Reducing Covid-Related Financial Stressors
Covid has thrown hundreds of thousands of people into a financial crisis. Lost jobs, health problems, business closures, and accumulating debt have become a part of daily life. It may feel as if no end is in sight, but there are ways to cope with financial stress and regain some footing, in spite of the many challenges. Wealthy Pioneers can help you with strategies to earn money, reduce stress, and improve your financial health. Developing a plan can help you feel more in control and get you started toward financial recovery.
Develop a Financial Plan and Goals
Financial plans can be as complex or as simple as you would like. The main priority is establishing a method that considers your current income level and maps out a strategy toward where you want to go. There is no cookie-cutter approach or one-size-fits-all — your needs guide the planning process.
As much as possible, reduce your debt during difficult financial times. Cut back on outgoing payments by consolidating loans for a lower interest rate and try to eliminate unnecessary expenditures until you get back on track. Set a goal for saving money, even if it is a small amount each month. The pay yourself first strategy ensures that your savings account is growing; set up an automatic transfer into savings to make it easier. Other practical goals may include refinancing your mortgage or car payment.
As you work to get your finances in order, it may be worthwhile to consider hiring a freelance financial consultant who can help you create a budget, pay off debts, and save money. If you are not sure how to hire a freelance financial consultant, consider reading reviews, looking at job history, and weighing the costs of various providers. Freelancers are often less expensive than hiring a firm as you are paying for an individual’s skills rather than the overhead of a business. Financial stress can be overwhelming, but fortunately, there are options available that can provide relief.
Financial Relief Options
People struggling with financial issues may have more options available to them than they realize. Covid relief funds can alleviate immediate needs, while longer-term options like loan deferments can offer you more time to establish a plan for financial recovery. If you are a business owner, there are additional programs geared toward assisting you and your employees, and many of these options have extended payback opportunities to reduce the pressure of pandemic distress.
Self-Care for Stress Reduction
Finances are stressful even on a good day. When you factor in the additional issues of a global pandemic and economic disruption, the emotional impact can be devastating. If you are struggling with emotional distress, it is important to find ways to take care of yourself.
There are countless ways to reduce stress and engage in self-care. Consider a variety of physical and emotional outlets to get the maximum benefit. As simple as it may seem, creating a daily stretching routine can promote relaxation, good posture, and improve blood circulation. Boost your heart rate to reduce stress by trying free workout videos on Youtube. Physical activity offers healthy outcomes for the body and mind.
Emotional release is vital for stress reduction. Journaling, creating art, and confiding in a friend are great ways to reduce tension. Talking to a mental health professional can also help, and your information will remain confidential. If Covid has you stressing about money, there are ways to plan for financial recovery and reduce the pressure you are experiencing.
The experts at Wealthy Pioneers can offer guidance to get your financial health on track, as well as advice on marketing for businesses and other life hacks. Visit the blog today.
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Claire Wentz