6 Ways To Deal With Financial Stress During Tough Times
The lesson Coronavirus pandemic was a difficult ordeal, to say the least. If you haven’t been directly impacted financially by the economic disruption, there’s a good chance you know someone who has.
Here are seven ways to deal with your financial stress during tough times.
1. Prioritize what you can control
You can’t change everything that’s causing you stress. Some things are just simply beyond your control. If you dwell on things that you cannot control, it will probably cause you even more stress because you will be frustrated that you cannot change them.
Instead, focus on the things you can control so that you can work to improve your situation. For a simple example, consider something simple like your food budget. Unless you already have a minimal food budget, look for ways to save a few dollars on your grocery bill. Not only will you save money, but the feeling of accomplishment and control can also help reduce your stress.
2. Find ways to earn more money
You can only cut a budget so far, and you’ll need to be careful that your tight budget doesn’t cause additional stress. Another way to ease some financial stress is to take steps to increase your income.
It may seem difficult to increase your income in the current economic context, but it is not excluded. The easiest way to earn more is to work a few extra hours each week if your employer allows it.
If increasing your hours is not an option, look for other ways to make money. Unconventional New Ways To Make Money May Be Available Now because of the pandemic. For example, families with homeschooled children may find that they have less time to take care of normal household chores than before. Many are willing to pay someone to pick up groceries, mow the lawn, help kids with homework online, or watch them while they go to school virtually.
3. Pay essential bills
If you’re worried about being able to pay all of your bills, prioritize essential bills first. Sorting your invoices and prioritizing them serves two purposes:
- As a budgeting exercise, it guides you to deliberately think about what you are spending your money on. You may find that some invoices can be eliminated.
- By knowing in advance which bills you’ll pay first, you won’t have to scramble to decide if you find yourself in a bind later.
Both of these results will help reduce your financial anxiety and hopefully allow you to sleep better.
4. Save money (if you can)
Try to stick to a consistent savings plan. If you aren’t already following a plan, try to implement one even if it starts out small.
Another thing you can control is having a savings plan that you follow. The act of saving will give you a sense of accomplishment that will reduce your anxiety. Then, of course, having that money in case you need it later will also relieve your stress.
If you want to keep your money accessible but don’t want it to sit idle, consider putting it in a high yield savings account. High yield savings accounts pay higher rates than typical savings accounts and make excellent vehicles for emergency fund. If you want to contribute a certain amount to your savings each month, you can set up an automatic transfer of your checking account.
You won’t really know if you’re making progress if you don’t keep up with it. Make sure you know where you stand.
“Do the work to determine your exact financial situation,” says Tracey Bissett, president of Bissett Financial Fitness. Tracking your progress lets you know if the actions you take are moving the needle.
Knowing your progress is also helpful, because as you progress towards your financial goals, like paying off debt, the positive psychological effects the effects may improve your mood and health. If you don’t follow your financial goals, you may not realize how far you are really progressing.
Here is a preview some of the best places to save your money.
5. Talk to your lenders
Debt can be both a financial and a mental burden. Before you let debt and the stress it cause overwhelm you, talk to your lenders.
“Always remember that lenders are often willing to discuss your problems and at least find a short-term solution,” says Anna Barker, founder of LogicalDollar and personal finance expert. “This is particularly the case at this time, with a number of banks announcing temporary freezes on refunds or failure to report missed payments to credit bureaus at the request of customers.”
6. Talk to professionals
“The uncertainty created by COVID-19 has increased financial stress for many people who need help with financial matters from someone they can trust,” said Brian Thorp, Founder and CEO by Wealthtender. “Fortunately, most financial coaches and advisors have adapted their practice to serve clients online. While technology has shown its value in a world of social distancing, it cannot replace the human element offered by financial professionals when it comes to the emotional subject of money. “
At the end of the line
Financial uncertainty is stressful, but there are steps you can take to reduce it. Don’t try to overdo it and overwhelm yourself. Focus on some things you can do to gain control and make improvements even if they are small. You will be in a better financial situation and you will feel better.