You've been diligently adding to your infant's college fund, contributing to your 401k and hiding your credit cards. But with all the gloomy economic news flooding your inbox, money is on your mind.

Fear not, financially savvy friends – or at least, stress not. Below are tips from the American Psychological Association on how to cope with current cash woes.

Pause but don't panic. Pay attention to what's happening around you, but don't get caught up in doom-and-gloom hype, which can lead to high levels of anxiety and bad decision making. Avoid the tendency to overreact or to become passive. Remain calm and stay focused.

Identify your financial stressors and make a plan. Take stock of your particular financial situation and what causes you stress. Write down specific ways you and your family can reduce expenses or manage your finances more efficiently. Then commit to a specific plan and review it regularly.

Turn these challenging times into opportunities for real growth and change. Times like this, while difficult, can offer opportunities to take stock of your current situation and make needed changes. Think of ways that these economic challenges can motivate you to find healthier ways to deal with stress – try taking a walk, having dinner at home with your family or learning a new skill.