Losing sleep over worries about COVID-19? 3 steps to follow
COVID-19 has been wreaking havoc in the United States for weeks. Not only has this sickened thousands of people, but it has also hammered the stock market and pushed millions of workers out of work. So it’s not shocking to learn that 22% of Americans say their quality of sleep is worse than usual during this difficult time, according to a recent poll by SleepHelp.org, a sleep education site. And 14% sleep less, largely because of the fear of getting sick.
Of course, there are steps you can take to protect your health in the coming weeks: stay home as much as possible, and if you have to leave home, do so only to buy the essentials and then wash. you hands well afterwards. But if you lose sleep over the financial impact of COVID-19, there is still more you can do to allay your fears. Here are a few steps to get started.
1. Fill your emergency fund
Have a solid emergency fund is a good way to provide yourself with financial protection in today’s tough economic climate. Ideally, you should have enough money in savings to pay three to six months of essential bills.
Perhaps this amount of money could help you get through a period of unemployment. If you still have a paycheck, try to put as much as possible in the bank for some much-needed peace of mind.
2. Strengthen yourself at work
Many people who have yet to lose their jobs due to COVID-19 fear they will end up on the chopping block if things get worse – for example, if a recession strikes.
If you do your homework and don’t have dependent children at the same time, take the opportunity to reinforce some of the skills that you may be lacking. Or learn new skills that will help you excel better not only in general, but also in your remote environment. The advantage of working from home is that you don’t have to deal with distractions from coworkers, so if you use that time wisely, you can lower your chances of getting laid off.
3. Explore your options for affordable borrowing money
Even though you still make money from your work, it’s hard to say what the next few months will bring you. Another great way to reassure yourself is figuring out how to borrow affordable money if the need arises.
If you own a home, a home equity line of credit is an option to explore. This way, you don’t borrow money that you have to pay back immediately; instead, you have access to a line of credit that you can leverage in the future if you lose your job or see your hours cut.
A lot of people are losing sleep because of the COVID-19 crisis, and that’s understandable. If financial problems make the problem worse for you, take the steps above to provide yourself with some comfort. These steps may not allay your health fears, but could work wonders for those related to money.