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Certainty in Uncertain Times: 3 COVID-19 Financial Coping Strategies

No matter where you call home, we’ve all been touched by the COVID-19 pandemic. As the world self-isolates and watches to see what will happen next, we’re oddly connected while keeping our distance.

Maybe you’re feeling lonely because you can’t see your parents or adult kids or share a coffee with a coworker. I know I miss taking a springtime hike with friends, or giving my kids and parents hugs. 

Many people are also dealing with the financial stress of coronavirus. Maybe their loved ones are suddenly without income because they have been laid off, their work hours have been reduced or they no longer have childcare. 

From a sense of unrest to outright fear, we’re all dealing with the emotions that COVID-19 is stirring up. That’s why I wanted to share 3 ways to cope:

1. Just breathe

   It sounds so basic, doesn’t it? It is, but this primal practice can immediately ground you and instill a sense of calm, especially when you find yourself going into “fight, flight, freeze” mode (more on that below). 

   One of the most common methods in meditation is something called “receptive” practice. Rather than trying to change your breathing, you simply follow it. As you inhale and exhale with no judgement about your technique, you’re naturally quieting your mind and reducing anxiety.

   Over time, receptive breathing can guide you towards being more present in each moment, effortlessly aligning with what’s going on in your world. It can also boost your emotional intelligence and improve your communication with others. 

   One of the best COVID-19 coping strategies is to simply pause and take a breath. Let your body remind you that you have what it takes to get through this time of change and uncertainty, 

   Here’s a great resource on conscious breathing practices.

2. Get to know your numbers.

   Lots of people are taking the opportunity of being housebound to focus on their “mental money health.” Some individuals have more time to dig deep into their money story, while others are feeling the financial stress of coronavirus. This pandemic goes hand in hand with a significant economic crisis that’s being experienced globally. 

   This could be the perfect opportunity to look more closely at your money blocks. As you really crunch your numbers, you’ll begin to discover so much more than just what you buy; you’ll start to see patterns. 

   As you look at these patterns with compassionate curiosity, not judgment, you’ll start getting clarity into the underlying why of your financial decisions. 

   As you’re getting started, here’s a tip: Use a tracking system to touch and name all of your numbers and get down to the nitty gritty (for example, a row called “Coffee Runs” could track your weekly cafe purchases). 

   Jot down your thoughts and feelings around each transaction. Do you feel euphoric when you buy new clothes? Guilty when you put money into savings rather than buying your kids something fun? This was an insight I gained when I was doing my own money work: As a single Mom, I felt like I was taking something away from my kids by not spending that money on them.

   I promise you, you’re going to learn a lot about yourself by tapping into the feelings you attach to your money! If you’re feeling the financial stress of coronavirus, remember to look at your money story with compassionate curiosity. Be kind to yourself and to others, not just now, but always.  

3. Understand your coping strategy. 

   We all tend to have a baseline coping strategy, and I often envision these strategies on a continuum. Knowing your baseline, such as a tendency to control things when stressed, can help you normalize how you react. 

   You may notice you are hyper-focused on controlling small things, such as wiping down every surface at home every 20 minutes. If this is interrupted, you may erupt as if under attack. Once you know this is your baseline, you can then name it, appreciate it, and breathe through any interruptions.

   Here are some examples of ways you may fall onto one end of a continuum or another:

   • Restrict or binge. Your COVID-19 coping strategies either involve restricting food or eating like it’s your last meal. Or, maybe you restrict self-care or loving connections, or binge on alcohol or online shopping.
   • Rigid or chaotic. Do you scrub your floors with a toothbrush when times get tough, or let dirty laundry pile up on your desk? Some of us feel a sense of calm when things are clean and orderly. For others, the chaos on the outside mirrors what they’re feeling inside.
   • Fight, flight, freeze. This is your body’s built-in coping mechanism, and it helps protect you from danger. For example, if I yelled “Duck!” you might automatically crouch down, which would be good if an object was flying at your face. But regular old anxiety can also trigger this fight, flight, freeze mode.

    

   Also, you may often find your response feels like a rollercoaster ride from one end of this continuum to the other. But knowing your baseline will help you communicate more clearly (to yourself and others) about how you are really doing. 

One thing I encourage is looking for ways to decrease reactivity in order to increase connection and enhance communication.

I hope you can take some comfort in these COVID-19 coping strategies. Please remember that like everything else in life, this will pass. Acknowledge whatever you’re feeling at the moment and breathe—you’ll get through this!

If now is the right time for financial therapy, I’m here. From exploring your decision matrix to digging deep into your numbers, I can guide you on your financial renewal journey. Contact me for a free virtual or phone consultation.