The ongoing coronavirus pandemic has disrupted all our lives. Mounting unemployment, shutdowns, and an uncertain economy have caused a lack of sleep for many individuals. But the bank and trust of Stillwater strive continuously to help people make smarter financial decisions. If you are feeling financial stress, the bank of Stillwater suggests some ways to manage it during these trying times.
Five
Ways to Manage Financial Stress During Trying Times
#1 Focus on Things You Can Control
Trying to change everything that's out of your hand can cause you stress. There's no point in getting frustrated with things that you cannot control. Stillwater bank and trust advises focusing on things you can control, like your food budget.
Unless you are already on a bare minimum food budget, you can save some dollars off your grocery bills by curtailing non-essential food items. The saving gives you a feeling of accomplishment and reduces your stress a bit.
#2 Take Steps to Increase Your Income
If you are already on a tight budget, cutting further can only increase your stress. Therefore the best way to ease some financial tension is to increase your income.
We agree it feels absurd to find ways to increase your income in the current economic environment, but these two ways can let you earn more.
●
Working a
few extra hours each week (if your employer lets you)
●
Locating
some unconventional ways to earn money in the pandemic, like
●
Helping
families with homeschooling children with household chores
●
Doing
grocery pickup
●
Mowing lawns
●
Helping the
children with online assignments
●
Supervising
children during virtual schooling
#3 Prioritizing and Paying Essential Bills
If you fear not being able to pay all your bills, prioritize essential ones first. Sorting through the bills enables you in two ways.
●
As a
budgeting exercise - It helps you to figure out the ones you can eliminate.
● As a guideline - It enables you to know beforehand the priority bills.
Both of these ways help in reducing your financial stress and anxiety, allowing you to sleep better.
#4 Saving Plans
Try to implement a consistent savings plan, even if it small. The act of saving gives you a sense of control and accomplishment, reducing your stress. Talk to your bank in Stillwater. Inquire about a high-yield savings account. Such accounts provide you higher rates and keep your money accessible. It is also an excellent vehicle for emergency funds.
#5 Talk to Lenders
Debts are both a financial and mental burden. A few Stillwater banks and trusts have already announced temporary repayment freezes considering the current situation. Remember, banks are often open to discussing your issues. They can find short-term solutions for you. So, talk to your lenders at Minnesota bank and trust today about your debt.
Conclusion
Instead
of overwhelming yourself with financial stress, focus on a few things you can
do. Talk to financial coaches and advisors in the various bank of Stillwater. They
can guide you with actions to improve your financial position.
Comments
Post a Comment