As the COVID-19 pandemic sweeps the globe, people are taking the necessary precautions to safeguard their physical health. However, during this time of heightened stress, too many people are overlooking their mental health.
The World Health Organization (WHO) recently issued a statement asking people to pay special attention to their mental health—as anxiety and stress can lower your immunity and affect your physical health.
Unfortunately, the coronavirus pandemic has caused a lot of financial uncertainty. As industries shut down, employees are being laid off or are being asked to take unpaid leaves. The situation is stressful, but there are some strategies you can use to manage both stress and your finances.
1. Reach out to your creditors
If you’re worried about mortgage payments or outstanding loans, now is the time to call up your bank, as well as any other creditors you have. Don’t let things get spiral out of control by the time you reach out to them.
Right now, many are people experiencing financial trouble, and creditors will appreciate proactive behavior. This will put them in a better position to help you.
2. Catch up on some reading
While it’s a great idea to catch up on all those books you have lying around, it’s also a good time to read up on the various financial resources. There are many programs available right now, such as unemployment benefits, deferred payment plans, and emergency relief programs that you might be applicable for.
3. Adjust your budget
With the extra time on your hands, build a budget for all your expenses. If you already have a budget in place, plan for reduced income over the next few months. Reduce your discretionary spending and draw a realistic budget that takes all your needs into account.
4. Stay safe from scams
Unfortunately, even during these times, there are still people out there who are trying to take advantage of low-information consumers. To avoid falling for scams, stay aware of your financial behavior, and don’t reveal your personal information or credit card details to anyone.
Any unsolicited calls, emails, or communication—even those that ask for donations or sensitive information—should be viewed with suspicion. Only trust reputable sources and contact a government agency if ever in doubt.
Get Advice From Professional Credit Repair Counselors
Even with all this time on your hands, managing finances on your own can be challenging. In which case, it’s okay to ask for professional help.
At Oak Credit Repair, we offer affordable credit repair services all over the US. For more information, give us a call at (888) 625.2264 or fill out this form for a free consultation with a credit repair specialist.