It’s normal to stress about money. Almost everyone has felt anxious about their finances at some point in their lives. But the current instability in the job market and the overall economy caused by the coronavirus is particularly causing a lot of distress due to concerns over financial insecurity.
That said it can be easy to let oneself be consumed by the stress of mounting bills and debts. Here are some moves people can make to take back control and attain peace of mind.
Start Small
Facing the seemingly insurmountable challenge of handling one’s finances amidst a global crisis is difficult, no doubt. It can lead some to cope with the situation by avoiding the matter altogether.
While it can be tempting to do just that, it’s important to know that ignoring reality would only make things worse. One can try to get over the feeling of being overwhelmed by taking small steps first like paying a bill or contacting creditors as recommended by Fiscal Fitness founder Kelsa Dickey.
A Habit of Self-Care
Just as people can practice self-care to improve their mental well-being, they can also rely on the activity to bring some sense of calm during times of financial hardship.
Setting aside five minutes every day to log into one’s bank accounts and their balance ledgers is a good way to begin the process of financial self-care. Make sure to only do so briefly though so as not to turn the habit into a commitment that feels like a burden.
Tracking Everything
Another simple yet impactful tip is to track all your expenses to find any money leaks that might be causing overspending. You can use anything from a pad of paper to a Google Spreadsheet to do so.
The important thing is that one can envision a mental financial map to get a better idea about their current predicament. It can also make one aware of certain spending habits they can change for the better.
Culling Expenses
Just as the coronavirus lockdowns changed people’s income, it also affected their budgets. After all, their new living setup no longer warranted them to pay for expenses like takeouts, commuting, and the like.
Thus, it’s recommended that one makes a list of both the things they’re saving on now and those they can eliminate from their budgets. This surplus can then be put towards more immediate concerns such as debt payments.