{"id":58941,"date":"2020-05-19T10:06:00","date_gmt":"2020-05-19T10:06:00","guid":{"rendered":"https:\/\/www.marriage.com\/advice\/finance\/ways-to-handle-financial-stress-during-covid\/"},"modified":"2023-05-19T10:06:00","modified_gmt":"2023-05-19T10:06:00","slug":"ways-to-handle-financial-stress-during-covid","status":"publish","type":"post","link":"https:\/\/www.marriage.com\/advice\/finance\/ways-to-handle-financial-stress-during-covid\/","title":{"rendered":"7 Ways to Handle Financial Stress During COVID-19"},"content":{"rendered":"\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-16984\" src=\"https:\/\/image.marriage.com\/advice\/wp-content\/uploads\/2020\/05\/ways-to-handle-financial-stress-during-covid-19-1606134012.jpg\" alt=\"Financial Stress And Economic Crisis Young Caucasian Man Feeling Depressed While His Wife Trying To Cheer Him Up\" width=\"804\" height=\"350\"><a href=\"https:\/\/www.who.int\/emergencies\/diseases\/novel-coronavirus-2019\/events-as-they-happen\" rel=\"nofollow\" target=\"_blank\"><span style=\"font-weight: 400;\">COVID-19<\/span><\/a><span style=\"font-weight: 400;\"> has caused major economic issues with a <\/span><b>virtual shutdown of the economy causing loss of business income, jobs, and reduction of working hours.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">These combined issues have caused <\/span><a href=\"https:\/\/www.afr.com\/policy\/economy\/young-bear-the-brunt-of-lockdown-s-financial-stress-20200428-p54ns1\" rel=\"nofollow\" target=\"_blank\"><span style=\"font-weight: 400;\">major financial stress for households<\/span><\/a><span style=\"font-weight: 400;\"> as unfortunately the bills and expenses do not stop just because the economy has.<\/span><\/p>\n<p><b>For the week ended March 28,<\/b><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-02\/u-s-jobless-claims-doubled-to-record-6-65-million-last-week\" rel=\"nofollow\" target=\"_blank\"> <b>6.65 million people<\/b><\/a><b> in the US filed for jobless claims alone.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">So although some things are outside of our control right now what can we be doing to manage financial stress?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These 7 tips on handling financial problems may help you out in coping with financial stress<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"1-Review-your-current-spending\"><\/span>1. Review your current spending<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<blockquote><p><i><span style=\"font-weight: 400;\">You can&rsquo;t create a plan and determine a budget if you don&rsquo;t have an idea of your current spending and outgoings, so get a grip on this first.<\/span><\/i><\/p><\/blockquote>\n<ul><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Get your last 6 months of bank statements and if you use cash, estimate what cash you utilize.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To get a better idea of cash outgoings, record it for a weekly period.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ensure you don&rsquo;t miss obtaining any relevant statements, for example, if you use PayPal, ensure you get a copy of that statement also.<\/span><\/li>\n<\/ul><h2><span class=\"ez-toc-section\" id=\"2-Create-a-budget\"><\/span>2. Create a budget<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/www.marriage.com\/advice\/finance\/budgeting-tips-for-married-couples\/\"><span style=\"font-weight: 400;\">Creating a budget<\/span><\/a><span style=\"font-weight: 400;\"> is one of the best ways to manage money and lower financial stress. It may be unliked but it&rsquo;s necessary and a great way to keep on top of things financially and combat financial worries.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From reviewing your spending in tip 1 you will probably find expenses you can cut down on, eliminate, or find better ways to spend.<\/span><\/p>\n<p><b>Your budget should ensure you cover immediate expenses and obligations like loan repayments.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">You should then look at what you can save, if possible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, watch this financial advice video on creating a budget and sticking to it:<\/span><br><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/4Eh8QLcB1UQ\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><b><\/b><\/p>\n<h2><span class=\"ez-toc-section\" id=\"3-Track-your-progress\"><\/span>3. Track your progress<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-16985\" src=\"https:\/\/image.marriage.com\/advice\/wp-content\/uploads\/2020\/05\/track-your-progress-1606134013.jpg\" alt=\"Businessman Present Graph With Growth\" width=\"804\" height=\"350\"><span style=\"font-weight: 400;\">Track your progress over the shorter term such as days and weeks &ndash; keep a spreadsheet of actual expenses so you can compare it with your budget.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After a month, sit down with your partner and determine how you went against the budget.<\/span><\/p>\n<p><b>If you can go below the budget for some items then edit your budget. <\/b><span style=\"font-weight: 400;\">There may be items in which you need to adjust, but only if it is a necessity such as it being related to an essential item.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you can put this in practice, you will get a handle on how to overcome financial stress and be <\/span><a href=\"https:\/\/www.marriage.com\/quizzes\/the-couples-and-money-quiz\"><span style=\"font-weight: 400;\">good with money<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"4-Think-about-changes\"><\/span>4. Think about changes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Some changes such as eating healthy can not only help our waistlines and overall health but they can also lead to decreased food spending as we are eating less processed meals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is a good example of thinking about not only the <\/span><a href=\"https:\/\/www.marriage.com\/advice\/finance\/financial-benefits-of-marriage\/\"><span style=\"font-weight: 400;\">financial benefits<\/span><\/a><span style=\"font-weight: 400;\"> but health or other benefits related to certain changes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Right now for example is also a great time to be doing DIY activities around the house if you&rsquo;re a homeowner.<\/span><\/p>\n<p><b>Learning how to cook if you don&rsquo;t regularly cook is another great example of an activity we can do right now which can help our finances<\/b><span style=\"font-weight: 400;\"> not only right now but also post COVID-19.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"5-Consolidate-debt-or-get-the-best-deal\"><\/span>5. Consolidate debt or get the best deal<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-16986 size-full\" src=\"https:\/\/image.marriage.com\/advice\/wp-content\/uploads\/2020\/05\/consolidate-debt-or-get-the-best-deal-1606134013.jpg\" alt=\"Laptop Screen Text Best Deal, Silhouette And Filter Sun\" width=\"804\" height=\"350\"><span style=\"font-weight: 400;\">If you have debts across multiple providers or products then consider whether you are getting the best deal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, you may be able to consolidate a range of high-interest credit cards under a personal loan with a lower interest rate or even under your home loan or line of credit facility.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Seek help from a financial advisor if required.<\/span><\/p>\n<p><b>If you have a home or investment loan and haven&rsquo;t reviewed it in a while then check your interest rate<\/b><span style=\"font-weight: 400;\">. You may be able to get a better rate by changing providers.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"6-Think-creatively\"><\/span>6. Think creatively<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Be innovative around how you can save to reduce your financial stress.<\/span><\/p>\n<p><b>Consider looking at deal\/coupon sites<\/b><span style=\"font-weight: 400;\"> or consider what items you regularly use that you can purchase in bulk at the supermarket or discount store.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are several great ways to save. You can even learn to make your own<\/span><a href=\"https:\/\/www.stayathomemum.com.au\/houseandhome\/diy-cleaning-products\/\" rel=\"nofollow\" target=\"_blank\"> <span style=\"font-weight: 400;\">DIY cleaning products at home<\/span><\/a><span style=\"font-weight: 400;\"> using natural ingredients!<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"7-Be-thankful\"><\/span>7. Be thankful<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When you have done what you can to <\/span><a href=\"https:\/\/www.marriage.com\/advice\/finance\/manage-finances-in-your-marriage\/\"><span style=\"font-weight: 400;\">manage your finances<\/span><\/a><span style=\"font-weight: 400;\"> then stop thinking about it.<\/span><\/p>\n<p><b>Taking action is the key but then fretting about it endlessly will not add any value.<\/b><span style=\"font-weight: 400;\"> Be thankful for what you do have and <\/span><a href=\"https:\/\/www.marriage.com\/advice\/family\/great-family-advice-for-combining-fun-and-functionality\/\"><span style=\"font-weight: 400;\">enjoy simple activities with your family<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although COVID-19 has brought about financial stress for many, there are things we can do to help manage our finances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hopefully, these pieces of actionable advice on how to handle financial stress will help you curb your anxiety around how to handle money during the pandemic.<\/span><\/p>\n","protected":false,"raw":""},"excerpt":{"rendered":"<p>COVID-19 has caused major economic issues with a virtual shutdown of the economy causing loss of business income, jobs, and reduction of working hours. These combined issues have caused major financial stress for households as unfortunately the bills and expenses do not stop just because the economy has. For the week ended March 28, 6.65 million people in the US filed for jobless claims alone. So although some things are outside of our control right now what can we be doing to manage financial stress? These 7 tips on handling financial problems may help you out in coping with financial <\/p>\n","protected":false},"author":841,"featured_media":58942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[2575],"_links":{"self":[{"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/posts\/58941"}],"collection":[{"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/users\/841"}],"replies":[{"embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/comments?post=58941"}],"version-history":[{"count":0,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/posts\/58941\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/media\/58942"}],"wp:attachment":[{"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/media?parent=58941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/categories?post=58941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/tags?post=58941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}