There is no denying the fact that financial anxiety during the pandemic is a concern for a lot of people. With the health crisis still putting everyone on the edge, it can easily trickle into your finances and give you sleepless nights. It is stressful enough when you have to deal with the virus around you affecting millions of people. When your finances add to the problem, it could trigger an anxiety attack.
The novel coronavirus came without any warning and quickly overwhelmed the healthcare system. As hospitals were at full capacity, it also gave several industries a huge dilemma in adapting to change. The health crisis led to a paradigm shift in consumer behavior as most of them are made to stay indoors. This was a huge challenge to brick ad mortar shops.
Financial anxiety during the pandemic is felt by consumers especially when their income is affected by the pandemic. A lot of companies either closed down or put their employees on furlough. When this happens, paying for bills, buying necessities, and even trying to feel comfortable and secure at home is a challenge during this time.
It is important that you acknowledge the problem at hand so you can spring into action. It is difficult to come up with solutions when you do not even own up to the problem. What makes this pandemic more challenging is that it magnifies existing financial problems. If you already found it difficult to save money in the past, it now becomes a bigger challenge. This is why it is important to be more proactive to prevent feeling anxious.
Remember to be good to yourself
One of the first areas you need to keep an eye on if you want to manage financial anxiety during the pandemic is self-care. People have a tendency to punish themselves when they start to feel anxious. As a result, you might start making unhealthy food choices and even losing sleep. It could also make you lose interest in any form of exercise.
You need to remember to take care of yourself. If you start eating unhealthy types of food, you can start to lose energy and focus. It will make it all the more challenging to get back on track. This is a challenging step but one that you have to face up to. Start with your food choices making sure that you fuel your body with the right types of food to get vitamins and nutrients for your body.
It might sound insignificant but getting enough hours of sleep in a day can help you boost your focus and energy. This applies to too little and even too much sleep. You have to put in just the right amount in a day to make you productive. The idea is to get a routine going. Once you do, your mind and body will start to adjust to your sleep schedule.
Manage financial anxiety during the pandemic with healthy and productive coping skills
Apart from eating right and getting enough sleep, you also need to identify coping skills that will work for you. Remember that what other people are doing does not necessarily mean it will work for you. You need to look for the coping activity and skill which will help you move forward with your financial anxiety issues.
Some of the most common is spending regular time on a hobby. It can be anything from cooking, building, creating, or even exercising. It will be a big plus for you if you can turn these into income-positive hobbies you can earn money from. It could even help you feel a little better with your current financial situation.
Be careful though with this step because you might start to cope using habits detrimental to your finances and health. You might start drinking, smoking, gambling, or even sleeping for the most part of the day. This will not help you escape but rather complicate the situation even further. Make sure that your coping skills will help you and not put you down. This is important as Heart.org shares that people are drinking more than usual due to health crisis.
Look for an exercise or physical activity
CNET shares that exercising releases dopamine, endorphins, and even adrenaline which can all contribute to making you feel happy and confident. This is a potent tool in helping you combat the anxiety you feel. If you have been exercising in the past, it would be a little bit easier to pick up where you left off.
The problem might have started when the gyms were all closed down. This was part of government efforts to try and curb the spread of the virus. You can start again with bodyweights at home. If you have space at home and some extra money, you can put together a small gym right in your house. This can put you in the mood to get some exercise going again.
If you have not exercised a day in your life, this is a good time to get started. Do not be intimidated by the people around you. Everyone started as a beginner. Begin with simple exercises at home. Once you get comfortable with exercising, gradually move your way into complicated routines. The important thing is to create that habit if taking care of yourself through exercise. Once you get used to it, your body will start looking for it.
Focus on the areas you can control
One of the best ways in getting ahead of financial anxiety during the pandemic is to focus on areas you can control. Your anxiety might be hinged on the idea that you are not in the pilot seat anymore. This uncertainty and losing control of what might happen in the future could lead to aggravating your anxiety further.
The idea when you find yourself inf this situation is to focus on the things you can control. You might not be able to find the medicine for the virus but you can choose to help by staying at home and preventing the virus from spreading. You can take the same approach when it comes to your finances. Focus on the areas you can control.
If you lost your job, you cannot do anything about it at this point. But rather than let it consume you, focus on what you can control. You can choose to put in a lot of effort into looking for a new job. It is also a possibility to allot time to look for a side hustle. The effort you put into these areas in your life is something you have total control over. Focus on the positive action you can do to help you deal with negative situations.
Create a schedule to form healthy habits
Financial anxiety during the pandemic can be lessened when you create healthy habits. Wake up every morning, exercise, eat healthily, and then start your day. You can use the whole morning looking for work and then the whole afternoon looking for ways to earn from your hobby. Do this day in and day out until it becomes a habit.
This way, you have a structure for your day and you know what you are going to do next. It also keeps you productive and keeps you busy. When this happens, you do not have time to feel sorry for yourself. You focus on being productive and you begin to take control of your financial situation.
Taking a proactive approach helps you deal with financial anxiety during the pandemic. Stay positive and continue looking for ways to deal with your situation.