Feast and Famine: How to Build Emotional Resilience and Thrive on an Unstable Income
Feast AND Famine - How To Thrive On An Unstable Income
You don’t need to search far to find the news that financial instability has become a reality for many people. Freelancers, gig workers, entrepreneurs, and those navigating uncertain job markets and needing to leave the safety of a regular income, can find an unstable and regular income brings significant stress and anxiety. The ability to adapt emotionally in the face of these challenges is not just a nice-to-have skill—it’s essential to our wellbeing. Developing emotional resiliency is the lifeline to thriving in an uncertain world.
What Is Emotional Resiliency?
Emotional resiliency refers to our ability to adapt, recover, and thrive in the face of adversity or uncertainty. It’s the mental and emotional elasticity that helps you navigate life’s ups and downs without being overwhelmed when the unexpected happens and your income doesn’t appear as planned. When you have an unstable income, emotional resiliency allows you to handle financial fluctuations with a clear head and steady focus, but it’s a skill that needs to be built in advance of when you need it.
Why Is Emotional Resiliency Crucial for People with Unstable Incomes?
Reduces Stress and Anxiety An unpredictable income can lead to constant worry about paying bills, covering emergencies, or planning for the future. Emotional resiliency helps you manage these stressors by teaching you how to stay present and not descend into the overwhelm, reframe challenges as opportunities, and focus on what you can control.
Enhances Decision-Making Panic and fear can cloud your judgment, leading to impulsive financial decisions. Emotionally resilient individuals are better equipped to evaluate their options calmly, make sound decisions, and plan strategically, even during tough times.
Fosters Creativity and Problem-Solving Financial instability often requires innovative solutions, whether it’s finding new income streams, negotiating better rates, or adjusting your lifestyle. Emotional resilience fuels creativity by allowing you to stay optimistic and resourceful under pressure.
Promotes Long-Term Stability Emotional resiliency helps you focus on building long-term strategies for managing income fluctuations. Instead of being reactive, you can create safety nets like savings, diversify your income with side-hustles, or invest in skills that boost your earning potential. This proactive approach is rooted in emotional stability.
Improves Relationships Financial stress can strain relationships with family, friends, or business partners. By building emotional resilience, you’re better able to communicate openly, handle conflicts constructively, and maintain healthy support systems during challenging times.
How to Build Emotional Resiliency
Building emotional resiliency takes time and practice, but once developed its a life-long skill, that will help you to calm your nervous system and maintain the clarity and focus to build the long term financial stability you need
In my 12 week Peaceful Money Pathway, I take my clients through the 6 essential steps to building emotional resiliency, which include:
1. Self-Awareness and Safety
Start by identifying your emotional triggers and understanding how you react to financial uncertainty. Then build an internal sense of safety to combat the fear
2. Understand Your Money Story
Increasing self-awareness of your money story so far, will give you clarity on where you’re going and what needs to change
3. Define Your Success
Defining your success, means being consciously aware of what’s important, what’s not and seeing challenges as opportunities to learn and grow. This shift in perspective can make it easier to face setbacks with confidence and make it easier to take action.
4. Cultivate Healthy Habits
Learning to balance your financial wellbeing with all the other aspects of wellbeing, such as exercise, sleep and eating healthy, helps you boost your resiliency and maintain a positive perspective on where you’re going
5. Learn Financial Management Skills
Take control of your finances by creating a budget, tracking expenses, and setting financial goals. Knowledge and preparation can alleviate the fear of uncertainty.
6. Practice Gratitude and Positivity
Focus on the positives in your life and the progress you’ve made, no matter how small. Gratitude can help shift your mindset and reduce feelings of lack or fear.
In summary…
An unstable income can feel like walking a financial tightrope, whilst emotional resiliency can be the balance pole that keeps you steady. By cultivating emotional resilience, you can navigate uncertainty with greater confidence, make informed decisions, and maintain your emotional well-being. In the face of financial and global unpredictability, emotional resiliency isn’t just about surviving—it’s essential to thriving.
What next?
Carolyn Whitehouse is a Money Psychologist renowned for her expertise in understanding the intricate interplay between psychology, physiology and financial decision-making. With an extensive background in both psychology and trauma, Carolyn offers invaluable insights into how individuals perceive, approach, and manage money, empowering them to achieve greater financial well-being.
Join me for my free interactive Feast and Famine: Thriving with An Unstable Income workshop on Tuesday March 11th at 1pm. Register here: https://us02web.zoom.us/j/7407844619?omn=84096928730
