Coping with Financial Uncertainty

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/

Social Media Usage

Social media has become one of the most convenient ways to connect with one another. Information is able to travel at lightning speed, giving us the ability to gather information and receive updates faster than ever before. From seeing a friend's newborn baby to learning a new recipe from a food blogger, you can pretty much see it all. Social media has an amazing ability to connect us with important people and helps us stay up-to-date with others even if they live far away. However, it also comes with some downsides. You’re probably no stranger to trying to navigate the tipping point at which spending time on social media feels “life giving” versus a habit where you start losing track of time and feel glued to your screen. 

When you wake up in the morning, do you check your social media right away? Do you take your phone into the bathroom and find yourself scrolling for periods of time? Are you ever guilty of obsessing over what to post or whether or not your post has reached a certain amount of activity? These behaviors might be linked to too much social media use, and can lead to feelings of dissatisfaction and unhappiness in daily life (Forbes, 2018). 

Even if it’s not our intention while using social media, we often get stuck in a rut of social comparison. When we log onto social media, we are instantly connected with people's accomplishments and highlight reels, and when we compare, we are putting our happiness in a variable that is beyond our control (Healthista, 2018). Another reason you may be feeling dissatisfied is due to the lack of in-person connection. Behind a screen, you're missing out on that real, pure connection. The lack of seeing a person’s body language or hearing their tone of voice may take away the potential for a deeper connection, and can also lead to being misinterpreted or misunderstood. 

Ways to bring intentionality to social media usage:

1. Remove certain apps. If you find that some apps are taking up a lot of your time, it might be wise to separate yourself and consider if it’s really benefiting you.

2. Set a time limit. Many phones now give you the ability to set time limits on apps. Slowly starting to decrease your time might help you realize it wasn't bringing much benefit in the first place. Also, it’s important to create a buffer between phone usage and bedtime, as the blue light emitted from your phone can disrupt your body’s circadian rhythm and melatonin production, making it difficult to get quality, restful sleep. 

3. Put your phone out of reach. When you need to get something done such as homework or housework, try putting your phone in a drawer or face down where you know you won't be tempted to reach for it. 

4. Turn off notifications. Turn off the notifications in your phone’s settings for your social media apps so they aren't continuously popping up throughout the day and distracting you from being present to the task at hand.

5. Find a hobby you love. Putting your time and energy towards something new and exciting that you look forward to will assist in decreasing your social media use on its own! Instead of simply watching other people’s fun adventures and moments on social media, get active and make lasting memories of your own by living fully and participating in things that make you happy. 

6. Social Media Fast. You can always choose to go ahead and delete your social media apps for a few days and see how your daily life changes. It may be hard at first, but challenging yourself is important. You might be surprised by the joy it brings to “detox” from social media for a while :)

7. Spend time with your loved ones. Make more plans with the ones you love or simply focus on being present during the moments you have with people you care about. When you are tempted to go on social media to connect with others, consider making a phone call or video chat as a way to foster a more authentic connection.

References

“How much social media is too much?” Retrieved from https://www.forbes.com/sites/tomward/2018/06/08/how-much-social-media-is-too-much/#147eb2cd60e6

“Seven symptoms of too much social media use.” Retrieved from  https://www.psychologytoday.com/us/blog/artificial-maturity/201806/seven-symptoms-too-much-social-media-use

“Six reasons social media is making you unhappy.” Retrieved from https://www.healthista.com/reasons-social-media-making-you-unhappy/

Tolerance

We are in the midst of a time where there are many uncertainties. Most of us are likely experiencing some form of anxiety as we try to make sense of a situation without clear answers. Uncertainty often compels us to engage in behaviors like seeking reassurance from others, making lists as a way to feel in control of each step in the day, or distracting ourselves from the uncertain reality by keeping our minds and bodies “busy” with other things.

If you find yourself doing any of these behaviors, acknowledge that they are serving a purpose and may not necessarily be causing you harm. By taking a step back, however, you might realize that these behaviors provide immediate relief during this stressful time, without actually teaching your brain how to sit with distressing situations.

If we can find a way to tolerate the emotions, thoughts, and reactions we are experiencing right now, we can get unstuck from the overwhelming feelings of anxiety and possibly even move toward a place of acceptance. 

Over the past week, we have seen a range of responses to the spread of COVID-19. Bars and restaurants have moved to take-out/pick-up options, libraries have closed, many mental health providers have transitioned their practices to online platforms, and many businesses have decided to remain open.

Each response has been unique, fueled by so many considerations--the health and safety of employees, the community’s well-being, what makes sense for the business or organization, what service is being provided to people and is it absolutely necessary, etc. In seeing how different facets of our community are responding, it can be challenging to understand why some places are closed and others remain open.

Further, you’ve likely seen a range of individuals’ responses to our current situation, as many people are following social distancing recommendations by staying at home, some are limiting their time with others to work and home, and others are continuing to engage in typical social activities like going to the beach and having parties with friends.

While we won’t necessarily be able to understand each persons’ motivation for staying home or socializing, or the reasoning behind each business’ decision to close or remain open, we can work toward a stance of tolerating the range of choices. In doing so, we can acknowledge that various opinions and behaviors exist, even if we don’t agree. 

If you’re finding yourself getting judgmental of what others are doing during this global pandemic, or are struggling with your own internal battle of tolerating uncertainty, here are some suggestions for moving toward a more grounded, accepting place:

• Stop the “shoulds”. We must work on letting go of thinking the world should be a certain way. When we get stuck in one way of seeing things, we set ourselves up for disappointment. The task here is to open ourselves up to other possible ways of seeing the situation. 

• Acknowledge and tackle anxious thoughts. If you’re feeling anxious right now, know that your experience is very normal and most of us are probably feeling similarly. If you can observe what you’re experiencing in your body and what your thoughts are doing, you can work on challenging worry thoughts. Instead of getting stuck in “I can’t tolerate not knowing if my family and friends are going to be safe,” try to say instead, “Not knowing if my family and friends are going to be safe feels really uncomfortable, and I can tolerate the uncertainty.”

• Be open to simply observing the uncertainty. One of the best things we can all do right now is practice mindfulness of the present moment. Without trying to change or control your situation, be open and curious about what uncertainty feels like. By tuning into the present moment and getting grounded, our minds are less likely to drift into anxious worries. 

References 

“How to Tolerate Uncertainty.” Retrieved from https://www.heretohelp.bc.ca/infosheet/how-to-tolerate-uncertainty

“Tips on Tolerating Uncertainty.” Retrieved from https://psychcentral.com/lib/tips-on-tolerating-uncertainty/