Coping With Money Problems During the Pandemic
Many people are worried about money during the pandemic. Some people have lost jobs, or they aren't working as much. Or funds may be stretched thin because of health problems or other expenses. Here are some ideas on how to cope.
- Be kind to yourself.
It's normal to be concerned right now. Allow yourself time to have those feelings. Try not to get upset with yourself when you worry more than usual. But set limits on how much you think about your situation. When unwanted thoughts come up, tell yourself "not now." Use your "worry time" to focus on looking for ways to solve your money problems.
- Figure out what you can control or change.
It might help to make a list of the expenses that worry you the most. Then make a list of things you can do to reduce some of those costs. For example, you might have a library nearby where you can borrow movies, music, games, and books instead of paying for those things.
- Look for support.
During this time, you may be concerned about how you're going to pay the house payment or rent, or pay for food. Many communities have nonprofit services to help with things like debt consolidation. You may also be able to find a community food pantry if you need help feeding your family. Some companies will work with you to create a payment plan if you're having trouble keeping up with expenses.
- Celebrate your wins.
Find small ways to celebrate your successes. When you're trying to get through money problems, it can be easy to feel discouraged. When you pay off a bill or find a new way to solve a problem, celebrate that success. Have a picnic in the park, enjoy a hike at a favorite hiking spot, or have a family movie night at home with popcorn and other treats.