The Coronavirus (COVID-19) pandemic has spurred a surge in financial stress and anxiety. It can be a scary, stressful time for many reasons. And, if you have to worry about how to get by financially, the added stress may cause you to feel completely overwhelmed.
Fortunately, there are many things you can do to address both your financial situation and your mental health, so you can make the best decisions for you and your family during this difficult time.
First, accept that your life is going to be different for a while and focus on tasks you can control. Prioritize your own physical, mental, and emotional health. Keep active, sleep right, limit alcohol and caffeine, make healthy food choices, practice mindfulness and stay connected to family and friends. Additionally, follow the CDC guidelines to socially distance, wash your hands, and stay home. If the news is creating anxiety, limit your exposure, while still staying informed.
Next, it is time to make a plan. Here are a few suggestions to get you on financial track.
Take stock of where you are with your money. Make a list of everything you own, owe, earn, and spend. This is your starting point and your method to find out where you are at right now.
Start or build an emergency fund. If you are just starting out, aim to put aside $1,000. Begin by taking some of the dollars you might normally spend on dining out and entertainment and put some of those dollars into this emergency fund each month. Over time, build this up to the equivalent of 3–6 months worth of living expenses.
Take a page from Marie Kondo. Take a look at your loan statements, credit card bills, memberships, and subscriptions. What are you paying? Are there better deals out there? Do you really need it right now? For example, since fitness facilities are closed, can you pause or stop your gym membership? There are plenty of free resources that will allow you to keep active while socially distancing.
Swap take-out for home meals. It is always a great idea to help local restaurants by ordering take-out. But if you are watching your finances, reduce take-out dining to once a week and try to create some new recipes at home.
Check your interest rates. If you are using multiple credit cards for your purchases, try to use the card with the lowest interest rate so you will be paying less in interest when you do pay off your bill. Even a few percentage points difference can save you money.
Become familiar with community and government resources. State and federal governments are continually taking steps, including the Families First Coronavirus Response Act (FFCRA) and the recent CARES Act, to help provide relief. Check websites such as usa.gov, iowa economic development, and coronavirus.iowa.gov. Locally, some cities are providing free meals for children as well as other programs to ensure families are getting through this tough time.
Become familiar with the Drake University COVID-19 website. You will find information, including steps Wellmark is taking to help Drake Health Plan participants with respect to COVID-19.
Keep calm about your investments. Right now you might be tempted to pull out of the volatile markets and retreat to safety. But if you are feeling uneasy, take a deep breath and make an appointment with your financial advisor to go over your portfolio.
Ask for help. If you are struggling financially or emotionally, don’t keep it to yourself. There is help out there. EFR offers a variety of Employee Assistance Plan (EAP) resources to help you now, or anytime. You can reach EAP by phone (800-327-4692) or visit their website at https://www.efr.org/login/. All EAP benefits are confidential and available 24/7/365.
Lastly, take a moment to appreciate yourself. You are going through a hard time and you’re approaching it with incredible resilience. We will get through this together.
— Linda Feiden, Human Resources
