How to cope with money worries and job uncertainty during COVID-19 and beyond

The coronavirus pandemic has hit companies hard financially, with massive layoffs and closures taking place. It has managed to bring down the global economy and devastate countless lives. Nations have adopted budgetary, liquidity, and policy measures to improve the capacity of their systems and provide some kind of relief to those sectors and citizens that are especially impacted. The economic fallout from COVID-19 hits regular people the hardest. Financial stress is triggered by the lack of sufficient savings and job uncertainty. It’s a terrible feeling that can prevent any person from taking the necessary steps to make progress in life.

Financial problems can’t be separated from mental health

When times are hard, like now, it’s perfectly normal to feel worried, anxious, and even depressed. Managing debt, living from paycheck to paycheck, not to mention job insecurity can cause mental anguish. You feel, think, and behave in unfamiliar ways, but that doesn’t necessarily mean that you’ve got a problem. It’s a possibility but not a certainty. Unfortunately, money can affect mental health. When you lose control over your finances, you experience distress. Symptoms include but aren’t limited to extreme sadness, sleeping issues, a sense of hopelessness, and a lack of energy. If your daily life becomes worse due to the aforementioned symptoms, then there’s a reason for concern.

People suffering from mental health issues have a tendency to spend money recklessly. They either ignore unpaid bills or acquire unnecessary items to make themselves feel better. Does this sound familiar? You feel awkward, uncomfortable in such situations, but you can’t resist the urge to spend money, even though you’re worried and anxious about daily financial decisions. Taking into consideration the fact that your income can go down or stop if you’re laid off, you won’t have any money to count on. It’s more important than ever to stay on top of things. Spending is a part of daily living, yet it’s a good idea to put your debit and credit cards under lock.

Face up to finances, with small steps and sound planning

Managing money can be difficult during a global pandemic, to say the least. You’re forced to make prompt financial decisions in an unprecedented situation. At some point or the other, you may lose the motivation to stay on top of your finances and engage in reckless spending. Rather than having a discussion with the bank and opening your bills, you prefer not to think about it. Maybe you don’t think about attempting suicide, but you’re not well. Making simple changes in your life will help you financially survive the COVID-19 pandemic. Nothing can guarantee that your worries will go away, but at least you’ll get your finances and life in order.

Create a budget that’s stripped down to the essentials

Creating a budget is the first step in managing money worries and job uncertainty. It may not be glamorous, but budgeting contributes towards personal financial health and influences your lifestyle. It helps you gain a better understanding of your spending, see what you can afford and if it’s possible to save money. It’s a good idea to limit your spending to the essentials. Don’t go to the mall and don’t spend so much time on the Internet. Whenever you’re tempted to make a purchase, wait for a couple of days. Once the rush of impulse shopping goes away, you’ll know that it’s not worth your time or money.

Be kind to yourself

Practicing self-care is important during these tough times. Rest, drink plenty of water, and consume nutritious food. It’s okay to be selfish. You can vape Delta-8 cartridges for the mind, body, and soul. Cannabinoids relieve anxiety, stimulate the appetite, and help with falling asleep. Delta-8 is non-psychoactive, which translates into the fact that it doesn’t cause euphoria or intoxication. It may be hard to believe, but you can enjoy vaping regularly without experiencing nasty side effects. Yet again, Delta-8 doesn’t have intoxicating properties, so take a moment to practice what makes you feel happy. Allow yourself to relax, breathe, and leave the moment.

Talk about how you’re feeling

If you’re going through a rough patch, it’s recommended to talk to someone you trust about the situation. Reach out to a friend or family member and tell them what’s bothering you. just being listened to can make you feel supported and less alone. Talking about money can feel uncomfortable and it can create feelings of uneasiness and vulnerability. However, don’t be discouraged to talk about it. If you don’t ask, the answer will never come. Close friends, loved ones, or perhaps an authority can provide actionable advice. Depending on the complexity of your situation, working with a professional advisor might be necessary.

Create extra sources of income

Money is scarce during rough times, so make an effort and identify extra sources of income. Unemployment records are soaring and, if you were to lose your job, there’s no guarantee that you’ll find something else. You know what they say: Don’t put all your eggs in one basket. Think about what you can do that can earn good money. If you’re not confident in your skills, create a poll and ask people what they think you’re good at. There are numerous online platforms dedicated to freelancers. If you don’t like the thought of freelancing, online tutoring is a good option.

To sum up, staying up at night and constantly thinking about your finances won’t solve the problem. If your bank account is empty, cash won’t magically appear. It’s necessary to take your finances into your hands. When you’re stuck in a certain cycle, it’s impossible to maintain your desired living or save money for rainy days. As you’ve been able to see, there are several things you can do to redeem your well-being. Indeed, the global pandemic has had a severe impact on our wallets and personal finances, but that doesn’t mean that success is out of reach. Take action now to prevent major problems later. It’s better to be proactive.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.