The impacts of the Coronavirus aren’t just affecting our physical health but also the financial health of our country’s economy, businesses and individuals. If you’ve recently lost your job or have been financially impacted by the coronavirus it’s normal to be feeling added financial pressure, stress and anxiety during this time. It’s important to realise you are not alone, Australian Psychology Society reports finances are one of the main causes of stress for Australians and since the outbreak Beyond Blue has recorded 1 in 3 calls are concerns around COVID-19.
With strong links between financial health & mental health what steps can you take to protect and minimise the impact of financial stress during COVID-19 and how can we maintain a healthy mindset?
We understand it can be overwhelming facing the unknown and it can cause a lot of uncertainty and doubt. The hardest part is often knowing where to even start. The most important thing you can do right now is to create a clear path forward.
The first step you can take to do this is getting an understanding of your current position:
The second step is and to seek help and advice on the areas that concern you or you’re unsure of. The sooner you have an action plan in place the sooner you will have more clarity and feel comfortable about your position.
Seeking help & advice
You may also find Finty’s practical guide to managing money pressures useful during this period.
Some important dos & don’ts to keep in mind during this time:
You can read more about the psychology of money here.
During this time of uncertainty keeping a healthy mindset will help you through. It is important to identify the areas you currently can control and trust the advice handed down by our governments and professionals on the things you can’t. Below are some suggestions for maintaining a healthy mindset during the coronavirus outbreak.
One of the best ways you can keep a healthy mindset during isolation and times of uncertainty is to stay connected. Your girl’s movie night might be cancelled but perhaps you could all FaceTime in with a glass of wine. Check-in on your elders, family and friends and ensure they too have the support they need. Discussing finances and mental health can be a difficult conversation to navigate but it’s crucial to remember we are all in the this together.
There are now plenty of low-cost ways you can stay connected from home:
Many Australians will find themselves working from home and/or supporting children through their education. This will mean a very full plate. It is important to carve out time for yourself as well. Although you may be trapped inside there are plenty of ways you can still keep busy:
As tempting as it may be to stay in front of the TV all day, it’s probably not going to do your brain or mood any favours. Especially for those who now have the kiddies at home, finding a way to keep the whole family active and stimulated is key to maintaining a healthy mindset.
If at any point you feel you struggling financially or mentally there are plenty of options available to support, you through this time. Beyond Blue’s helpline is open 24/7 and free financially counselling is available through The National Debt Helpline. Invest Blue is also passionate about looking after your needs and is happy to discuss your financial position and options available to you during this time.
No one can predict what the lasting implications of coronavirus will be, but we are here to help you move forward. If you would like assistance from a Financial Adviser, please get in touch.
What you need to know
This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
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