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How to manage your finances in addition to COVID burnouts | Business

I write this during my daughter’s diaper change, bottle breakage and nap, and my own slimy bouts of anxiety and despair. Our day care was closed due to a case of COVID-19, so when we stare at the computer (tensioned shoulders in the ears) and try to work, the baby rumbling my husband and me ..

The last thing I want to do is think about my finances.

I’m sure I’m not alone. Money is a major source of stress for many, and who needs more stress now? Almost a year after the pandemic, you may already have overcome despair, loneliness, sadness, malaise, or of course fear.

“Stress is exacerbated by the fact that you may actually die,” says Brad Krontz, a certified financial planner, psychologist, and author of “Money Mammoth.” “A ridiculous amount of stressors have fallen on everyone.”

A signal of good old avoidance. That’s my recourse — don’t deal with what causes hair to pull out. But avoiding money problems makes them worse. And if you’re like many people who have been financially hit, you can’t afford to make your situation worse.

please talk

Here’s a gentle reminder from Kronz, as we’re all completely depressed: “You may feel lonely, but it’s not.” In fact, he said, “Your friends are exactly the same. You may be sitting there like that, “he added.

So contact a trusted friend or family member about what is stressing you. You may not be able to get a solution, but you will probably feel better after venting and gaining some empathy. And your friends may be grateful to know that you want to talk about money issues — they may also be focusing on them.

To keep each other safe, you’ll probably need to jump on a phone or video call or get together for a walk in February. But just give it a try. “The worst thing you can do in stress is to be socially isolated,” says Kronz. “It’s a recipe for depression.”

List now, process later

To start solving money problems, you have to face them first, but this second is correct, not all at once. It’s a reminder to those who are obsessed with it, not avoid it. “There are two ways people handle money in extreme situations,” says certified financial planner Pamela Kaparad. “That’s all they think and see, or they ignore it altogether and hope it works.”

Regardless of your tendency, consider maintaining a financial task list. “A place where you can park all these things and know to handle them later will help prevent future burnout,” said the founder of the financial planning business Branch & Budget. One Kaparado says.

Go to “money date”

Well, the whole thing is to “take care of it later”. Capalad recommends scheduling a “money date” yourself. Plan a specific date and time where you can concentrate, and if possible, choose a room where you don’t normally work. You can keep the date short. If you can only think about money for 20 minutes before you feel anxious, stick for 20 minutes.

Enter your date specifically and intentionally about what you want to do. If you only have 20 minutes, don’t try to dive into your entire financial history.

“Look at what’s thick behind your head,” says Capalad. Maybe you finally peek at the credit card debt and brainstorm how to scrape it off. Alternatively, you may list or catch up with all invoices, their due dates, and their payment methods. (You may learn what you should try Lower your bill.. )

If no one bothers you, see the task list. Or, check your bank or credit card statement to see what you’re spending and how much you’re spending and how those costs are compared to your income. Over time, several 20-minute reviews of your cash flow may help you feel more comfortable thinking about money and less likely to avoid it.

Be kind to yourself

If you don’t like what you find on the money date, don’t hit yourself. After all, you faced something you didn’t want to see — and you did it when everything was very difficult.

“We all need to give a little grace,” Kaparad said, adding that sticking to pre-pandemic standards can lead to burnout. Just as you should allow yourself not to be the healthiest, happiest, and most productive person in the midst of a terrifying global crisis, you should allow yourself not to be completely above your money. Loosen a little.

You may not be able to pay, so you may need to immerse yourself in your savings or seek help from your credit card issuer. Yes, it’s really terrible. But you can probably rebuild, says Capalad.

“You may live in the worst scenario right now, but all these things can be fixed,” she says. “It doesn’t matter if your credit score drops from 700 to 600 due to a pandemic.”

Copyright 2021 AP communication. all rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

How to manage your finances in addition to COVID burnouts | Business

Source link How to manage your finances in addition to COVID burnouts | Business

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