Top 4 Ways Families Can Ditch the COVID-Induced Financial Stress
- When striving to alleviate financial stress, set financial goals that are aligned with your values.
- Always take time for yourself to make sure that your wellbeing is not being affected.
- If you find yourself struggling, you shouldn’t be afraid to ask for help.
Let’s take a look at some strategies for maintaining financial security in these difficult times.
1. Set (financial) goals
The first and most important thing to do when striving to alleviate financial stress is to make sure your goals are aligned with your values and where you want to be in your life. What does success mean to you? Do you want to be out of credit card debt or live comfortably without worrying about making bill payments? Do you want to build an emergency fund? These are only a few examples of financial goals, but you can get as granular as you want.
2. Prioritize self-care
Taking care of yourself in light of the difficult times we are all facing doesn’t have to just mean physically or financially. Making time to consciously promote your own wellbeing is often overlooked in favor of the “rat race.” It is often seen as a luxury rather than an integral part of maintaining balance in your life. Self-care is purposeful. Some examples can include: Take a long walk; afterward, enjoy a hot shower. Make sure you’re exercising and taking the right vitamins. Develop some breathing routines that you can focus on throughout the day. The critical part here is to focus on what makes you feel calm.
3. Ask for help
Mental and physical health are two sides of the same coin. You shouldn’t be afraid to ask for help with your mental health if you need it. If you find yourself struggling, take stock of how you feel: Are you getting enough sleep? Are you getting too much sleep?
Your mental health — and the need to take care of yourself — should not present financial difficulties. There are programs you can take advantage of that will offer assistance no matter where you are in life. For instance, Medicare Part B typically provides some coverage for mental health services for seniors. When looking into your insurance plan, find out what services are covered. As you continue your journey through life, annually reviewing your policy can be beneficial.
4. Consider all options
When careful planning isn’t enough to alleviate some of the financial burdens for families during this coronavirus pandemic, various forms of financial assistance available. Some online lists provide resources for nonprofit organizations, small businesses, and individuals. The U.S. Department of Health and Human Resources also lists grant opportunities and guidance on how to apply. One thing is for certain: Don’t stress about reaching out for help. Just as with asking for assistance with your mental health, asking for financial assistance should not be a stigmatized concept, especially in these times.
Here to help
Are you ready to learn more about money management and take steps toward financial freedom? Visit the CapWay portal and see where online banking and educational content about finances combine to form a powerful partnership.
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