With the uncertainty around this unprecedented, one in 100 year pandemic, and the impact the Coronavirus to our health, the economy, business and your personal finance we may find these times of a cause of stress.
It is important we work with resolve and restraint as we move into social isolation for the next few weeks and more.
Here are 6 ways on how to reduce anxiety towards your finances:
- Focus on you and your family
Focus on the present. Make time for your own mental, physical and emotional and wellbeing and health. Try to focus on a balanced and solution-oriented mindset this will help build the resilience in managing these moving times. Focus your individual development as a person and those around you. This is the perfect time to start meditating or even start that online fitness regime. There are plenty of free YouTube clips available. - Acceptance & Looking forward
Change is hard to navigate, accepting that this will be reality for a period. Be present in this moment. A general sentiment is often expressed in wisdom literature throughout history and across cultures – “this too shall pass”
Have confidence that things will improve, that people will recover, and things will get back to normal, even if it will be a changed normal. - Manage Spending
Now is the time to look at your day to day living expenses and automatic direct debits. Remove the frills and reduce any non-essentials. Use this time to do a complete a list of your expenses, download your bank statements including credit cards and start removing the non essentials. Once you worked through these, then you can think about some long-term planning. Yes, there are people losing their jobs and there will be more job losses, impact on business and more, so make sure you stay realistic and practical and provisioning for the immediate future. - Limit the Risk Taking
Do as ScoMo says ‘stop’ there is no need to go on a buying spree. This also relates to stockpiling.
This is also a time for being cautious and pragmatic so don’t risk your financial portfolio on good deals if you have not been a seasoned investor. Don’t get caught in the noise and carefully evaluate any new financial investment. If you need, speak to a financial planner. - Keep a healthy routine.
Big events naturally change our routines, especially as we cannot do some of the standard activities. Think about the routines that are important to you and those around you and find clever and safe ways to keep up these routines or create new ones. These will assist in organisation, provide you with a sense of achievement and assist in supporting your emotional health and wellbeing. - Rely on Your Support Network, don’t disconnect.
Yes of course social distancing and isolation is important and should not be compromised. This does not mean we should disconnect completely. How to reduce anxiety, is quite the opposite. Check in with your friends and family via phone, or video conferencing facilities like Skype, FaceTime, possibly Zoom for business. Why not schedule a virtual cup of tea or drinks.
Places to call if you need help.
- Lifeline 131114
Lifeline is a national charity providing all Australians experiencing a personal crisis with access to 24 hour crisis support and suicide prevention services.
- Beyond Blue 1300 22 4636
Beyond blue provides support and information on anxiety, depression and suicide. Start The Conversation. Treatment And Support. - National Debt Helpline 1800 007 007
A not-for-profit service that helps people in Australia tackle their debt problems. - 1800 Respect 1800 737 732
1800 Respect support people impacted by sexual assault, domestic or family violence and abuse. - Headspace 1800 650 890
Offering some meditation you can listen to anytime. - Mindspot 1800 614434
Mindspot offers some online assessment and treatment for anxiety and depression
In conclusion, if you require, below are the links to the major banks hardship advice regarding COVID-19, and Adelaide Bank’s links as we are based in Adelaide.
If you wish to look at our services or make a call to chat, feel free to reach out. We are here to help and manage ways on how to reduce anxiety toward your finances.