Coping with Coronavirus Financially: What You Can Do Now
As California and other states enter into “shelter in place” amidst the Coronavirus pandemic, investors are no doubt experiencing fear and anxiety. But expending energy and worry following the markets or the current health crisis can take a major toll on your physical, emotional, and financial wellbeing. Here’s what you can do in the meantime.
Stay aware of what causes an emotional reaction.
It’s completely understandable to want to try and follow news outlets, press briefings, and stock indexes. At this time, however, it might be a good idea to take a step back from trying to be “on” all the time. If you need to take a break from constant electronics - your phone, the TV, the radio - do so. If you find you can’t shut it all down, give yourself a time limit (maybe 2 hours in the morning and 1 hour at night so that you can sleep). And if you need to talk to your financial advisor about anything concerning, we’re here to help.
Meditation may be a good option.
While you are indoors, it may be a good time to begin a meditation practice to help calm yourself down. Part of anxiety is the fear of the unknown, and as the news changes rapidly, it can be hard to keep up or get a grasp on what might happen. In these uncertain times, centering your breathing and being able to focus on your mental headspace is key. Free apps are available, like Headspace, Calm, and The Insight Timer.
Evaluate your finances.
Though it may sound counterintuitive, now is the perfect time to take a critical look and evaluate your financial situation:
- Do you want to change your risk level?
- Do you have a budget in place - and if not - is it time to start one?
- Are there areas you are spending money - like monthly subscriptions - that you can cut back on for the time being?
- Do you want to put more into your 401k at this time?
Don’t be afraid to reach out to your financial advisor and talk things through.
Get physical exercise.
Just because there are shelter-in-place orders happening does not mean that you can’t actually leave your home for physical activity. Maintain social distance while going for a solo run or walk and take some time for yourself. Set up a workout space in your home if you don’t have one already, and use things already available to you as weights. Take the dog out.
Check in on your community
Especially in uncertain times, one of the best things to do is to help others. If you have elderly or at-risk friends and family members, check in on them regularly to make sure that they are okay. If someone you know is in an industry that has been affected by city shutdowns, reach out to them to make sure that they are okay.
Follow the WHO guidelines
Maintain good hygiene and take these recommendations from the World Health Organization for dealing with stress during this time.
How can we help?
As always, please reach out to us at Chatterton and Associates if there is anything that we can help you with. We are constantly monitoring the situation and aim to make you feel at ease.
The Team at Chatterton & Associates
Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss. Past performance is no guarantee of future results. Please note that individual situations can vary. Therefore, the information presented here should only be relied upon when coordinated with individual professional advice.