TOPIC : 4 WAYS TO OVERCOME FINANCIAL STRESS POST COVID 19
COVID 19 , a name dreaded and familiarized by everyone. Not only we lost numerous lives , our
healthcare and economy took a great hit as well. Ever since 2019 we’ve seen many economies
collapse. Many people had to shutdown their businesses , leaving many unemployed. We saw
increase in inflation , depression and suicide.
Amidst this pain and grief many had and still have to bear financial stress caused by covid and
rightfully so. Anxiety and worry are exacerbated in our lives during uncertain times. The epidemic
is no exception. Financial stress, among other causes like as sadness and dread of death,
contributed to a global mental collapse.
Over 67 million Americans believe the coronavirus will make it difficult to pay their bills,
according to a WalletHub poll. Many relief campaigns have also started all over the world like The
United States government authorized a $2 trillion stimulus package to assist alleviate some of the
financial stress, but the reality is that stimulus cheques alone may not be sufficient.
Hope must not be lost. This essay is an attempt to boost community resilience and overcome
financial stress via sheer determination and perseverance. The following recommendations can
help you manage your financial stress.
1)Making a Plan to Address a Financial Issue:
Examine the source of the problem and shift into solution-focused remedy mindset. After
determining the underlying reason, you can devise a strategy to address the problem. Some tips
are:
1)Compute your finances and identify your stressors.
2)Make a list of all assets that are registered in your name.
3)Keep track of all your expenses and debts.
4)Determine your main strengths and how you can leverage them to create money.
5)Make a backup employment strategy. Always have a backup plan in place in case of an
emergency. Make a list of all the occupations that interest you. During the shutdown, most
businesses went online. On the virtual end, they had a number of openings. Determine which
virtual roles would be a good fit for you and apply for them. For example, many people started
their own small business and even started content creating for apps like YouTube and TikTok ,
that in turn bought in loads of money.
2) Create an emergency budget:
An emergency budget is absolutely devoid of extraneous spending and consists solely of necessary
expenditures. You can begin by chopping:
1) Subscription services: Let go of weekly refrigerated meal-prep boxes, shave clubs, apparel
boxes, and other similar offerings.
2) Takeout: While supporting your local economy is admirable, you may need to prioritize your
own needs right now.
3) Entertainment services: Cut extra streaming services, take advantage of free streaming concerts,
check out what your library has online, go for a walk in your area, and so on.
4) Groceries: Buy generic whenever possible and plan your meals. Consider this: What is the very
bare minimum you can afford to spend at the grocery store?
5) Online expenditures: The majority of us are facing stay-at-home orders, which makes it easy to
reduce a lot of spending, no one is going to sporting events, concerts, or wandering the mall.
However, keep your online expenditures in check so that you may focus solely on necessities.
3) Look for community assistance programs:
One of the most remarkable things witnessed as a result of this catastrophe is how individuals are
banding together to help people in their communities. Churches band together to support their
congregations and the surrounding community, eateries provide meals for healthcare personnel,
and much more. There are even some organizations that assist low-income families in covering
their utility bills. Groups such as the Mutual Aid Network are mobilizing to assist by providing
services such as coordinating volunteers to pack bulk shopping products into boxes for those who
are unable to get to the grocery store. Efforts like these are springing up all over the world, and
social media appears to be the best place to learn about what's going on in your neighborhood. You
might also inquire with food banks, places of worship, and community organizations to see what
resources are available to you.
4) Keeping mental health in check:
Financial stress roots from anxiety and can often lead to depression. In such state one cannot plan
out their next move to better themselves. Getting help must be number one priority. In this age of
technology , online therapy sessions are easily available, and one can maintain the secrecy by not
going outside and telling anyone.
Finally, while it's impossible to say what the future months will bring, it's safe to assume that this
will be our new normal for far longer than almost everyone wishes. Many people will benefit from
changing their money habits, even if they are not currently in financial hardship.