The pandemic has been a source of stress for everyone, especially when it comes to finances. The good news is that there are practical ways you can reduce financial stress in these strange and uncertain times. Here are three tips to consider:
1. Get financial relief
If you own a business, research the many government and private financial assistance programs that can help you stay afloat during the pandemic. Or if you’re an employee who is in danger of having your wages garnished, it’s important to take steps to avoid it. Look into the various debt management solutions out there, such as debt counseling, consolidation loans, bankruptcy, and settlements.
2. Plan and set goals
The most practical way to reduce financial stress is to come up with a plan. Figure out what you want, evaluate your situation, and set realistic goals to achieve. This might include making a five-year plan, learning to budget more effectively, building an emergency fund, saving for retirement, and so on.
3. Practice self-care
Maintaining your health and well-being works wonders for stress relief, and it can help you prevent some potentially expensive medical bills. Make sure you are eating a well-balanced diet, exercising, and getting enough rest and relaxation on a daily basis.
Sometimes it takes more than healthy living to manage stress. If your financial predicament is starting to take a significant toll, consider working with psychotherapist Dr. Pamela Paul.
Just because COVID-19 has disrupted your everyday routine, don’t let it have the final word on your finances too. You can start improving your situation today by researching your assistance and relief options, developing a plan, setting goals, and taking care of your overall health and well-being. Establishing these habits now can benefit your financial standing for many years to come.
Article written by Brittany Fisher