Financial Coping Strategies For Tough Times -- Part 1

Financial Coping Strategies For Tough Times -- Part 1

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Blended families, along with every other segment of the country, will likely feel the negative impact of the meltdown on Wall Street. No one is exempt from the fallout that has caused the federal government to initiate a multi-billion-dollar bailout to stabilize financial markets and prevent a total breakdown.

While banks and other monetary institutions will avoid total ruin with the bailout plan, the same is not true for many average families experiencing the personal anguish of financial injury and powerlessness, that anxious feeling of loss of control over a situation you did not make and you are powerless to correct. The result of the crisis for most families is generalized stress as people are in jeopardy of foreclosure, ballooning mortgages, loss of employment, rising gasoline costs, home heating oil, food costs, as well as monthly bills and credit card balances. Blended families face increased stress as they finance dual households and child support.

Stress puts pressure on physical wellbeing with headaches, stomach aches, sleeplessness, anxiety, panic attacks, and depression. Relationships become strained causing tension and disputes that increases the cycle of anxiety. And, when anxiety is overwhelming, people often resort to unhealthy coping mechanisms such as alcohol, overeating, gambling or drug use.

Unfortunately, were not in a position to offer a bailout plan for our blended families, but we offer some strategies to help you to take action and feel more in control of your fate as this economic nightmare plays itself out.

1. Take care of your health because if you arent healthy and able to take care of your family, things will spiral downwards. be sure you eat a nutritious diet, get plenty of sleep, exercise at least 3 times a week and seek professional help if you feel you cant manage on your own, or find yourself resorting to negative coping mechanisms. Try to keep financial news in perspective and avoid the roller coaster ride of the daily market reports.

2. Organize a family budget if you dont already have one, and review it monthly if you do. This forces you to know exactly what you are bringing in and what you are paying out. Often, couples have only a hazy idea of their monthly expenses and are surprised at how much they actually spend on items like cellular phone use or dining out.

Check out Free-Financial-Advice.net for useful information on how to start the family budget process and how to save money on a variety of everyday expenses including health and life insurance, cell phone plans, cable bills and reducing credit card debt. For the more tech savvy, go to Ehow.com/familybudget. Next time, well give you a list of ideas on recruiting your children in the money-saving quest, as well as an extensive list of possible places your family can cut back.

About the Author:
Sheena Berg, a blended family coach, writes for the FREE StepHeroes step parenting newsletter. Your heart been burned too often by your step family? Read about our low-cost heart-burn relief: blended family coaching.

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