Are you looking for ways to handle financial stress? A recent survey (pre-COVID-19) discovered that although 58% percent of workers thought their finances were heading in the right direction, 38% were living paycheck to paycheck, and 39% could not come up with $3,000 in the event of an emergency. Recent events due to COVID-19 have probably changed those numbers dramatically. Everywhere you turn these days, someone is talking about money worries.
The Financial Health Institute classifies financial stress as a condition caused by financial events that create anxiety and worry, often coupled with a physical response. And if you have experienced financial stress, you are probably familiar with some of the symptoms:
So how do you handle financial stress? Find a way to make more money? It might not be as simple as that in many cases. If you’re anxious about your finances right now, you’re not alone. You may not be able to fix the cause right away, but there are things you can do to address your financial stress during these difficult times.
There are a lot of resources available. From community-based programs through federal assistance programs, if you’re willing to do some research, chances are you can find a way to get additional support and resources during this difficult time. CESI has prepared a list of COVID-19 resources for consumers to find assistance. Some options to look for:
Not having a written plan or budget can cause financial stress because it leaves room for overspending and possibly neglecting what’s necessary for financial success. If you’re facing a financial crisis, it’s important to follow a spending plan that accounts for your needs during this time. An emergency budget is a specific type of budget or spending plan to follow when it’s important that you eliminate any unnecessary expenses to stay afloat financially during a crisis.
It will be easier to handle financial stress if you know that your most important needs are met first. Worrying about food, housing or utilities can cause a lot of emotional weight for you to carry. Focus your emergency budget on taking care of the essentials, and then evaluate what’s leftover to take care of bills. If there isn’t enough to cover everything, contact your creditors to let them know about your financial situation and see if they have any hardship programs that can help temporarily.
Handling financial stress can feel overwhelming. Many people feel like they are all alone when dealing with financial hardships or problems. Finding ways to take care of yourself is essential. Here are some ways to care for yourself:
If you feel that you are unable to handle financial stress on your own, it’s important to share your concerns and not just keep them to yourself. Find someone to talk about your money concerns with such as a trusted friend or family member. The more you are able to share about your concerns instead of feeling isolated and alone, the better you will be able to handle financial stress.
If you are experiencing financial difficulty and are looking for a solution, CESI is here to help. Our counselors are available to assist if you are experiencing job loss, temporary loss of income or financial hardship during this time. Contact us today for a free financial assessment with one of our certified credit counselors.
Consumer Education Services, Inc. (CESI) is a non-profit service provider of comprehensive personal financial education and solutions for all life stages and for all of life’s milestones. Our goal is enhanced economic security for everyone we serve.
CESI is NOT A LOAN COMPANY