Financial worries are one of the biggest stressors for employees and family members as a result of the COVID-19 pandemic. Not addressing this worry and fear can lead to mental and physical health problems. Help ease your financial concerns with the following tips:
TAKE CARE OF YOURSELF
- Plan your day to include time for relaxation, talking with friends and family, and engaging in enjoyable activities or hobbies.
- Get some exercise to help reduce stress and improve mood. Try going for a walk, stretching, yoga or dancing.
- Get a good night’s sleep. Avoid use of electronics at least 30 minutes before bedtime, reduce clutter in your bedroom, and engage in relaxing activities prior to bedtime such as reading a book or working on a crossword.
- Avoid drugs and alcohol. These substances can make it harder to manage stress and also cost you money!
TALK ABOUT MONEY WITH YOUR FAMILY
- Work together to come up with a realistic plan to address your financial situation. This may involve talking to your children and letting them know that it is a difficult time and that some entertainment or special purchases must be put on hold.
- Spend money on essential needs first such as housing, utility bills, food and clothing. Evaluate spending trends; is this something we want or something we need?
- Stay connected! There are many ways to spend quality time with your loved ones that don’t cost money. Play board games, do puzzles, watch a movie, go for a walk or cook dinner together.
MAKE A PLAN TO REDUCE DEBT
- Contact credit card companies to try and negotiate lower interest rates or reduced payment plans.
- Reach out to your mortgage company or landlord about possible options for reducing monthly payments or extending payment terms.
- If you have health/medical debt, contact the provider about arranging a payment plan. Many hospitals also have financial aid available.
UTILIZE AVAILABLE RESOURCES
- Continuum EAP has financial coaches available to provide training on the basics of personal finance and help members create a strategy that reflects their goals and values
For more tips or to access problem-solving, counseling or financial coaching services, Continuum EAP members are encouraged to reach out to us to connect with an EAP professional.
