Our lives have been immensely affected by COVID-19. For most of us, we have to deal with a change in financial situation and that is not easy.
COVID-19 has affected a lot of us. Businesses were forced to close down, cut manpower or reduce their employees’ salary. This can lead to emotional and financial stress especially if you are a head of the family or a breadwinner. However, there is always a way to handle financial stress. Always keep in mind that there are measures to help you get back on your feet.
What can you control?
Well, the feeling of stress and anxiety is unavoidable especially if you are experiencing financial loss. But, here’s the thing. Take it as a challenge and focus on things that you can control such as how you spend the money that you have and what solutions can you do to help your situation.
For instance, a lot of businesses have been offering discounts or sales especially during this time. You can also buy in bulk which is 70% cheaper than buying items individually. Ask for a friend to split the cost if you opt to buy in bulk.
When it comes to remittances, look for solutions that will give you the best value so you can maximize your remittances to your family. Knowing that you can control your spending will automatically get your mind off of financial worries.
Keep track of your spendings
We tend to make small transactions here and there and they add up quickly before we know it. Better to use a digital wallet to track your spendings. This way you will know where your money is going. Save receipts and have your balance sheet stored somewhere. It is always better to categorize all your spendings and make sure you stick to the essentials first.
Prioritize your payments
If you are running tight on money and you cannot afford to pay for everything, start prioritizing your payments to make sure you cover your essentials first such as food, water, rent, electricity, and remittance.
This method always works better in an organized manner. So, make a list and categorize them in terms of importance. This way, you will know where to spend first and you will know if you have an extra for other expenses.
Save some money when you can
Digital payment solutions have changed the way we spend and save our money. For one, the more streamlined and easy the process is, the more you want spend unknowingly. Well, now is a perfect time to develop a healthy saving plan if you still have income coming in. This can help you gain control over your finances. When you transfer money from your digital wallet to your savings account when you get paid creates a sense of financial security for you. So, when you get the paycheck, allocate an amount to automatically go to your Savings account via Denarii Cash
Always think positive about it
Anxiety constraints our thinking and inhibits our actions to make sound decisions in our life. Negative thoughts won’t help you feel better or get over it. First and foremost, improve your mental attitude and be positive that this is just a temporary setback. Avoid the triggers that might spark that sort of anxiety. For instance, eliminate the amount of time you spend on financial reports and websites. Instead, look for solutions on how you can earn more.
Look for professional advice
Conversations about money can get complicated and stressful but discussing such financial difficulties with friends and family can be a good start. You can also reach out to experts, read blogs and watch videos.
A simple thing to do is contact your digital wallet providers (Denarii Cash Hyperlink) for guidelines, visit interesting financial blogs and find communities online to have a conversation. You’re not alone in this and you can overcome the financial stress like others.
Develop a plan
The best way to manage financial stress during times like these is to assess your situation and develop a plan to go about it. So, follow these basic guidelines to recover and keep yourself afloat. Most people know these things but it is better to be reminded of and act on it.
Let us know if we have helped you. We would love to hear about your tips and tricks to overcome financial stress.