Mental Health and Personal Finance: How to Cope

It is normal to be worried and anxious about the global pandemic, but these worries and anxiety shoot up with social distancing and all the attending effects of the pandemic on finances and social life. Mayo Clinic shares a few self-care strategies that we can use to cope with these challenges.

Take care of the body:

  • Get enough sleep
  • Participate in regular physical activity
  • Eat Healthily
  • Avoid tobacco, alcohol, and drugs
  • Limit screen time
  • Relax and recharge

Reduce stress triggers by taking care of the mind:

  • Keep your regular routine (as much as possible)
  • Limit exposure to news media
  • Stay busy
  • Focus on positive thoughts
  • Draw strength from your belief system
  • Set priorities

Connect with others:

  • Avoid social isolation by connecting with others virtually.
  • Do something for others
  • Support a family member or friend and seek their support.

Despite these, you may still feel helpless, sad, angry, irritable, hopeless, anxious or afraid. You may have trouble concentrating on typical tasks, changes in appetite, body aches and pains, or difficulty sleeping or you may struggle to face routine chores.

If these signs and symptoms last for several days in a row, make you miserable and cause problems in your daily life so that you find it hard to carry out normal responsibilities, it’s time to ask for help.

For help, talk to mental health professionals, support organizations, family, friends, and spiritual leaders.

Source: https://www.mayoclinic.org/diseases-conditions/coronavirus/in-depth/mental-health-covid-19/art-20482731 

What about managing money with the economic effects of this pandemic?

We have a few tips you can deliberately adopt:

  • Analyse available resources– The first step to taking charge of your finances is to analyses your resources and know what monies are available to you. This will include incomes from your workplace, business, side deals, and possibly aid from external sources. Be cautious with your estimations and expectations, especially in these unpredictable times.
  • Draw a budget– Build a budget around your available resources and leave a large room for unexpected circumstances that may reduce your income.
  • Prioritize and track your spending– Make a priority list for your spending and cut off excessive or needless spending until times are better. Also, monitor and note all your expenses. Little pennies can pile up quickly if not tracked.
  • Contact your creditors– If you have payments like rent or loans due, try to contact your creditors explaining the circumstance and negotiate extensions and concessions. 
  • Make a recovery plan– If you have lost a substantial part of your income, or your liabilities have increased compared to income, start making a recovery plan so that you are not caught in debt because the bills will remain.

Whatever the case, remain positive and take care of your mind and body, everything will be alright.


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