You feel as though you’re on the point of bankruptcy and more dependent than ever on the family to give some kind of financial aid. COVID-19 has virtually brought the world to economic collapse and one has to wonder just how to stay calm in such a financial crisis.
Don’t procrastinate
The world is an economic cripple with governments having to subsidize everything. Productivity has been down while unemployment is up. The economic growth rate has plummeted and debt payments account for most of everyone’s budget.
Many people like to ride the wave of despair. They do nothing because they ‘we’re all in this together.’ You should be making use of every opportunity you can to get off your butt and be looking for any kind of job to bring in additional income, whether you have a job or not.
Knowing that you’re doing all you can will bring a sense of calm because you can only do your best.
Clearing up a lot of financial confusion
When you need to earn money, there are certain factors that can help to ease the effects of stress when you find you need to be earning more. With a financial crisis, you may have put your dreams on hold because you’ve been too busy paying off your debt.
You may be stressing about this, but instant cash online can be like a lifesaver for you because it can help you to hold onto your dream. Personal Money Network is a wonderful place to clear up a lot of confusion about money, how to get out of debt, how to work towards a more sustainable future and much more.
The blog believes that every day is a new opportunity and they want to provide you with information that will help you reach your potential even during a financial crisis.
Finding financial freedom
In the United States, and depending on the state you’re in, once your teenager is 14, they are legally entitled to work at some or other part-time employment. During a time of financial crisis, you can become calmer when your teen can earn.
Of course, it will require you helping them to understand the basics of budgeting. That’s the whole idea of them working – to help with finances in a difficult time and to also learn that when struck by a catastrophe, they can survive hard times with grace. With the money they earn, it will be important to be clear about who will pay for what; otherwise, it could lead to unpleasant arguing at the end of the month.
What you each pay will depend on your disposable income and your teenager’s income stream. Older teens who are tertiary students can help towards paying for their studies.
Focus on the good
It’s not easy to be positive and to focus on the good when everything seems to be falling apart. If we can live our lives well in hardship and if we can use all our talents and courage, then something of worth will have emerged.
Look at the good aspects of your finances – you still have a job – as opposed to any of the negative issues you face. Being positive and trying to live your life well won’t automatically stretch your budget but it can calm your fears. In fact, why not get a piece of paper and list the positive aspects of your finances as well as the negatives?
If you can find just one solution for one of the negatives, you can start to feel calmer as you work slowly through them. There is something to be said for people who find themselves in tough circumstances like we all find ourselves now, but who find ways to bravely overcome them.