Don’t Let the Pandemic Cause Financial Anxiety

The whole world is in panic mode right now as we all work through the pandemic of the coronavirus. Whether you’ve had the illness, are out of a job, or your hours were cut, there’s no doubting that it’s scary times, right now, but that doesn’t mean you should panic. We will get through this and when we do, you want to feel good about how you handled your personal and financial life.

So what should you do to get through this time? Check out our top tips below.

Don’t Make Hasty Decisions

It’s important to stop and take a deep breath. When the worry settles in, relax. This isn’t going to last forever. In the meantime, seek advice if you’re worried. Take this time to make a budget and see where you stand. What do you need help with and where can you get it? 

Don’t Panic Buy

Don’t buy into the panic that stores will run out of food or household supplies. Think about how all of the people that stockpiled toilet paper are going to feel when this is over and they’re sitting on a year’s worth of toilet paper. Buy what you need and that’s it. This isn’t a time to overspend.

Focus on the Important Things

When money is limited, it’s time to prioritize. Focus on your house, utilities, transportation, and food. If you have money after paying for these items, great, keep budgeting. If you don’t, then you don’t pay those bills right now and you can catch up when things get better. You aren’t the only one in this situation, so don’t feel bad. Stay in touch with your creditors and let them know what’s going on – that’s all you can do at this point.

Take Time to Reflect

Every problem has a lesson in it and the problems only occur when you don’t learn from that lesson. In your downtime right now, think about how you can plan better moving forward. What would you do differently to set yourself up for something like this in the future? What goals do you want to set for yourself when you are back on your feet?

Take Care of You

Most importantly, though, you have to take care of yourself. Now is not the time to let panic and stress take over your mind – that only weakens your immune system and makes you more susceptible. Make sure you eat healthy, get adequate sleep, wash your hands, and follow the guidelines set forth by the Government of Canada and Public Health Agency.

Rather than focusing on what is going wrong right now, focus on what is right. Give thanks for the things you do have, including the roof over your head. Use this time to prioritize what’s important to you and to set goals for yourself moving forward. We are all making history right now and will come out of this stronger, healthier, and with plans for an even better future moving forward.