The Silicon Valley Bank crashed on March 10 after customers withdrew their deposits from fear of the bank's solvency. The bank had more than 8500 employees, and the collapse also caused stress to many others. This collapse can lead to financial instability, job loss, and uncertainty about the future. It's natural to feel overwhelmed, stressed, and anxious in the aftermath of such an event. Here are four ways to manage stress after a bank collapse. If you were affected by the SVB crash, here are some ways you can manage your stress levels:
Coping Strategies
Practice Self-Care
Self-care is essential during challenging times. It involves taking care of your physical, emotional, and mental health. You can engage in activities that make you feel good, such as exercise, meditation, reading, or spending time with loved ones. Exercise is especially important because it releases endorphins, which are natural mood boosters. Meditation or deep breathing exercises can help you relax and reduce anxiety. Eating a healthy, balanced diet and getting enough sleep are also critical components of self-care. Finally, avoid unhealthy coping mechanisms such as drugs or alcohol, which can worsen your mental and physical health in the long run.
Ways to practice self-care
Going on a walk. Even if it's a 20-minute walk around your neighborhood, it can help immensely both for your mental and physical health.
Balanced meals can contribute to the betterment of your mental health. You can also indulge in some comfort meals for stress relief. This can be pasta or home-cooked meals from your childhood.
Adapting a new hobby. Hobbies can be great ways to wind down and take a break from your stress.
Mediation and mindfulness practices can help us remember that we live in the moment and accept our feelings and thoughts.
Stay Connected
Talking to someone who understands what you're going through can be incredibly helpful. You can seek support from friends, or family. If you're uncomfortable discussing your feelings with someone you know, you can join a support group or online community to connect with others who are experiencing similar challenges. Being part of a supportive community can provide a sense of belonging and help you feel less alone. Focusing on what you can control and taking proactive steps can also help you regain a sense of control and reduce stress levels. This may include creating a budget to manage your finances, seeking new job opportunities, or reaching out to creditors to negotiate payment plans. Identifying concrete steps you can take to mitigate the impact of the bank collapse on your life can help you feel more empowered and less helpless.
Ways to Practice Connection
Reach out to Friends and Family. Sometimes it can feel hard to text or call someone; however, your close circle will help you in these trying times.
Talking to a mentor. They might have gone through a similar situation and can also help plan what you can do for the future.
Finding support groups from social media platforms such as Reddit, Discord, or Twitter. These platforms have strong communities that might be experiencing the same situation. Seeing that you are not alone might help you immensely.
Stay Informed but Take Breaks
You might find yourself scrolling through the news constantly, trying the find ways to make the situation less ambiguous. It's important to stay informed about the situation, but it's equally important to avoid excessive exposure to media coverage or social media. Constant updates and sensationalized news can increase stress and anxiety levels. Choose reliable sources of information, such as government or bank websites, and take breaks from news coverage when necessary. Limit your time on social media, and keep in mind that media can be a source of misinformation and negativity. Ambiguity can cause a lot of stress and anxiety
Ways to Practice Safe Media Consumption
Only check sources that are reliable, like official websites of the bank or the government.
Try avoiding social media platforms that tend to spread false information.
Designate a time of day to check the news and try to limit it. For example, you can tell yourself to only check the news 20 minutes in the morning and 20 minutes in the evening. This way can still stay informed but not stressed by the overload of commentary and information.
Seek Professional Help
In addition to seeking support from friends and family, it's important to consider seeking professional help from a mental health professional. A therapist or counselor can help you navigate your emotions and provide coping strategies that are tailored to your unique needs. They can also help you identify and address any underlying mental health conditions, such as anxiety or depression, that may be exacerbated by the stress of the bank collapse. A mental health professional can offer a safe and confidential space for you to discuss your feelings and develop healthy coping mechanisms. Remember that seeking professional help is a sign of strength, and it can be a crucial step in your journey toward healing and recovery.
Ways to Seek Professional Help
Talk to your doctor. If you're unsure where to start, consider talking to your primary care physician. They can assess your mental health and provide a referral to a mental health professional if necessary.
Use online sources. There are many online directories that can help you find mental health professionals in your area. Psychology Today and Good Therapy are two popular options. These directories allow you to search for therapists by location, insurance, and specialty.
Check with your insurance company. Your insurance company may provide a list of mental health professionals who are covered by your plan. This can help you find a therapist who fits your budget.
Consider teletherapy: If you're unable to attend in-person therapy sessions, teletherapy can be a convenient and accessible option. Many therapists offer video or phone sessions, allowing you to receive counseling from the comfort of your own home.
All in all, coping with the stress of a bank collapse can be overwhelming and challenging. It comes with a lot of ambiguity which can lead the high stress and anxiety levels. However, there are several ways to manage stress and maintain your well-being during this difficult time. Prioritizing self-care, seeking support, staying informed, taking action, and seeking professional help are all important strategies that can help you navigate your emotions and regain a sense of control. Remember, it's okay to ask for help and take time for yourself. By implementing these strategies, you can take steps towards healing and recovery, and emerge from this experience stronger and more resilient. Make sure to check out our other blogs on breaking the stress cycle, where we talked about breathing exercises you can do when stressed, and how to improve your overall well-being, where we talked about the neurotransmitter serotonin and how to increase it. Make sure to check-our our website to explore how you can integrate Insumo and habits to cope with stress.
