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How to Protect Your Mental Health During COVID-19 & Financial Hardships

Update Date: Aug 24, 2020 11:54 AM EDT
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How to Protect Your Mental Health During COVID-19 & Financial Hardships
(Photo : How to Protect Your Mental Health During COVID-19 & Financial Hardships)

Since the arrival of the COVID-19 pandemic earlier this year, the number of people suffering with mental health issues has soared. Understandably, the main concern for most is the health and well-being of themselves and their families. However, there are also several other factors that affect the mental health of people up and down the country, including worries about finances, job security, and housing. 

Fortunately, if your mental health has been affected by COVID-19 and the financial hardships that go hand in hand with this global pandemic, there are steps you can take to help protect yourself and your mental well-being. 

From avoiding burying your head in the sand to facing your fears, keep reading to find out how you can assuage your financial worries and improve your mental health in four simple steps. 

Analyze your finances

When you know you are not getting your usual pay check but you also know you still have the same monthly outgoings, it can be all too tempting to simply bury your head in the sand and hope that your money worries will simply disappear. Sadly, this will not happen.

Instead, the best way to improve your finances and deal with the stress associated with money worries is to find out exactly what you are dealing with, and to be completely honest with yourself and your partner about your current financial situation. 

Consider a loan

Rather than max out your credit cards paying for everyday essentials such as food and gas, it can be a better idea to take out a short term loan to help tide you over until you are able to start earning more money again. 

The benefits of a short-term loan include:

  • Flexibility 

  • Applying and being accepted online 

  • You can get the money you need faster

  • Can be more cost-effective than other long-term loans 

Use a budgeting tool

If you are not yet setting yourself a monthly budget, then now is the time to start. Budgeting is arguably the simplest and most effective way to see where you are wasting money and where you can cut back on your spending. 

Due to COVID-19, you are probably spending less on socializing and on transport to and from work, so make sure you factor this in when budgeting. 

Face your fears

For some, the only way to deal with recent health and financial worries is to adopt unhealthy behaviors such as drinking alcohol, comfort eating, or not getting out of bed in the morning. Unfortunately, this will only exacerbate any mental health issues that you may be experiencing. 

According to the National Institute of Alcohol Abuse and Alcoholism, an estimated 18 million Americans struggle with alcohol use disorders and this figure is expected to have grown considerably since COVID-19. 

Whatever problem or illness that you have experienced during lockdown, or as a result of COVID-19, you need to face your fears rather than simply mask them. If you are worried about money, seek help from a charitable organization that offers free financial advice. If you are worried about your well-being, contact your doctor or look for ways to improve your mental health.  

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