Good management of the economic crisis and its impact on emotions – Health and Wellbeing

Every decision made on a daily basis is related to finances and must be made wisely, taking into account the level of emotional intelligence as a key factor in good management. Doctor of Psychology Noelia Taborda.

Finance is the set of activities that, through decision making, move, control, use and manage resources such as money. It refers to the way people treat the environment through its use.

Emotional intelligence is the ability of people to attend to and perceive feelings correctly and accurately; it consists of the ability to adequately internalize and understand feelings in order to regulate personal mood and the mood of others.

Emotions can be the best strength or the biggest weakness in managing money, so emotional intelligence is valued as a good tool for creating saving habits as well as good consumption habits, doing good financial planning, personal budgeting which helps to have healthy personal finances because when making When making decisions, it is extremely important to control emotions and not get carried away by impulses.

¿What causes this emotional discomfort?
Uncertainty, lack of information, excess information, or irrational social behavior can contribute to emotional distress. This can lead to uncertainty or a lack of control over the situation in which they find themselves.

Coping refers to the series of thoughts and actions that enable people to cope with difficult situations; Thus, it is a process of efforts aimed at best managing (reducing, minimizing, tolerating or controlling) internal and environmental requirements. To summarize, coping is an ever-changing cognitive and behavioral process that develops to manage specific external and/or internal demands that are appraised as excessive or in excess of a person’s resources.

According to experts Lazarus and Folkman, there are usually two main types of strategies:

1. Problem-solving strategies: These are strategies directly aimed at managing or changing the problem causing discomfort.

2. Emotional regulation strategies: These are techniques aimed at regulating the emotional response to a problem.

In any case, there are actually many possible coping strategies that a person can manage (confrontation, distancing, self-control, taking responsibility, escape-avoidance, positive reappraisal). The use of one or the other is usually determined to a large extent by the nature of the stressor and the circumstances in which it occurs. In this case, we live in a society that is subject to external circumstances such as inflation and how they affect our homes.

When faced with this uncertainty, there is a type of strategy that can be adopted to alleviate deteriorating mental health that is usually very effective: planning, which is thinking about and developing strategies to solve the problem. This corresponds to setting a plan of action and sticking to it.

While developing a home planning strategy will not solve the country’s problems, it does have a direct impact on mental health as making good financial decisions will significantly impact your state of mind at the moment.

To support any type of planning, you first need something called self-efficacy, which is related to beliefs about one’s ability to perform a certain behavior.

And on the other hand, maintenance and persistence, as these are the two pillars that help support planning. Thus, it can be stated that without action there will be no progress.
Article published in Educational material Center for Health and Longevity “Ikar”

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