The Coronavirus pandemic has sent the markets reeling, which, in turn, has had a profound effect on our financial stability. While the Covid19 situation has us locked inside our house, our economic instability due to Covid19 has left us anxious for the future. Many of us are going through situations where we are unsure of what the future holds for us. Unemployment is at a rise, businesses are shut down, and companies are cutting off their employees every now and then.
The need of the hour is to learn to cope with this financial instability and manage our way through this by-product of a global pandemic. Let’s take a look at how you can go on coping:
Manage Your Mental Health
The whole Coronavirus situation has put massive stress on everyone’s minds. Whether it is about our employment, schools reopening, Coworking Space, or having to spend countless hours locked inside our homes, we all have had something to worry about for the past few months. As a result, we are all stressed to a certain degree. The best thing we can do right now is to manage our mental health. Here are a few steps to follow for better mental well-being:
Take care of yourself: Take proper diets, exercise regularly, sleep on time, and avoid unnecessary stress.
Practice healthy coping mechanisms: While going out and grabbing a cup of coffee with friends is out of the menu right now, you can always try your hand at new and healthy skills to cope with the stress.
Be physically active: Try some in-house physical exercises such as yoga and cardio to keep yourself fit. More often than not, it is our laziness and inability to take care of ourselves that makes us miserable.
Use your support system: Talk to your family members, friends, and share your anxiety with them. When you talk to your loved ones, you will realize you are not alone in this world who is facing financial instability and anxiety during the pandemic. You might even be able to gain a new perspective toward your problems and have a better way to manage your finances.
The pandemic has left us with barely enough money to pay for our basic needs. Therefore, we must prioritize our payments and make sure we are clearing the primary bills first. If you are a tenant, ask your landlord if he/she allows you to defer payment until you get your finances sorted. Similarly, if you have a loan or credit card bills to pay, ask your bank or provider to postpone payments without levying any late fees.
Some countries have introduced relief programs through which banks, credit card companies, and other financial bodies provide assistance. You can take advantage of such programs to delay your payments and renounce late fees.
Find Alternative Source of Income
We have no idea how long this pandemic is going to last, which means we can’t just sit here waiting for this to be over. We must find ways to increase our ways of income. You can utilize your secondary skills to get a freelancing job somewhere. There are multiple platforms online that are looking for talented individuals to offer part-time jobs.
Get a Loan for Emergencies
If your emergency funds have been depleted and you are in dire need of money, you could apply for a loan. You can check with private online lenders if they are offering personal loans, small business loan, or a personal line of credit to help you with the emergency.