Coping Strategies during
Tough Financial Times
-- Part One

Blended families, along with every other sector of the country, will probably feel the negative impact of the meltdown on Wall Street No one is immune to the fallout that has caused the federal government to step in with a multi billion dollar bailout to stabilize financial markets and prevent a total collapse.

While banks and other financial institutions will avoid total ruin with the rescue plan, the same is not true for many ordinary families feeling the personal pain of financial strain and powerlessness, that uneasy feeling of loss of control over a situation you did not create and you are unable to correct.

The result of the crisis for regular families is generalized stress as people are threatened with foreclosure, ballooning mortgages, job loss or insecurity, rising gas prices, home heating oil, and food costs, as well as monthly bills and credit card debt. Blended families face increased pressure as they finance dual households and child support.

Stress puts pressure on physical health with headaches, stomach pains, sleeplessness, anxiety, panic attacks, and depression Relationships become strained resulting in tension and arguments that increases the cycle of anxiety. And, when anxiety is overwhelming people often resort to unhealthy coping mechanisms such as alcohol, over eating, gambling or drug use.

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

Take care of your health because if you aren’t healthy and able to take of your family, things will spiral downwards Make sure you eat a healthy diet, get enough sleep, exercise at least times a week and seek professional help if you feel you can’t cope 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..

Organize a family budget if you don’t already have one and review it monthly if you do This forces you to know what you are bringing in and what you are spending. Often, couples have only a vague idea of their monthly expenses and are surprised at how much they actually spend on items like cell phone service or eating out.

Check out Free-Financial-Advice.net for practical advice on how to begin 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. If you have serious financial challenges seek professional advice with a credit counselor

Next time, we’ll give you a list of ideas on recruiting your kids in the money-saving adventure, as well as a big list of possible places your family can cut back.