How To Cope With Financial Stress During A Pandemic

Back in March, countries shut their doors and families were forced to stay home. The virus quieted down, and families began to open their doors and welcome in a new normal. Now the colder months have watched the virus rear its ugly head and once again we are living a “safer at home” lifestyle. Coping with uncertainty can take a toll on our mental and physical well-being so here are a few ways to cope.

1. Accept the State of Affairs

• Overcome anxiety by accepting that life will be different and focus on tasks you can control.
• Take stock of your financial situation and uncover ways to increase your emergency funds.
• Money may be tight for a while, but experts recommend holding steady with your investments rather than making fear-based changes.

2. Know your Emotional Triggers

• Pinpoint your emotional triggers and how you react to them. Finding new ways to react will lower your anxiety.
• Discover new activities that can get your mind off the situation at hand. In the end you may discover a new coping method when emotions take over.
• Turn off the “noise” by limiting social media influences, news reports, and conversations with anxious parties.

3. Lower Levels of Unnecessary Risk

• A spending spree might produce short-term elation but it’s sure to turn into long-term buyer’s remorse so keep your wallet tucked away for now.
• Listen to the medical experts, not your friends—wear masks, wash your hands, and limit your group size. You will feel better knowing you’re doing all you can.

Finally, lean on your friends, family, and community for support. This situation is new to us all, and coping will require an unconventional lifestyle. Find out what others are doing, lend a helping hand to those in need, and you might just find that you come out of this pandemic a little stronger.