What you Can Bank On in Hard Times

Our economic style is a natural expression of who we are. Hoarder. Spender. Philanthropist. Cheapskate. Gambler. Shopaholic. For richer or for poorer, your money is a measure of how you see yourself. For many of us now struck by financial woes, our relationship to money may be changing.

Perhaps, it went something like this: The job you loved to hate…”poof” and with it the perfect getaway, gone. As for your 401(k), there’s that misty cabaret song “What Did I Have That I Don’t Have Now?” Maybe you lost something tangible or maybe just the fantasy of something. Whether it was a house made of stone or one built on the sands of your imagination, losing something changes things. Maybe you mourn the sense of confidence or safety that a certain amount of wealth inspired. You may tell yourself that its absence can make room for new things, but you’d prefer 25 cents on the dollar. Whatever your sense of loss is, chances are you are re-evaluating your own “fundamentals” and trying to figure out how to grow your green – and nurture yourself – more wisely.

Now is a good time to reflect on the emotional currency of your financial attachments. Some folks are learning to let go, others to fight back, while others simply panic. Rightly or wrongly, the value of money is so entwined with notions of love, security, and worth that it is difficult to separate. And yet the present is demanding that we make do with less and inviting us to find a way to make the most of it.

While this is not The Great Depression, it may feel like it to people who have never lived through it. Irving Weinstein, Ph.D., a New York psychologist who grew up during the Great Depression, sees this as yet another wave (albeit severe) in the economic cycle. He’s disturbed that the media is portraying this downturn as an “epidemic.” That said, he suggests that people try to be realistic about how they have been affected and take steps to “immunize” themselves financially and emotionally. As he puts it, there is a constant “menu of stressors” which can occur at any time (loss of a loved one, divorce, illness). This economic dip is one more item on the menu, but it is not the menu. In Dr. Weinstein’s office suite, there is an illustration of Charlie Chaplin as “The Little Tramp” character. The caption reads, “Downtrodden, But Irrepressibly Optimistic.” Dr. Weinstein talks about how people identify with the victimized Tramp character who stood up to towering bullies and showed audiences there was a way in which the scrappy “little guy” could hold on to his integrity and not just do the right thing – but do the nobler deed. He references the movie City Lights in which The Tramp secures a much-needed penny on the floor, but gives it to the poor blind girl who needs it even more. In giving it to her, he gives himself-and the audience-a certain faith in humanity.

So while there may be an epidemic of fear, it may be counterbalanced by one of hope.

On matters of spirit and change, The Reverend Thomas Synan of The Church of the Heavenly Rest in New York City, has some words of wisdom. While not discounting the financial hardship many face, he sees the current climate as offering “spiritual opportunities.” On this subject he notes, “Money is only worth the value we give it. Now is not the time to mourn its loss of value. It is in times like these that we prioritize properly and realize what is of great value – not wealth or possessions – but family, friends, a strong supportive community. In times of overabundance, these things can be lost.” While people may need to cut back on what they can give charitably, other ways of giving arise. While our culture prizes money for the independence it may offer, there is also a way in which tough times can bring people closer.

A greater sense of empathy and financial interdependence can arise. The Reverend Synan relates a story told to him by an acquaintance of how, during The Great Depression, “neighbors looked out for each other and even paid each other’s bills.” Identity became more collective and less individualistic. While schadenfreude – “delighting in the misery of others”-no doubt existed, there was a strong sense of “there but for the grace of God go I.” Counting your blessings – not your losses – can add to an enhanced appreciation of life.

On the other hand, Dr. Faith Bethelard, a Manhattan-based psychologist, emphasizes how mourning a financial loss need not be something without its blessings. “Within a place of emptiness, or rather ‘spaciousness-new growth can be entertained.” Dr. Bethelard notes, “For many people who may have planned on retirement (with a certain degree of ambivalence and even dread), they may be energized by staying employed. They want to stay in the game. This economic downturn may be making a place for elders in the work force.” While ostensibly people are trying to recoup their losses, early baby boomers don’t want the old retirement model. She notes, “Previous generations didn’t have a language for things like the spa – you worked hard then you retired. Now people know how to have ‘spa moments’ in their day.” She mentions the importance of moments of “mindfulness” where one can check out from one’s ambition. Maybe that meditative “spa moment” is as simple as washing one’s hands and tuning into the feel of the soap and the warm water. Certainly, this is not the same as a blissed-out 90-minute deep tissue massage, but in its own way perhaps more meaningful because we are creating it spontaneously in the mix of a workday. On exploring the value of these kinds of moments, Bethelard explains, “As one more closely observes inner reality, one finds that happiness is not exclusively a quality brought about by a change in outer circumstances, but rather happiness often starts with loosening and releasing attachment to thoughts, predispositions, and ‘scripts.’”

So it could be time to change your financial script. We’ve been told that money can’t buy happiness – and while losing it doesn’t either-perhaps the experience of loss can help us pay more attention to life’s little moments and to small acts of kindness.

And for that we may be all the richer.

Juliet Heeg, LCSW, a frequent contributor to Organic Spa Magazine, is a psychoanalyst in private practice in New York City.

Organic Spa Magazine is a national consumer lifestyle magazine about bringing spa wisdom into the modern green lifestyle. For a free digital subscription, click here.

By Juliet Heeg, Organic Spa


Jessica Grieshaber
Jessica G3 years ago

Thanks for the post.

Carol L.
Carol L3 years ago

Amen to the preceding comment that hard times are not dipping into assets,

Jelena Radovanovic
Past Member 3 years ago

The only one I am banking on in hard times is myself, I am banking on that I will find a way to made it through as I always do.

Christine Stewart
Christine S3 years ago

Thanks for the article.

Captain Annie
Captain Annie3 years ago

[Continued since my comment got cut off] --

Money becomes so unimportant once you realize the true riches of life. People coming together in hard times as friends and as a family, regardless of blood, race, and religion... that's honestly one of the most amazing and precious things that one could ever witness. It's selfless. It's inspirational.

It's hope in its purest form, and it's absolutely beautiful.

Thank you so much for the wonderful article.

Captain Annie
Captain Annie3 years ago

I used to be so obsessed with getting a decent job and making a lot of money because I seriously believed that it would be the only way for me to survive and live a happy life. My family has never been rich, but we used to be financially stable -- stable enough to get by.

Now, we're completely flat broke, about to lose our house, and we can't find any jobs. My mom ran off to go let some rich guy take care of her, leaving my dad and I to work together to make ends meet. I was afraid at first because we have pets, and I didn't want to end up having to surrender my dog to the pound. I would live on the streets if it meant that I got to keep my dog.

But that's when it really hits you. Money doesn't exist at that point of desperation. All I could think about was how I would give up everything I own -- even my own shelter -- in order to stay with my dog and take care of him as best as I could, because he's not just my dog. He's my friend. He's my family.

Living this way, scraping by on practically nothing, has completely changed my perspective on life and the value of things that can't be obtained with money. I appreciate my family more than ever, I'm the happiest I've been in along time, I'm going out into the world and meeting new friends, I feel inspired to paint, draw, and play music again, I play with my dog more often and take him for walks, and I've been using every spare moment that I can manage to educate myself about the things that I was never taught in school.

Kaileen Reynolds
Kaileen Reynolds3 years ago

Thanks for sharing.

Michael H.
Mike H4 years ago

Thank you

V V.
V V4 years ago

I lost my job 11 months ago. I was a bit shocked, and don't feel I'll be able to go forever without getting another job, but am working to make do with what we have. I watch the sales papers for grocery items. I never was a clothes horse, or a person who has to hang out at malls, so that's no problem. I cook and bake at home, work out to a $12 exercise tape at home, I can homemade jams (and liqueurs) from fruit I either bought on sale, or received free from a friend, and gave homemade jams and liqueurs as Christmas gifts. We only go out once in a blue moon, but I really don't miss it. I enjoy my home, and time with my husband, and just keeping in touch with family and friends. Money is definitely overrated! This is one site where you can help to do good, even if you have no money, by signing petitions, clicking to donate, sharing via Facebook, etc., to spread important info to others...and then you can spend your credits to do good things!!! Lastly, what someone mentioned in a comment here, the Tightwad Gazette books really helped me some years ago when I had debt. Just excellent books to help you learn ways to watch your spending and be frugal. Check them out at your library! And thanks for a good article!

Susan B.
Susan B4 years ago

We made plans this past September to take our grandkids (14 and 16yrs old) to New York City for the tree lighting. They were so excited. I made the reservations at the hotel and started planning. Unfortunately we didn't have enough money saved at least a week prior to the trip. Tried hard, but it just didn't work with time off from jobs. My mom summed everything up. She said that in 6 months it won't mean anything that we spent the money for the trip. We'll look back at the happy teenagers being in New York the weekend they lit the tree. Money for the trip won't matter as they'll talk about it for time to come. She was right and it's happened exactly she said it would. Cost us a lot, but it is a memory that will always be there. Money isn't always what you think it is. Peace.