If you’ve been facing stress due to the economic situation in the country, then you are not alone! Stress about money has become an epidemic that has hit many households in America. If you need to hear the statistics to be convinced, take it from the National Endowment for Financial Education, which found that only one American out of every ten has not been devastated by the psychological stress caused by the pandemic. This means that a solid 90% are suffering from stress. Still not convinced? Then try hearing it from a study conducted by John Hancock Financial, which claimed that nearly a quarter of all Americans are now using their credit cards to pay for basic expenses. Fortunately, we’ve come with some advice that you can use to manage your stress and improve your situation.
Let Your Fear of the Unknown Make You Plan Ahead
Failing to plan is a plan to fail. The only way you can navigate your way out of this crisis is to have a reliable map that shows you the way you out. One of your financial goals should be to build a good, dependable emergency fund to pay for basic expenses if you get laid off or if a loved one gets sick. Medical emergencies are definitely something that you need to shield yourself and your loved ones from. Having a solid plan is the only way you can properly plan for the future.
Don’t Let Death Intimidate You
If you’re taking all the necessary precautions that are needed to protect you from the virus (such as wearing a mask, social distancing, etc.), then you should not be too concerned about death. However, you do have to prepare yourself for the possibility that you may not be able to make it out of this pandemic alive. If you’re stressed out about it, don’t sit and bite your nails! Do something about it. First, make sure your loved ones are taken care of. Advise them to get involved in investments and show them that when they contribute only a little money, a profitable investment can go a long way. In addition, ensure that all your inheritance tasks are complete so that your family would be all set if you should pass away.
Throw Away Credit Card Debt
Stressed about credit card debt? There’s no need to be! A simple search throughout the internet will give you a good glimpse into the many websites that offer great personal loans to help you resolve all your credit card issues. Some of them are even designed to settle the debts that you are facing on several different credit cards. Try to be selective about which loans you choose to work with because the payment plans may vary.
Lost Your Job? Look for a Better One
Treat every problem as an opportunity. Use that approach in solving every problem in your life. It will help you reduce your stress so that you can take steps towards protecting yourself and your family. If you’re afraid that you might lose your job, you need to first make sure you have enough financial support, not only from your emergency savings but from unemployment benefits. Then, what you also need to do is make sure your resume is updated and keep your eye on potential job posts that you think might be compatible. In addition, diversify your sources of income so that you are not just depending on just one source. You can look into investments using simple apps, such as Robinhood, or you can look for online money-making opportunities that can stabilize your financial situation. Always have a backup plan because you never know what can happen.