5 Ways to Ease Financial Anxiety During the Coronavirus Pandemic (2024)

From mass layoffs to shuttering businesses, the economic implications of the coronavirus (COVID-19) pandemic have begun to take a toll. So much, in fact, that financial anxiety has been dubbed the "second pandemic."

If you've lost work due to COVID-19, you're likely familiar with this type of anxiety. You may also feel stressed about the coming weeks and months, which is completely natural. The future of our country, after all, is largely unknown.

While you can't control how the economy unfolds in the coming months, you can control the extent of your money worries. Consider these actionable, expert-approved tips for easing financial anxiety during these strange times.

1. Negotiate your bills

Understandably, it can be daunting to make those calls. So, to make the experience more comfortable, Smith recommends preparing your paperwork beforehand. She also suggests addressing reps by name to establish a rapport and calling in the morning, before they have dealt with a day's worth of angry people. "Be kind and polite," adds Jeff Rose, C.F.P., creator of Good Financial Cents. "[This] will go a long way in helping you come to a mutually beneficial agreement."

2. Pay your bills on time

Moreover, making on-time payments maintains your standing as a good borrower or customer. This will come in handy in case your financial situation does change, which may prompt that call to negotiate your bills.

3. Work a temporary gig

In the short-term, working a temp gig can ease the financial strain while covering some essential expenses. But the benefits also extend to the long-term. According to Smith, falling behind on payments can have a lasting effect on your overall financial picture. However, by bringing in some income, you can reduce (or avoid) any potential consequences down the line.

4. Limit non-essential expenses

While you're at it, be mindful of spending out of stress, anxiety or boredom. With more time to scroll and shop, it's all too easy to acquire more debt from the comfort of home. "This is a good time to see what we can live without—and save money at the same time," Smith shares.

And remember, panic buying paves the way for impulse purchases. Instead of buying things you normally don't need, stick to your essentials and leave some for others.

5. Make your own meals

If you can afford the occasional takeout, opt for small businesses and local restaurants. Every dollar will help your go-to spots stay afloat during this difficult time.

Finally, be patient with yourself. We are currently experiencing an unprecedented moment in global history, something for which no one could have properly prepared. And while you may have to temporarily change how you handle your finances, it might be just what you need to navigate this new normal.

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