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4 Ways to Overcome Post-Covid-19 Financial Stress

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4 Ways to Overcome Post-Covid-19 Financial Stress

Since the pandemic started it has changed the whole world drastically. The world has become more online, and the people are more concerned about taking a grasp to manage any onward crises of the same nature.

By Aisha Saeed

The unexpected event of Covid-19 has magnified the issue of financial insecurity. It has affected almost every sector including business, education, healthcare etc., and individuals globally. Many people suffered from financial crises during the pandemic due to unemployment, downsizing, severe health issues, lack of opportunities, and mandatory quarantine but it burdened the lower-income and marginalized people more than others, whose nets and wages stretched to the lessor. Bill Hensely, CEO of NEFE said, “It is harder to make up for that the less you make, it is very troubling, and it will just continue the longer this goes on.”

Since the pandemic started it has changed the whole world drastically. The world has become more online, and the people are more concerned about taking a grasp to manage any onward crises of the same nature. The constant worry of funds deficiency has caused anxiety, depression, and other mental health problems that are ultimately connected with other bodily organs’ dysfunctions. After health issues, the biggest shake is financial instability and scarcity.

As it is said, “Noah built the arc before the rain”, so, it would be better to take wits at the earliest and to confront financial loopholes you can take help from these 4 steps mentioned here.

Step 1: Health always comes first

In order to deal with any sort of stress regardless of any age group, you should follow a consistent self-care routine; take a healthy diet, stick to a daily exercise plan, and do periodical check-ups with the doctor. Occasionally you should engage in discussions on online forums with family, peers, and others, take care of your emotional health, and whenever you feel exhaustive address your feelings with whom you feel comfortable, untie yourself from any sort of unhealthy addictions, take your time to recharge your body and soul till you get your balance back.

Step 2: Prioritize financial flow

Hire expert services, as a finance professional can help you in recommending various financial breakups as per your cash flow description, starting from important to less important and changeable to unchangeable prospects to reduce your financial stress levels. These recommendations can assist you in making mild to major financial decisions which will be less risky and more profitable.

Step 3: Adopt Flexible Payment Plans

Get a free consultation from a credit card counseling agency to review your budget relief options. A good tax professional or a Certified Accountant can guide you through an improved plan to enhance access to available resources. You can avail yourself of options to negotiate bills in installments or flexible payments. Increase your financial literacy and try to switch to low-cost or free educational or health programs which can alleviate stress around money.

Step 4: Stick to a plan                 

Make a financial plan with the guidance of finance professional as mentioned in steps 2 and 3. The simplest formula is to be patient and consistent with the plan even it seems uncertain/ambiguous at the start. Accept the changes by making new opportunities that will lift financial stress.

I would like to further mention that it does not come as much of a surprise the pandemic has created widespread uncertainty and significant economic fallout. People are suffering from severe mental stress, anxiety, and other health issues due to running out of funds and the inability to make ends meet. It is hard to think or make rules when you are in free-fall but nothing lasts forever, start making your financial plan to overcome any future financial crises that lead to health collapse. Always show gratitude to everything and everyone who comes in your way because all alone no one can survive. Be kind to yourself and unhook the unkind thoughts.

[author title=”Aisha Saeed ” image=”https://sindhcourier.com/wp-content/uploads/2021/10/Aisha-Saeed-Sindh-Courier.jpg”]Aisha Saeed, student of law and former Lecturer at University of Karachi, is a freelance writer based in Karachi.[/author]