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Tips to address your financial stress

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.

 

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