Loss?

While job losses are hard on families, they can also be a strain on a marriage.

Blatz suggests that communication is the key for any couple to cope with the situation.

"Ask how can you help and support your spouse, and don't assume you know what they need," Blatz said.

She explains that what might help one person cope with a situation might not necessary be what the person's spouse wants or needs.

Blatz also recommends listening. Let your spouse vent and let the person get his or her thoughts out. She says that sometimes just verbalizing your thoughts will help you organize your feelings and inspire action steps.

She also says to have open and honest discussions, especially if you notice your spouse is getting depressed. Help your spouse view his or her strengths and express to the person that this job loss can also be seen as an opportunity to try something new and start over.

How Should You Deal With Role Reversals In Households

If a spouse has lost a job, that could mean a change in the way the household is run, from who performs what chores, who does the shopping and cleaning, and who cares for their children.

Blatz says that discussing the issues is the key to transitioning your household.

"It boils down to communication, recognizing that there is going to be a shift in responsibilities," Blatz said.

She suggests that the couple creates a list of household chores and decides who will take on each responsibility. Blatz reminds that each task is no longer gender based, it's now about family responsibility and how to keep your home functioning.

Blatz warns that sometimes shifting responsibilities can be difficult as it can be hard for people to let go of their usual tasks. For example, if a wife is used to doing all of the cleaning and shopping, it might be difficult for her to now let her husband perform those duties. But Blatz says it's important to remember that even though your spouse might not perform the tasks exactly the way you normally would, that it doesn't mean it's wrong, it's just different. She also suggests teaching your spouse how to do certain tasks to make the transition go smoother, such as if your husband doesn't know how to work your washing machine, then give him a lesson.

How Can You Stay Positive While Job Hunting?

Looking for a job in the current job market can be a long and stressful process.

To keep a positive attitude, Blatz offers suggestions.

First, she says to learn to identify the signs of depression, and to realize that you're grieving the loss of a job and perhaps your financial stability.

She also said it's important to identify the positives -- that even if you lose your job, there are still some good things going on in your life.

Blatz also suggests to look forward and to focus on what your strengths are and to think of new careers that you might be good at.

She also recommends surrounding yourself with supportive people and to seek professional help if you think you need help coping.

How Can I Manage My Stress

Whether you've been laid off, or are worrying about losing your job, or are fretting over your 401(k) balance, the current economy is creating stress for many.

To manage your elevated stress levels, Blatz says to focus on self-care.

"We need to become aware of our symptoms and to control what we can," Blatz said.

To do this, Blatz suggests exercising, eating healthy, limiting your alcohol intake, getting adequate sleep and making time for leisure activities.

Blatz also says its important to acknowledge your feelings. Recognize when you need to seek support, and also be realistic -- know that you might not find a job in your first one to two months of searching.

She also recommends making a budget and sticking to it, as well as planning ahead. For example, planning meals in advance can cut down on costs at the grocery store and minimize the expenditure of eating out.

And lastly, but perhaps most important, Blatz says to move beyond negative thoughts. She says that if you focus on negative things, then your thoughts will be negative. A person's "default" setting is for negativity -- this mindset can also be the root cause of anxiety, depression and other disorders. Blatz says to remember that every event has a purpose and every setback has a lesson to teach us. What you think, you become. She says to choose joy and appreciation.

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