Over the past few weeks as the Coronavirus has continued to spread anxiety internationally, its media coverage, hysteria among people, and event/organization/school cancellations have become commonplace.
March MADNESS
Instead of coming in basketball form this year, the madness came in other ways such as packed grocery stores, cancelled travel plans, and unplanned spending. If this hysteria has taught one thing, it's shown us what we cherish most. Having our health (and toilet paper) has become the number 1 priority.
The population is preparing for the worst and hyper-focusing on ensuring the essentials are taken care of.
Businesses are allowing employees to work from home or creating plans to potentially allow their employees to have access to do so.
Schools are implementing digital educational programs so education can continue IF it is no longer safe to have daily sessions in the classroom.
Major sporting events are being postponed or completely cancelled.
And most importantly, the general population, in majority, is spending more money than they are use to.
5 Ways to Reduce Financial Stress Created by CoronaVirus
With all the ruckus, people tend to lapse proper judgement and lack normal decision making. These are 5 ways to reduce your financial stress through the spread of the virus.
Stop feeling the need to be "up to date" on every detail/update. -- Knowing every update increases your stress, anxiety, and the pressure to act like everyone else.
Before you go shopping (anywhere) do your inventory first and see what you NEED, then make a plan to fulfill your pantry.
Ask your neighbors for help if you don't want to go to public places. OR offer to trade goods and supplies. This limits public contact and helps both of you!
Turn to your emergency fund, if you need to. This is why having an emergency fund, even if it's small, is so important. It is there to assist you when you really need help.
Remain positive. Your next paycheck is right around the corner. Believe in your financial preparation.
There is no doubt COVID-19 has created an international financial impact. Some say it's a crisis, others say it's only an impact. Either way there has been substantial stress created.
The key to managing the financial impact of this outbreak is to make a plan and adjust your spending approach to fit your plan.
Once you disrupt this the cycle of stress, handling the impact will become more simple.
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Stay healthy and be safe,
MM