Coping With Financial Stress During A PandemicSubmitted by Blue Mountain Investment Management LLC on September 14th, 2020
As we all know, COVID-19 has brought fear and stress to millions of people around the world. Whether you are affected directly or indirectly, it has left most in a financial dilemma that is inevitable to think about. In America itself, people are experiencing pay cuts and the loss of their job or businesses that are forced to shut down due to the outbreak.
Daniel Drabinski, a MassMutual financial professional stationed in Texas stated “we have clients who spent their entire careers building up sweat equity so they could purchase the restaurant or small business of their dreams, only to see that business have to shut its doors for months on end as a result of the virus.” The Coronavirus has shifted changes that must be taken into consideration such as:
- Pre-retirees have been forced into early retirement, ready or not.
- Consumers have racked up credit card bills to make ends meet.
- Small-business owners are struggling to stay afloat.
- Investors have discovered that they weren’t as tolerant of risk as they thought.
Everyone Reacts Differently
The Centers for Disease Control and Prevention (CDC) gave an uplifting statement which could bring solidarity to a person in need. They said, “coping with stress in a healthy way will make you, the people you care about, and your community stronger.” Mental health of a person is just as important as physical endurance. Since everyone has their own way of managing stress, the best way to ensure sustainability during this pandemic is to figure out what the cause-and-effect that is triggering such grievances; and in most cases it deals with money.
CDC listed a few negative habits that might of stimulated a person under financial stress, this includes:
- Fear and worry about your own health and the health of your loved ones, your financial situation or job, or loss of support services you rely on.
- Changes in sleep or eating patterns.
- Difficulty sleeping or concentrating.
- Worsening of chronic health problems.
- Worsening of mental health conditions.
- Increased use of tobacco, and/or alcohol and other substances.
Cause-and-Effect of Financial Stress
There can be a variety of reasons why a person feels financially stressed out. It could be based on your background, your social support from family and friends, your financial situation, and your general health which includes mental and emotional backgrounds.
In most cases, if a person is struggling with money related issues, the cause of it probably deals with lack of financial knowledge and/or lack of capability to maintain your finances. Owing money and having debts is something hopefully nobody would want to have because as you read above-- it takes a toll on your mind and body. Money is considered materialistic, however, we cannot get things done without it. As the saying goes, “money makes the world go round,” this phrase has some truth to it. Money does flow and it also sinks people who aren’t smart with their money.
Just like the cause, there are a variety of effects that a person may undergo due to financial instability.
- Problems with family and friends
- Relationships/Connections are severed
- Reputation is ruined
- Personal hygiene is neglected
The diagram below helps support the negative effects of money and how staying within a financial dilemma can lead to other major problems dealing with your social life.
Healthy Tips On Managing Stress
We all need a pause button from time to time. Spending quality time with the people you love can help boost your morale. By providing them with the support that they need to overcome stress as well as mental disorders (such as depression, anxiety, bipolar disorder, or schizophrenia) can build your perception of the things that give you anxiety, depression, and stress. There are no wrong ways to go when you surround yourself with positive vibes such as:
- Make time to unwind or relax
- Connect with people who you haven’t heard from in a while
- Take care of your body (self-care days)
- Treat yourself to something nice once awhile
- Take breaks from social media (sometimes we all need a little more space and unplugging yourself from everyone is okay)
- Take care of your emotional health-- this allows a person to think more clearly and react to issues in order to protect your family, friends, and self.
- Know what to do when you’re sick and concerned about contracting COVID-19
- Connect with your community
Due to the pandemic, social distancing is still highly suggested even though the U.S. may have a decline in outbreak cases. It is always a good idea to stay safe and stay smart during these trying times. Furthermore, connecting with others through FaceTime or a phone call is another great way to cope with stress.