Millions of people around the world are facing financial hardships due to the coronavirus outbreak and its impacts on not only health but on global economies. In fact, it’s likely that you know someone who has been financially impacted by the economic turbulence, even if you have been lucky enough to avoid it.

It’s always prudent to be concerned about your money, particularly now given the high unemployment rate and the unpredictable state of the economy. Unfortunately, for many people, worrying about money can cause them to feel high levels of stress and to be lose sleep at night.

The following are strategies you should consider reducing your financial stress when the going gets tough.

Focus on what you can control first

Everything that is causing stress cannot be changed. The reality is that you can't always control what happens. If you focus on uncontrollable factors, it may, in fact, increase your stress due to your frustration at being powerless to influence them.

Instead, concentrate on the factors under your control so you have the chance to change the circumstance. Consider your grocery budget, for example. When you find ways to save money, it gives you a sense of control and a feeling of success, thus enabling you to feel less stressed.

Find strategies to increase your income

A budget can only be decreased so far as you will always have basic expenses that can’t be avoided. The best thing you can do is to try not let expenses become an additional cause of worry for you. Making efforts to increase your income is another approach to reducing some of your financial stress.

It may seem challenging to increase your income in the present economic climate, but it isn't impossible. If your employer is open to it, one easy method to enhance your income is to consider working a few additional hours a week.

If you can't work more hours, look for alternative sources of income. The pandemic may have opened up new, unexpected methods to make money. For instance, families with children who attend homeschooling may discover that they have less time to complete routine housework. Many people are willing to pay someone to pick up groceries, trim the lawn, and assist kids with online homework.

Prioritize paying necessary bills

Prioritize paying your most important expenses first, if you are concerned about being able to pay all of your bills. Reviewing and prioritizing your bills after going through them serves two purposes:

● It forces you through a budgeting exercise, and you might discover that you can cut back on some expenses. One perfect example is that people sometimes discover unused subscriptions that they don’t really need. Or, maybe, you could cut back on daily coffee drinks and save a few rupees.

● if you have determined in advance which bills you will pay first, you won't have to scramble to decide which ones to pay if you find yourself in a position where you are unable to do so. This will also hopefully help you sleep better and lessen your financial concern.

Save money, if you can

Try to maintain a regular savings schedule. Even if it's just a modest amount, you are encouraged to start saving today if you don't already.

Another thing you can control is to develop a savings plan that makes it easy to adhere to. You'll feel a sense of success after saving money, which helps ease worries. Having that money on hand in case you need it later will also reduce some of your financial tension.

Consider putting your money in high-yield savings account if you want to keep it accessible while earning more interest. High-yield savings accounts are excellent for saving emergency funds because they offer higher interest rates than standard savings accounts. You should also consider setting up an automated transfer from your chequing account that makes it easy and convenient to put a regular amount aside each month.

If you have any additional money have after you have created an emergency fund, you might consider placing it in a guaranteed investment certification. In short, you agree to keep the money in the account for a predetermined period at a guaranteed return rate that is typically higher than ordinary savings accounts.

Monitor your success in saving money

You won't know if you're making progress if you don’t track it so always ensure you are aware of your position.

Tracey Bissett, president of Bissett Financial Fitness, advises doing the necessary research to determine your precise financial condition. You can decide if the steps you are taking impact the situation by monitoring your progress.

Knowing your progress is also beneficial because when you achieve your financial objectives, such as paying off debt, the psychological benefits can improve your happiness and general well-being. You might not be aware of how much progress you are genuinely making if you aren't keeping track of your financial objectives.

Consult your lenders

The weight of debt can be both material and psychological. Speak with your lenders before allowing debt and the stress it brings to consume you.

Always remember that lenders are frequently willing to talk with you about your problems and come up with at least a temporary fix, advises Anna Barker, creator of LogicalDollar and personal finance expert. This is particularly true at the moment when several banks have announced temporary repayment freezes or the refusal to submit missed payments to credit bureaus upon consumer request.

Consult experts

To help relieve some of the pressure on your shoulders regarding things like making goals, saving money, and reducing debt, think about speaking with a financial advisor.