Three years of market gains have been wiped out and millions of Americans could lose their jobs in the coming weeks. Add on unexpected medical costs and cut-in-half retirement savings, and it’s a stressful time for all.
Here are four ways to help you manage financial stress.
Acceptance is always pretty high up on these lists it seems and for good reason. The first step to overcoming anxiety is to accept that things are different now and to then focus on tasks you can control. It’s natural to feel this type of anxiety during a market crash or a global pandemic, much less both, so of course you’re going to feel that now. Accepting that feeling is the first step.
As it turns out, it’s okay to be worried about money and everyone is, and it’s more socially acceptable to voice concerns about finances than things like isolation or depression.
Learn Your Triggers
Figure out what triggers you and how you react to them. Then concentrate on not letting your emotions take you over in those moments. If you like to shop when you’re stressed, don’t let this time at home in isolation make Amazon your only outlet. Try to keep up with the world without letting it overwhelm you.
Your Mental Health Matters
Work out, sleep right, eat healthy, limit alcohol and caffeine. These are all things we are told to do in general, but not they are more important than ever. Furthermore, make sure to stay connected to your friends and family. Setup FaceTime calls and Google Hangouts.
If you need to talk with a therapist, set up phone calls with your therapist.
Avoid Big Risks
This should be a no brainer, but if you don’t have disposable income, don’t go gambling in the stock market. This isn’t the time. Yes, you’re hearing lots of people saying this is a great time to buy, but all of those people have millions of dollars to spend and even they don’t have any idea how far the market will fall.
The same can be said about your physical health. Wash your hands, stay inside, follow the advice of healthcare professionals.