4 Helpful Tips to Overcome Financial Stress Post COVID-19
Due to Coronavirus (COVID-19) pandemic, the US unemployment rate rose dramatically to 13.07 per cent in the second quarter of 2020 from 3.8 per cent in the previous quarter. Undoubtedly, the world has collectively witnessed a global breakdown during and after the pandemic.
During the Global Financial Crisis, many businesses lost money. Companies went bankrupt, countries faced massive economic fluctuations, and most people lost their jobs. Anxiety and stress are associated with uncertain times. The pandemic is no exception.
Throughout this article, my goal is to strive and build resilience so that you can fight financial stress through sheer willpower and consistency. Use the following tips as a guide to managing financial stress.
- Prioritize Your Health — Especially Focus On Stress Management:
How can you even think of “thinking” with an empty stomach and a stressed mind? Your first and foremost priority must be your health, especially during and after the pandemic.
You will surely agree that a healthy mind works more actively than a stressed mind. For this purpose, endeavour to eat healthy food: the food that boosts your immune system and activates your mind to work energetically.
As far as stress management is concerned, just calm down and think over your financial problems wisely and deeply. Grab a piece of paper and make two columns. Write your problems on side of the paper and the blessings you have on the other. Believe me! This will work like magic as you will realize that you certainly have many more blessings than problems.
Having a plan for where your money is going can help ease your anxiety and give you a sense of control. Also, talking about your stress and sharing your feelings will give you relief and comfort. In severe anxiety and stress conditions, approach a qualified professional to provide you with comfort and expert guidance.
2. Identify Your Financial Position And Manage Your Budget Accordingly:
Where does all the money you earn vanish? Don’t worry. It’s right here. You need to manage it prudently. After covid-19, almost every economy has faced a downfall, and so is your household economy.
It is very significant to identify your financial position: earnings, expenditures and luxuries. Paperwork will do best. Keep on having a record of your daily activities and expenses. Finding the root cause of your financial instability will light up how to overcome it.
Your initial focus should be your kitchen income. Once your necessities are fulfilled, you can move towards comforting yourself and ultimately move towards acquiring luxuries. Cut down on extra expenses and extra shopping. Window shopping can work until you become stable. Can’t it? Try to make things easy yet pleasurable for you.
3. Think Of Ways To Earn More Money — Online Platforms:
It’s high time you start doing smart work rather than hard work. Undoubtedly, the pandemic has adversely affected our lives, but it has given us ample time that can be advantageous if we use it correctly. Wondering how? Let me sketch a clear picture for you.
During covid-19 we all were forced to spend time in our homes. This was a great opportunity to gain and enhance online skills and stand out. Don’t be If you haven’t availed this time in a meaningful way, don’t be uneasy. You can always start as there is always this first start that opens the doors to success.
Thousands of online platforms are waiting for you. They welcome you to come, offer your service and grab as much money as you can. All you need is the urge to develop and master highly paid skills, and of course, hunger for success.
4. Support And Cooperation Of Family Members:
Now is the time when we need support, love and cooperation from our loved ones. Covid-19 has brought an ugly twist to our lives. We all are under physical, mental, and financial stress, and we need to get rid of it unitedly.
With the arrival of the pandemic, we now have sufficient time to spend with our family. Make sure the time you spend is not just time but “Quality time.”
At this point, I have something important to discuss. Keen to know what is that? Well! As I mentioned above, everybody can learn a skill and be a part of the earning army of the family.
Every family member should contribute financially so that a single person is not overburdened. Females, especially housewives, must be encouraged to step forward and play their part. It will do wonders!
Furthermore, you can also increase your social media family, as Facebook, WhatsApp, Twitter, LinkedIn, etc., have become common with smartphones in our hands.
This will enable you to explore new things, share your professional activities with those who know their worth and get high-paying clients as well. Happy Family Time!
Bottom Line:
Let me give you a motivational shot in the end. Fred Rogers said:
“Often, when you think you’re at the end of something, you’re at the beginning of something else.”
So, have unshakable confidence and faith in yourself. As you overview your financial situation and handle the crisis accordingly, you will eventually know how to cope with it. You will flourish and fly high. Believe me, when this time comes, you will feel that you have achieved something huge. Good Luck!
