6 Money Moves to Provide Financial Peace of Mind During The Pandemic
Worried about your finances? You’re not alone in your anxiety. With so many people out of work and businesses closed dues to COVID-19, people across the globe are feeling the financial pressure. If you want to give yourself some peace of mind during these unprecedented economic times, know that there are several steps you can take to do so, including:
Finding Freelance Work
Want to pad your savings or make up for lost income? Then you should look into becoming a freelance content writer. Entrepreneurs, small businesses and corporations are always looking for talented writers to help out with blog posts, e-books, product reviews and other writing projects. Freelance staffing sites can make it easy to connect with these prospective clients and get your freelance career up and running quickly. If you don’t have a knack for writing, you can also earn extra income via other in-demand freelance opportunities.
Using Free Financial Tools
Having an extra source of income is great but you’ll also need to trim your budget to give yourself some peace of mind. Finance Free Life offers several free and effective financial tools to help you do so with minimal effort. There are several budgeting resources you can use to create or modify your spending plan. You can also find other helpful resources on this website so that you can start taking more control of your money and life during these uncertain times.
Looking for Painless Savings
As you map out your new budget, be sure to look for opportunities to reduce your expenses. Opting for painless cuts, like stopping unused subscription services or turning down the thermostat, will make it so much easier to stick to your new savings plan. Another simple way to curb spending is to plan out your meals and use a grocery list when shopping. Then you can put all of that extra cash to better use by tucking it away in your savings or emergency fund.
Starting an Emergency Fund
If you read through that last sentence and are realizing you don’t actually have an emergency fund, now is a good time to start one. The general rule of thumb is to have a minimum of three months worth of expenses in your emergency savings account, but any little bit can help when times are tough. You can also grow this fund faster by taking advantage of automated savings. Most banks offer these services, so consider turning them on to boost your finances
Practicing Basic Self-Care
Stressing about money isn’t necessarily a bad thing. Of course, this statement may come as a surprise, but if feelings of stress motivate you to take charge of your finances, then those feelings could be beneficial. Chronic stress, on the other hand, can take a serious toll on your health, which is why practicing self-care is so important during times of uncertainty. Self-care also doesn’t have to be expensive to work, which is good news for your budget and savings.
Getting Help When Needed
If you really are feeling overwhelmed or hopeless about your financial situation, know that you don’t have to work through those feelings alone. If you have lost a job or are feeling financial impacts as the result of the pandemic, there are resources you can use to stay afloat until things settle back down again. This could include filing for unemployment or asking creditors for extensions. There are also several free mental health tools you can easily access online.
Financial stability is so important. So it makes sense for you to feel extra stressed and anxious right now. The trick is to turn that stress into positive changes that will help you make smarter moves with your money, both right now and in the future. Then you can rest easy knowing that you are doing all that you can to take control of your finances and stay in control of your life.
Written by Katie Conroy