The COVID-19 pandemic is creating feelings of uncertainly in almost every aspect of life. Aside from physical health, it’s creating concerns about financial health, too.
If you are currently facing financial anxiety right now, you’re certainly not alone.
Read on for some helpful insight and tips to help you cope with this crisis and get back on your feet mentally and financially.
Research Assistance That May Be Available to You
Anxiety about money is high right now, particularly when a large portion of the nation is either furloughed or unemployed. If you’re able to use sick time, your employer should be able to grant it to you. This amount of pay while you’re out of work can help to fill the gaps until things reopen.
Specific rules about filing for disability, family medical leave, or unemployment can differ between states. Check with your local unemployment office only after you’ve spoken with your employer’s HR department to see what they can do for you.
Between your place of work and local and federal government programs, you may qualify for some financial relief. Those who are self-employed should check with state government websites to determine if they’re eligible for any benefits.
Small business owners may be able to receive a low-interest small business loan through the SBA. Aside from these programs, you can talk to others in your local community about additional assistance. There are even payday loans online to help you get money fast if bills are due.
Don’t be afraid to reach out for help during this turbulent and uncertain time. Remember, you’re not alone when it comes to the financial struggle.
Ease Financial Anxiety by Staying in Control
When money is tight, it can be tough to decide who or what to pay, and when. You should always focus on the most important things first, such as rent, food, utilities, and transportation.
When you regain control over your finances, it can help lessen those out-of-control feelings that tend to go along with anxiety. Make a list of the things you need most, then put them in order so you know where to spend your money.
Do your best to cut costs and buy food in bulk with coupons at the grocery store. Avoid ordering takeout and keep clothing and other unnecessary purchases to a minimum. Better yet, if possible, you should cut those “retail therapy” shopping trips out of your budget altogether.
If you’re worried about your rent or mortgage payment, look into current options that can give you some temporary relief. Some localities are allowing renters to skip rent payments. Mortgage holders should ask their bank about how to enter forbearance programs.
Temporary payment suspensions may apply to your utilities including power, gas, and water. Talk to your utility companies to find out what they’re offering customers during the COVID-19 pandemic.
Once you prioritize your bills, you’ll be able to regain some control over the situation. Just remember that you should never ignore your bills. Instead, try to get as much help as possible until things return to normal. These assistance programs may also apply to credit cards and other loans, so check with your bank, too.
Stay Focused on Your Mental Health
While financial anxiety and anxiety about money is to be expected during this time, it’s crucial to remember to prioritize your mental health. Even if you’re not working, there are things you can do to make money which can help ease anxiety.
Look through your home and try to sell items you no longer use through online marketplaces. Sell large items like furniture or gym equipment locally so you can get cash in hand fast.
Aside from making extra income, this is a good time to reassess your mental well-being. Promote better mental health by eating a balanced diet, getting enough sleep, and checking on friends and family.
You can also use technology to your advantage during this time of isolation. Set up a special virtual meeting with friends using Zoom or other apps so you can get together and converse from a distance.
Exercise is another way you can cope with anxiety while promoting good physical health. If you can’t get outside to take a walk, try virtual yoga lessons or workouts you can do at home.
Facing anxiety over money can feel overwhelming. Remember to take some time out to focus on what’s important and put your well-being front and center. Meditation and deep breathing techniques can help you feel calmer and more in control.
If you’re not currently working, do your best to stick to a schedule anyway. Having a daily schedule can help you feel grounded and give you something to do and to look forward to every day, even while you’re unemployed.
Reaching out to others who are in the same situation. This is one of the best ways you can relieve money-related stress and anxiety.
Manage Your Money-Related Stress
Without a steady stream of income, it’s easy to experience financial anxiety whether it’s during COVID-19 or any other time. Remember to prioritize your bills and reach out for help when you need it.
With the right focus on your mental health and support from others, you can overcome the anxiety and hopefully, return your life back to normal in time.
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