(FinancialHealth)- Ever since the pandemic spread throughout America, money has been on everyone’s mind. Though many have suffered from the economic fallout of COVID-19, the pandemic has taken a psychological toll on American families facing extreme financial stress. This isn’t a subject of mere speculation; the National Endowment for Financial Education conducted a study that showed nine out of every ten Americans suffer from stress due to the current economic situation.
Further reinforcing this fact, John Hancock Financial also did a separate study to find that close to a quarter of Americans are now using the money they’ve put aside as emergency funds to survive. If you’re facing issues with finance-related stress, we’ve got a couple of suggestions that you’ll find valuable.
What Will I Do About My Uncertain Future?
Nobody knows what the future holds for certain. You may be able to make an educated guess as to what the future might hold, but with the pandemic around, your financial life is always at risk. Building an emergency fund is one way you can address that issue. Having a financial safety net is the best self-defense system that you can develop for survival. Make sure that you also adjust your budgeting strategy so that you have an adequate flow of funds to build your emergency savings. You never know if you might lose your job or if your company will close, so it’s best to be prepared rather than letting yourself get consumed with fear.
What Might Happen If I Die Tomorrow?
Death has been on the mind of every American ever since the pandemic began. It’s only natural that when a deadly disease is floating around, one would think about the well-being of their loved ones. Part of what you can do to help them out is to look into getting the necessary funds needed to take care of them after you pass away. You may also want to consider getting all your inheritance tasks complete so that if you have any assets that your relatives would need, they would be readily available. There’s a solution in the private sector, where some companies may offer various financial solutions, but you should be the judge to see what is compatible in your situation. It may be best to consult a financial advisor.
What Am I Going to do About My Growing Credit Card Debt?
Credit card debt is definitely a concern that you should take seriously, especially with the fact that many Americans are becoming dependent on their credit cards to settle the most basic expenses. Not to worry, as there are solutions for your predicament! Use personal loan websites to get yourself a loan that will destroy the debts on all your credit cards. Many of them have a budget-friendly payment plan that you’ll find easy to commit to.
What If I Lose My Job?
You need to prepare yourself for either getting laid off or for your company to go out of business. This has especially been a concern as the government takes measures to contain the virus. The economic fallout of the pandemic is something that is out of your hands, but you do have control over the way you can adapt to it. If you feel that the business that you are in is on a shaky foundation, you need to start looking for alternative places to work.
The IT sector is doing particularly well and a position in a company like Amazon could definitely be considered well-secured. You can also look into making money online. Apart from that, it’s also best that you begin tightening your belt so that if find yourself jobless, you’ll have all the emergency savings you need to support yourself until you can find another job. Always have a backup plan.
~Here’s to your Financial Health!
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