Dealing with Financial Stress During the Coronavirus Crisis

Dealing With Financial Stress During The Coronavirus CrisisSimilar to the millions of other U.S. nationals you may find yourselves out of work at the moment due to the spread of coronavirus epidemic. Unlike other disasters where you can predict the layoff period, this is an unexpected and devastating blow for many people. There are not many answers available about when all this is going to end. What will happen to the future work, what will be the assistance available for the unemployed workers are the questions we all are curious to find answers to. All this is stressful financially and the added stress will make you feel overwhelmed. Here are some things you can do to address your financial stress and mental health during coronavirus crisis.

1. Prioritize your payments: There will be times when there isn’t enough money to go around. As a result, you will not be able to complete all your payments. Therefore, it is significant that you prioritize the payments you will make initially. Take care of fundamental needs such as food, accommodation, utilities, clothing, and transport first. Remember, you will have to concentrate on necessities in the beginning. Keep an eye on the mortgage payments as many states are implementing programs to stop evictions during the coronavirus crisis. You will find utility issues in many places as the power and water supplies are shut off due to pending bills. Many credit cards, banks, and other institutions are offering assistance for financial stress. They may forgo the late fees or permit you to pay less.

2. Look for alternative income sources: At the moment it is not clear how many days the coronavirus crisis will last and how many jobs are going to get affected. Surprisingly many companies are desperate for workers right now. These include delivery companies, grocery stores, and online learning companies. They are struggling to keep up with the rising demand for their products. You can also look for opportunities in this gig economy. There are several ways such as editing skills, or graphic design skills that may provide the additional income to you working from home.

Think about things you can sell. Due to the slower shipping and lack of open stores, people may be willing to pay extra for certain items. It may be a good idea to clean up your closets and get rid of the items you do not need anymore. It is possible to sell many things locally such as furniture. You can also use social media for listing the items. A listing on eBay is also possible if these things can be sold nationally.

3. Management of your mental health: Many studies have indicated a link between financial stress and poor mental health. The more the financial stress the harder it is to manage your wellbeing and vice versa. Apart from the money, you are required to worry about unemployment, disruption of the routine, and future uncertainty which are the additional factors that will affect the psychological wellbeing. Therefore it is significant that you manage your mental health well during these times of financial stress.

4. Find out your eligibility: If you are eligible for sick leave at the office, now may be a good time to take it. You might be eligible for disability, family medical leave, or unemployment benefits. Remember, these rules change by the state and laws will change as government scrambles to find ways of combating this crisis. For regular employees, it may be a good idea to check with the HR department first. Find out if you are eligible for a paid leave or some other benefits.

In case you are self-employed, there may not be many options available. However, you still qualify for some benefits. The list of these benefits can be found out from the government websites. You may be able to get a small business loan. You can apply for the low-interest loan if you are in the need for keeping your business afloat. You can also use the available community resources. There are free lunches provided for children and you can find other programs available to get families through these tough times.

Due to the uncertain nature of the current situation, you will be required to do whatever you can to survive. If you are unable to pay the bills do not panic. Managing your mental health is another difficult task facing you right now. But keeping good health may be the key to get you through the coronavirus crisis. For bankruptcy filing or other emergencies requiring professional advice of a bankruptcy attorney, contact Weller Legal Group that provides service in Tampa, Clearwater, Port Richey and Lakeland, FL areas.

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