The unknown can be uncomfortable to face, especially when it has already caused so much discomfort. We are all dealing with these uncertain times in our own ways, while many of us may be experiencing similar outcomes. From the essential emergency workers working tirelessly day and night, to the people dealing with the stress of working from home, to the people who have lost their jobs, to the small business owners who are missing the community connection, and everyone in between, we see you. Each of us are dealing with some form of financial uncertainty, and we want you to know that we are here for you to offer support and guidance. This is a stressful time, so self-validate whatever you’re feeling, and know that you’re not alone.
Financial Express (2020) came up with five helpful and mindful ways to deal with the financial uncertainty of this time:
Focus on You
It is crucial to increase self-awareness during this time. Although everything may feel uncertain, you have control over the way you react and take care of your mind and body. If we solely focus on the future, which can induce stress, we weaken our immune system. Use this time to focus on YOU in the present moment. It is a perfect time to start that daily journal, practice meditation, and move your body to get your blood flowing. The financial uncertainty may be out of your control, but the way you choose to take care of your wellbeing is in your own hands.
Practice Acceptance
Acceptance may be challenging, but it is an important practice to incorporate into your life at the moment and for the future. You may be facing a lot of challenges that are difficult to navigate. These uncertain times are shifting the ways we do day-to-day tasks and it is necessary to accept the current affairs. It may be tempting to want to fix all problems, but for right now it is important to accept what is, and work with the present moment.
Manage Spending
It may be tempting to do some online shopping, or purchase that one thing you've had your eyes on "forever." Now is not the time to do that :) It is not the best time to spend money on non-essentials. Instead, use this valuable time to create a new budget, plan long-term, create an emergency fund, and write out your current expenses.
Limit Risk Taking
It is important to stick with what you know during these uncertain and uncomfortable times. It may seem tempting to make an investment, but it is important to take a step back and carefully examine any financial decisions that are going to be made. Stick with the basics, and take it one step at a time.
Connect With Your Network
Don't forget to stay connected with your loved ones, as they can serve as a great support during these difficult and uncertain times. Social distancing does not need to equal relationship distancing, and it is important to keep those friendships alive in the present moment. Call or FaceTime a close friend, or even a friend you've been meaning to catch up with for a while. Many people are getting creative with video chat options to have conversations with multiple family members at once, virtual dinner parties, book clubs, etc. Self-isolation may be tempting, but try your best to keep in touch with your loved ones, as connection with others can help boost your mood.
Remember, this too shall pass...
If you are looking for more resources to help cope with financial uncertainty, check out this article that gives wise financial advice for this specific crisis: https://www.fool.com/the-ascent/banks/articles/coronavirus-finances-how-to-react/
Resources
“5 Ways to Deal With Your Financial Stress During Coronavirus Pandemic.” Retrieved from https://www.financialexpress.com/money/5-ways-to-deal-with-your-financial-stress-during-coronavirus-pandemic/1905812/