If the Covid-19 pandemic is mentally stressing you out over money problems, the best thing to do is to stop worrying too much.
Keep in mind that you are not the only one with money problems. In fact, a great majority of populations all over the world are experiencing financial difficulties as a result of the safety and preventive measures being taken to battle the coronavirus pandemic.
Pew Research Presents Proof that You are Not the Only One with Money Problems
Recently, the Pew Research Center came out with a report, which shows that in the U.S. alone, about 33% of lower income households are highly distressed. About 20% of them are experiencing anxieties over money matters after losing their jobs as a consequence of the Covid-19 crisis.
What is interesting about the information provided by the recent Pew Research report is that 17% of upper-income American households are also experiencing high levels of mental distress over financial problems. Moreover, of those employed by businesses not affected by government orders for temporary closures, about 21% also emerged as belonging to the groups of individuals with high levels of distress.
Health experts are getting concerned that even young people, not just women, in ages ranging between 18 to 29 are currently struggling with high levels of anxiety. This became evident when reports from mental health hotlines revealed a substantial increase in calls, ever since the Covid-19 outbreak unleashed its devastating effect in the U.S.
Of course it is normal to get worried; but obviously, worrying endlessly is of no use. Nearly all of us are in the same boat that is keeping us afloat amidst a great pool of uncertainty. Nonetheless, there are certain steps to take as a means of easing out some of the anxieties, before they get the better of you and your mental health.
Some Tips on How to Reduce Pressures Caused by Money Worries
First off, resist inclinations to focus your thoughts on how your dreams and aspirations for you and your family’s future are starting to crumble before your eyes. Instead, apply concentration on doing all the safety measures that you and your family must undertake to avoid getting infected. Worrying constantly will only cloud your mind, and could make you react in ways that would also stress out those looking to you for strength and guidance.
Secondly, stay on top of the latest news updates but make sure you will intake only information that are truthful, useful and helpful. Avoid reading prophecies of doom or those giving false hopes that can affect your decision-making processes.
Be interested in getting to know more about the financial help that the federal government will mail directly to low-income families. If you are a recipient of financial aid, spend it only on essentials like food, medicines and important provisions for you and your family’s day-to-day living. Aside from the federal government, it is likely that your local and your state governments have also launched programs aimed at providing assistance to needy residents.
Thirdly, stop worrying about defaulting on payments as they fall due, including settlement of an upcoming loan mortgage amortization. Banks, lenders, utility providers and even landlords, have been ordered by local authorities and the federal government to comply with a series of moratoriums.
Such moratoriums include prohibitions against eviction proceedings, against applying past due interest and penalty charges on missed payments and cutting off of utility services, especially concerning displaced workers or heads of a family, who lost their job as a result of the Covid-19 crisis.Read More