Are you worried about the health of your money right now during this Coronavirus outbreak? We live in stressful times and it’s hard not to let money anxiety creep in. There are ways to stay calm in a time of crisis. Here are 5 smart money tips to help during a pandemic.
These are rough times, y’all. It has been a scary month and we are not yet at the peak of the Coronavirus outbreak.
For someone who has anxiety (i.e. me), and even if you don’t, well I know we are all feeling stressed about our health or money situations on some level. I was calm about the Coronavirus until about two days ago and then I could feel my anxiety creeping in.
Schools are closing for weeks. Stock markets are extremely turbulent. Worries about health and about the Coronavirus and money are pretty natural to have right now. We haven’t been through this before, and we aren’t in control.
Since rational thought is usually a better idea than freaking out and panicking, I wanted to think of the things that are in our control regarding money during this pandemic.
You might also want to take a look at ideas on the new normal: 6 things we should keep doing even after the pandemic ends.
This post may contain affiliate links. Please read my disclosure for more info.
5 things I’m doing regarding Coronavirus and money:
These are the things I’m doing about the Coronavirus and money and maybe they will help you too.
1. Try to take the middle ground.
Don’t panic but don’t bury your head in the sand either. Listen to the experts and follow precautions and protocols. Wash your hands. That shouldn’t be revolutionary.
At the same time, try not to give in to the feeling of wanting to hoard or stockpile supplies. This leaves less for other people, and for hospitals and nursing homes and places that truly need more of these supplies.
2. Hold tight with investments.
Don’t make any sudden moves. Yes it absolutely sucks and yes your investments have gone down, but things WILL recover. It will take months, not weeks, but selling now when stocks are abysmally low is just a recipe for losing money.
It will take a while for the markets to recover, but they always recover, even after very dramatic lows like we’re experiencing. So don’t panic sell.
3. Try to look for the positives.
I understand how hard this can be when there are big not-good things happening world-wide and right in your neighborhood. But I’m trying to find gratitude each day and that helps keep you more level-headed in times of crisis.
What is good in your life right now?
Maybe you’ve always wanted to try working from home and now you get to.
Maybe you have been forced to slow down, and your body will thank you for that.
You might get more time to spend with your kids/spouse/loved ones.
Maybe now you have the time to work on some home repairs or home projects you’ve had in the back of your mind.
It’s inevitable that we’re going to be hearing about the Coronavirus multiple times a day, for many weeks or possibly months still. So combat hearing stressful news, practice gratitude.
4. If you’re stuck at home, learn to make money from home.
If you’re stuck at home, avoiding being in public places, now is a great time to pick up even a temporary side hustle. Increasing your income in times of crisis and fluctuation is never a bad idea and can make you feel calmer knowing you have an alternate source of income.
Some people are feeling a huge pinch with investments, or health insurance, and although all signs point to things leveling off and increasing again economy-wise, this dip could be longer that people initially thought.
Here are 8 ideas of temporary side hustles:
- Teach English from home
- Search engine rating
- Start freelance writing (this ebook will show you how even if you have never been paid for writing before)
- Start a money-making blog
- Sell on Amazon (selling products on Amazon will be BOOMING this year as more people will be stuck at home and shopping online)
- Get paid to take surveys
- Learn how to become a freelance proofreader
5. Budget-friendly ways keep the kids entertained while you’re stuck at home
Here are some non-screen activities we have on the go to keep our normally highly social 4-year-old busy while we stay at home more:
- 25 Fun activities for kids at home
- Sensory play
- Easy board games
- Lots of reading!
- Arts and crafts
- Baking together
- Playing in the backyard
And for the adults: 15 Things to do when you’re bored at home
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