How to Cope with Financial Impact and Stress of
COVID-19
COVID-19 has brought volatility, uncertainty, and stress to households across the world. If you’re nervous about your financial future, you’re not alone. Here are four ways to cope with financial-related anxiety caused by coronavirus.
1. Take Advantage of Resources
If you have immediate financial concerns due to COVID-19 disruption, be sure to familiarize yourself with the latest government resources.
- Visit the U.S. Department of Labor’s CareerOneStop site for information on applying for unemployment benefits in your state.
- Benefits.gov can point you toward assistance with healthcare, business expenses, and other issues.
- Visit the Consumer Financial Protection Bureau for additional resources.
2. Prioritize Self-Care
When you’re stressed, you might start neglecting basic self-care practices. Try to keep up your routine as best you can, tailoring your activities to the circumstances. Instead of going to the gym, go for a run outside, or work out at home. If you visit a mental health professional, ask if you can continue your sessions remotely. Now is not the time to stop caring for your body and mind.
3. Don’t Panic
We’re in uncertain times, but that doesn’t mean you should panic. Many individuals may be shell-shocked when they check their retirement accounts, anxious about their futures. Fueled by fear, they might start selling their stocks and other assets as quickly as possible. However, history shows us that the market eventually bounces back. Take a deep breath, and don’t make any rash decisions. Don’t check your investments every five minutes—you’ll just increase your anxiety.
4. Create a Budget
A budget is a great tool no matter the economic climate. But sticking to a financial plan is even more critical when the future is unclear. By clearly defining how much you can spend, you’ll be better able to resist the temptation of going on an online shopping spree as you work from home. By spending according to your own predefined rules, you can reduce the anxiety that accompanies making spur-of-the-moment decisions.
We’re All in This Together
While the future is uncertain, we’re all in this together. By reaching out to your community, prioritizing self-care, and avoiding panic, you can help maintain good mental health. If you have any questions or concerns regarding your health, call our COVID-19 hotline, staffed by EHE Health clinicians trained in COVID-19 guidelines per CDC. It’s open at 844.258.1820 every day from 7:00AM-12:00AM.