COVID has created a level of uncertainty that the world isn’t used to dealing with.
Everyone is asking themselves questions such as: when will things actually get back to normal? and will things ever go back to normal?
Here in the United States we’ve seen over forty million Americans file for unemployment since COVID started having devastating effects on our economy and healthcare system.
Even if you are still working during COVID it is still common to feel distracted and experience anxiety.
COVID isn’t the first time we have faced uncertain times. Just a decade ago we faced a housing crisis and recession that had a huge impact on millions and millions of Americans. It goes without saying 9/11 had a lasting impact on us as well.
Thankfully there are ways to feel in control during uncertain times. We’ll start by talking about ways you can feel more in control of your daily life and then go more specifically into money and your financial life.
Daily Life and Lifestyle
I feel compelled to start this section by saying there is nothing wrong with being unproductive during this time. A lot of the ways to feel “in control” are by being proactive and doing things. Many of these things are productive uses of your time. These are simply suggestions and ideas and not things you have to do. For some people just getting through the next day is a win.
Keep a Calendar and Schedule your Day
Virtually everyone’s schedule has been impacted by COVID. Routines have changed. You may be out of work or work schedule may be disrupted. You may be homeschooling your children while trying to work.
Keeping a calendar can be helpful, especially if you feel like your days aren’t structured. Setting aside time to work, to relax, and to spend time with family can give you some semblance of structure.
Get Active
One of the many things I will take away from COVID is this: I will never take the gym for granted again.
Having a gym with tons of machines and weights made it easy to stick with a workout routine. Take all that away and it can be easy to not work out.
Walking, running, and home workouts are good alternatives while gyms are closed. While I prefer running, I’ve done a couple of home workouts including this kickboxing workout and this total body strength workout. No weights required for either.
Clean and Organize your House or Apartment
People are spending more time at home than ever before due to COVID. It’s a great opportunity to clean and organize your space. If you think about it, when COVID is “over” there are going to be a huge surge in the number of events and social gatherings. There won’t be much time for deep cleaning or organizing.
Having a clean and organized home or apartment can relieve stress. This may not be true for everyone – there are certainly people who seem to thrive having a messy desk, for example – but for most people it can give a feeling of calm.
While being stuck at home I’ve taken the time to go through a mountain of documents, all my clothes, and re-arranged my office. I’ve also gone through drawers that have accumulated things over the years. Now I need to find some motivation to go through my garage and basement…
Think about your electronic clutter too. Go through pictures and organize files. It may not have as noticeable an impact as having a clean and organized physical space, but it’s something most people probably have put off.
Plan your Meals
Just like how you can exert control over your schedule, physical fitness, and physical space, you can also control what you eat.
If you are used to winging it when it comes to meals, one thing you can do is plan your meals in advance. List out what you’d like to eat the next week. Then, use that list of meals to create your grocery shopping list. This has an added bonus of spending less time in the grocery store, which is something everyone is trying to do with COVID.
This doesn’t mean you have to stick 100% to your planned meals. If you aren’t feeling something one night then move it to a different day. You can also build in take-out meals, which gives you something to look forward to.
Let’s move on to my favorite topic: money
Money and your Financial Life
Review Your Income, Debt, and Financial Accounts
I’ve been fortunate enough to still be working during COVID. But even though I’m still receiving a paycheck, I have started to spend more time (sometimes daily) checking my bank, credit card, and investment accounts.
Why do I check everything so often? The underlying reason is because it made me feel in control.
I can’t control how quickly we get a vaccine. I can’t control whether people at the grocery store are wearing masks or not. I can’t control the fact that I haven’t seen friends or family in-person for nearly two months.
Prior to COVID I rarely paid this close of attention to my accounts, but for me it’s been beneficial. Which is why I suggest others do the same thing, if they haven’t already.
- Income – What money do you have coming in? If you are unemployed currently, this includes any unemployment benefits you are receiving from the government.
- Debt – Do you have a mortgage? Car loan? Student loans? Credit cards? List out all your debt and any details you have, such as the interest rate and monthly payment.
- Financial Accounts – How much cash do you have in your checking account? Savings account? What about non-retirement investment accounts?
Put all this information in a spreadsheet. What you do with this information will be totally dependent on whether you are currently working, unemployed, and what your financial picture looks like. Here are a couple of blog posts that will help you with next steps:
Unemployed Due to COVID? Ways to Increase Your Cash Flow
Still Employed during COVID? Make these Money Moves
What to Do While Your Student Loans are Paused during COVID
Review Your Spending
Especially if you’ve lost income, tracking your spending is going to be more important than ever. If you don’t understand where your money is going you won’t be able to make strategic changes, like calling your gym and telling them to stop charging you while they are closed.
I track my expenses using an automated budget spreadsheet, which you can download for free here. This spreadsheet pulls in all your spend data into one spreadsheet, which you can then review line-by-line.
Whether you need to cut expenses will depend on your situation. What we’ve learned from COVID is that cash is king. It’s better to have debt on the books and an emergency fund than no debt and a minimal – or no – emergency fund. If you have opportunities to limit expenses short-term to bulk up your emergency fund, it may be a good opportunity.
Some expenses that may seem like they are splurges are worth their cost. For example, there’s a reason Netflix has added millions of users during COVID: people are getting a lot of value out of streaming services while they are spending more time at home.
Learn about Government Benefits
It’s never a “good” time to be unemployed, but COVID is one of the better times to have lost your job. The reason being that the government has taken unprecedented action in response to COVID.
Some workers receiving unemployment are getting paid more than they would if they still had their job. The reason why is the federal government is adding an additional $600 a week to unemployment benefits (through the end of July).
We have also seen the first stimulus checks delivered to millions of Americans. This extra $1,200 per eligible adult and $500 per child under the age of 16. There is also the potential for a second stimulus check.
Another measure taken that will help millions of Americans is the pause on federal student loan payments through the end of September 2020. This is a huge benefit for student loan borrowers because no interest will build on the loans.
Understanding the government benefits available to you can help you feel more in control of your situation.
COVID Unemployment Benefits: Everything You Need to Know
What Is Happening To Your Student Loans During COVID
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Ok during Covid 19 most of us lost unstable jobs and finances low, so I had a Emergency fund but it finished, so I tried to ask a little loan in the bank with negative reply, so for the moment I’m looking for as many side hustle and repay little debt on my bank account as soon as possible….