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Impact of Covid-19 on Mental Health and Financial stress.

If you’re feeling overwhelmed about finances right now, you’re not alone.  Talking about your financial situation is still considered taboo. Many people find it uncomfortable, even shameful, to talk about it. Covid-19 has hit hard the global economic sector from people losing employment to businesses closing down. It’s a fact, people and places have had […]

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If you’re feeling overwhelmed about finances right now, you’re not alone. 

Talking about your financial situation is still considered taboo. Many people find it uncomfortable, even shameful, to talk about it.

Covid-19 has hit hard the global economic sector from people losing employment to businesses closing down. It’s a fact, people and places have had to evolve and adapt to the new financial reality ushered in by COVID-19.

Besides money concerns, people are worried about the virus itself, and the significant changes inflicted on people’s everyday lives. For example, people are currently working from home; others have lost jobs, the homeschooling of children, and implementing social distances.

All the cases have added up to mental health issues. A study by 

Kaiser Family Foundation in late March, 45% of adults said their mental health had been affected as a result of worry and stress  over the Covid-19.

By May, a policy brief by the United Nations stated that the Covid-19 crisis “has the seeds of a significant mental health crisis.

How to manage Covid-19 Financial Stress and Mental Health

Talk about your finances.

It’s a fact people are embarrassed to talk about their finances. They are scared to be judged or uncomfortable to be seen as weak for being unable to pay their bills. Also, talking about money problems is looked upon as taboo.

It’s vital to be willing to become vulnerable and open up to your close confidante about the mental stress you’re undergoing because you’re as a result of your financial issues.

Opening up will help you to process your thought and emotions better. You will be better positioned to hear advice, and the person you’re talking to might relate to the current financial situation.

Create a budget

It’s critical to review your budget and keep track of your spending habits. It will help you to stop spending beyond your means and live according to your current financial status.

Lastly, it will lead to you taking control of your finances and alleviate your mental stress.

Attend free training

You can find a variety of online mental health courses being offered for free. It’s advisable to take one of these courses like the MHCC’s Crisis Response virtual trainingMental Health 1001 series by CAMH, etc.

Depending on your interest, you will find different topics to learn under the mental health courses that will help you overcome stress in the long run.

Mourn your Losses

When you have taken into account the losses you have incurred due to covid-19 or lost a job, health issues, etc.

It’s vital to take grieve and absurd the information. For example, if someone near you has lost a job or investment, offer support by offering a shoulder to lean on, to listen as they express anger, frustrations, and fear.

Also, you offer help by enrolling the person in a free online course to get the right information to help with the current situation.

Professional Help

Finances play a huge role in ensuring the smooth running of our lives. Being able to pay your bills is very important.

If you are still in the red, it’s advisable to seek a financial adviser who will help you put your money affairs in order.

It’s a fact, one in ten people have experienced such a situation. Don’t feel embarrassed!!!

You are not the first, nor will you be the last person to experience money issues.

Moreover, talk to your doctor or mental health professional if you’re worried about the decline of your mental health.

Rest assured, the experts are there to help you, and you are not losing face when you reach out for help.

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