H&R BLOCK: DOLLLARS AND SENSE

Relax, your tax returns don't bite

Tax season is a stressful time because it forces us to take a close look at a topic most of us would rather avoid thinking about — our money. As we gather our W-2s, 1099s, bank statements, medical receipts and charitable donations, we stare our financial health straight in the face. While often a stressful experience, it can be exponentially more difficult in a year plagued with pay reductions, job loss and declining property values.

Stress, by definition, is any change to which we must adapt. Whether it’s tax season or a traffic jam, stress is an unavoidable fact of life. While moderate amounts of stress actually improve our ability to perform, too much negative stress can overwhelm us, decrease our effectiveness, and increase our risk of illness and premature death. When we feel overwhelmed, we are much more vulnerable to unhealthy behaviors, such as making poor dietary choices, smoking, drinking to excess, or overspending. These behaviors offer a temporary distraction but often leave us in much worse shape in the end.

When we face a real or imagined danger or threat, our body releases adrenaline and other chemicals into the bloodstream, to give us a quick burst of energy to cope with the situation and increase our odds of survival.

There are times when this stress response is helpful, such as when our ancestors were chased by a saber-toothed tiger or when we are threatened by a growling dog. However, our bodies cannot tell the difference between life-threatening stressors and everyday stressors, such as our bank statements or tax returns. When stress hormones course through our veins on a chronic basis, they can damage almost every major system in our body, leaving us with fatigue, respiratory problems, adult onset diabetes, depression and inhibition of our immune and tissue repair systems. So how can we deal with negative stress?

How we think about challenging situations determines how they will impact us. If we tell ourselves we can’t cope with the challenge, we will feel overwhelmed, which may result in panicking or shutting down. If we believe we can meet the challenge or know where to seek help, we are energized and motivated.

Integrating positive activities into our daily lives also help us cope with stress. Take a few deep breaths, watch the sunset, enjoy some time with family or friends, exercise, seek help if you are overwhelmed or play with your kids. Doing so reverses your emergency response system, induces a sense of relaxation and helps you deal with your concerns about money. In fact, your body can fully reverse its stress response in just three minutes after your brain has decided you are not in any actual danger. While your tax return may seem daunting at first, it is no growling dog and it’s important to remind yourself that it won’t bite.