Even on a good day, financial fears can be pretty daunting. Add in a global pandemic? The financial game just got bigger… and even more challenging for so many. So did our financial fears. If you’re still biting your nails from pandemic financial fears, you’re definitely not alone.
Having a grasp on money fundamentals can be really helpful during shaky times. Building a solid foundation is the first place we start within my world when clients come to us in the face of big financial fears. Let’s look at facing financial fears in the face of a pandemic, and how to feel more prepared when it comes to your money now and in the future.
How to Face Those Pandemic Financial Fears
There’s really no other way to put it: the 2020 pandemic changed the way we live and work in the world. From zoom meetings galore to entire industries being shaken to their core, many of us have had to rethink how we can work and make money. Financially, things had to go into emergency mode pretty fast. We all felt some level of uncertainty, stress, and fear during these times. And for some, financial uncertainty has been the biggest stressor.
According to a January 2021 survey from the AICPA, financial stress from the pandemic has left many Americans frustrated, sad, and sleepless over the last year. More than half of Americans (57%) have felt at least some stress in their financial situation since early 2020. And almost 90% of those who experienced financial worries amid the pandemic say it has affected their daily lives. So the question is, what can we do about it?
Get Back to the Fundamentals
Focusing on what you CAN do is a healthy way to face financial fears, even during a pandemic. It puts some power back in your hands, and that alone can do a world of good when it comes to fear and anxiety. Getting your $hit together financially during a pandemic is definitely do-able – here’s how:
Don’t panic! No matter what circumstance you’re facing (or fear you’re facing), there is help available. Recognize that you are not alone and that it is okay to ask for help if you don’t know what to do next. Making financial decisions while simultaneously freaking out may not lead to the most strategic outcome, so reach out to someone you trust. If you can, take a “rest and research” period before making any major decisions.
Check-in with your emotional bank. Taking the time for self-care is key during difficult times. The funny thing is that this is usually the time when most people neglect those self-care acts. Even if it seems silly and you know it won’t fix your financial problems, practicing meditation, spending time outdoors, taking hot bubble baths, or just reading a good book can help more than you think!
Work your system! Tracking your monthly income and expenses helps to keep your finances in clear view. Even if your income looks drastically different due to pandemic uncertainty, checking regularly can both keep you focused and keep you from obsessing when you should be doing other things.
Build an emergency fund. Creating an emergency fund that isn’t credit card debt can do your financial fears so much good. Every little bit helps!
Focus on needs first. Using a good system you can distinguish between what you’re spending on needs and wants. This means taking a look at all those monthly subscription charges, coffee lattes or wine nights, and any other potential financial holes in your wallet. Prioritize meeting your NEEDS first. If there’s some money left after saving, treat yourself, but not the other way around.
Find your tribe! People are your best resource, and having a strong source of moral support is essential during tough times. Adding a money coach to your team can help you gain traction in your financial journey, and finding a support system that understands your struggles will help you feel not so alone anymore.
Keeping a Positive Money Mindset in a Pandemic
There’s no doubt that the pandemic has changed so much in our lives. Knowing you’re not alone is the very first step to feeling better and keeping positive. Need a tribe for support? Join mine! If you are looking for help getting your $hit together or learning how to invest the money you have, download my FREE GUIDE today.