(RallyHealth) – If your finances make you anxious, you\u2019re not alone. Before anyone had ever heard of COVID-19, 60% of Americans were stressed out by money, according to the American Psychological Association. None of us are untouched by uncertainty about what lies ahead, and that can cause unexpected emotions.<\/p>\n

\u201cEntering into this crisis, most of us already had anxiety and stress around money,\u201d says Brad Klontz, PsyD, CFP, a financial psychologist and managing principal at Your Mental Wealth Advisors and associate professor at Creighton University. \u201cThen you throw the virus on top of it. You\u2019re worried about your financial situation, and you\u2019re also worried about people you love getting sick.\u201d<\/p>\n

It\u2019s normal to need time to come to terms with layoffs, business closures, investment losses, or other financial upheaval due to COVID-19. And it\u2019s OK to be upset about the situation, says Patricia Tidwell, PhD, a licensed clinical social worker. \u201cIt\u2019s incredibly stressful,\u201d she says. \u201cI\u2019d be worried about people if they weren\u2019t upset.\u201d<\/p>\n

But there are many ways to move through the financial stress, anger, and sadness to a place of action. By recognizing your emotions, you can use them to drive your effort to take as much control of your financial situation as possible. Financial and mental health experts share insights on how to get started.<\/p>\n

Identify Your Emotions<\/h2>\n

\u201cWe all have feelings and beliefs about money: earning money, having money, losing money,\u201d says Tidwell. \u201cAnger, grief, anxiety, and sadness are all feelings that are healthy, albeit uncomfortable, to have about what is happening now.\u201d<\/p>\n

Alex Melkumian, PsyD, a licensed marriage and family therapist and founder of the Financial Psychology Center, adds fear, worry, and avoidance to the list. He says that financial stress from the pandemic can force people into survival mode. \u201cBeing in survival mode activates the fight, flight, or freeze response,\u201d he says. \u201cConsidering the sudden onset of the pandemic, many people are in the freeze cycle. They feel paralyzed or are overthinking what to do next.\u201d<\/p>\n

The first step to working through these emotions is recognizing them and understanding that they are normal, Tidwell says. By taking a moment to identify what you\u2019re feeling, you\u2019ll be able to more easily find ways to work toward solutions.<\/p>\n

\u201cThe sooner you can get to acceptance, as difficult as it may seem, everything else will be easier,\u201d says Melkumian. \u201cIt\u2019s a mental pivot that will disengage the emotional part of your brain, which is not helpful in moments like these.\u201d<\/p>\n

Recognize What\u2019s Out of Your Control<\/h2>\n

Unlike other, more personal financial upheavals, remember that many of the economic forces of COVID-19 are completely out of your control. Your state or local government may have told you that you can\u2019t go to work or need to work altered hours. And it\u2019s necessary for people to stay away from businesses in order to stop the spread of the virus. If these circumstances have altered your financial situation, it\u2019s important to recognize that it\u2019s not your fault, says Klontz.<\/p>\n

\u201cThe good news is you don\u2019t need to feel ashamed about it,\u201d he says. \u201cYou\u2019re also not alone.\u201d<\/p>\n

By recognizing this, you can avoid \u201cpersonalizing the pandemic,\u201d says Melkumian. Keeping an eye on the big picture can protect you from some of the negative emotions that are often associated with financial trouble, such as shame and guilt.<\/p>\n

Find Healthy Ways to Manage Money<\/h2>\n

Once you\u2019ve identified your emotions, it’s important to find mindful ways to manage them, says Tidwell. She suggests a physical exercise for a serotonin boost and meditation for reducing anxiety.<\/p>\n

\u201cPutting feelings into words also helps reduce the experience of feeling overwhelmed,\u201d she says. \u201cTalking to others helps you feel less alone. It can be helpful to learn that others are in similar situations with similar feelings.\u201d Consider talking to a therapist or other mental health professional for more personalized methods for handling your emotions, she says. If you\u2019re employed, check if your company offers free counseling through your health benefits or an employee assistance program.<\/p>\n

If you still feel paralyzed by fear and anxiety, Klontz suggests confronting it head-on by thinking through any worst-case scenarios. What if you lose your job? Maybe that means you wouldn\u2019t be able to pay your mortgage, and would eventually have to move in with your parents. Though it\u2019s difficult to think about, letting this hypothetical play out can actually calm your body\u2019s \u201clife or death\u201d reaction, by demonstrating that even in the very worst-case scenario, you will likely still be physically safe, Klontz says.<\/p>\n

Fight Regret with Action<\/h2>\n

With so much uncertainty ahead, it can be easy to fall into regret about the past. Why didn\u2019t you start that emergency fund earlier? Why did you take that vacation last year, when you could have saved that money? While it\u2019s natural to wonder about the what-ifs, it\u2019s important to remember that dwelling on the past will do nothing to improve your current situation, says Tidwell.<\/p>\n

\u201cRegret is about mourning a lost opportunity, and is often filled with shame,\u201d she says. \u201cIt can take over, making it harder to do what will help now.\u201d<\/p>\n

Instead of letting your regret balloon into shame, which can keep you stuck, use any missed opportunities as lessons for the future, helping you chart a path forward, Klontz says.<\/p>\n

\u201cDid you have an emergency fund?\u201d he asks. \u201cProbably not. That makes you the average American. But now you see why you need one. This is a perfect opportunity for you to look at your spending habits.\u201d<\/p>\n

Take Control of What You Can<\/h2>\n

Being stuck at home may actually give you the time to start sorting out your finances in a way you haven\u2019t been able to before. Maybe you can create a pandemic-specific budget, or place some monthly subscriptions on pause and use those savings to start a rainy day fund. This type of action might be exactly what you need to ease your financial worries, says Tidwell. \u201cTaking stock and making plans can reduce anxiety and help you feel more in control,\u201d she says.<\/p>\n

\u201cBecome conscious of your spending, looking for ways to minimize expenses that are unnecessary,\u201d Klontz suggests. \u201cInterest rates are really low, so maybe now is the time to refinance your mortgage. There are opportunities right now for people.\u201d<\/p>\n

He also suggests researching some of the federal relief programs to see what type of assistance you may qualify for, especially if you\u2019re a small business owner. And to keep yourself motivated, remember that, eventually, the COVID-19 pandemic will be in the past.<\/p>\n

\u201cPicture yourself when this is all over,\u201d Klontz says. \u201cHow do you wish you would have gone through it, including your mindset, attitude, and behavior? Try to be that person now, because eventually this will be over.\u201d<\/p>\n

Note to our readers: This information is being made available as a free resource to the public. It is not an endorsement of any of the Finance-Related Resources listed in this article \u2014 financial consultants, planners, services, organizations\/associations, websites, tools, lenders, credit unions, or banks. None of the finance-related resources listed have solicited Rally Health to be included, and Rally Health receives no compensation from the Finance-Related Resources mentioned in this article.<\/em><\/p>\n

KATE ROCKWOOD<\/p>\n

Rally Health<\/p>\n","protected":false},"excerpt":{"rendered":"

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