Financial stress has taken a toll on millions of people due to COVID-19, with the pandemic creating anxiety about the future and leaving many individuals with food, utility, and job insecurities. For seniors, these issues can be overwhelming.
Today, Designed Retirements shares some ways to handle financial issues while also reducing the stress and negative feelings that come with it.
Get a handle on things
Taking control of your finances is essential, but it’s not a simple process. Figuring out a budget is one aspect, but it’s also important to pay down debt and start a savings plan that will give you some cushion now— or even help with retirement. If you’re unsure of how to get started, seek the assistance of a professional financial advisor who can help you with everything from creating and sticking to a budget to figuring out your tax responsibilities.
If you find yourself needing to look for work, don’t panic. You have a wealth of experience at your fingertips; it’s just a matter of presenting it properly. Using a resume builder can be a big help when it comes to updating your resume. With a variety of templates to choose from, you can outline your work history with elegance, and stand out from the competition.
Of course, another great way to generate income is to use those skills to start your own business. Put your experience to work for you by becoming a tax consultant, a bookkeeper, a tutor or work as a writer or editor or anything else that allows you to call the shots.
Look for assistance
Paying down debt and saving money are two of the best ways to get your finances in shape, but it can be challenging to do either if you don’t have the resources to get started. That’s why it’s crucial to look for federal, state, and local programs that will help you. There are several grants and free resources available for seniors around the country, from meal assistance to help with paying rent or utilities. Some of these may require an application, waitlist, or proof of income, so it’s important to get organized and do some research before you get started so you’ll be prepared.
Another way to save money is by refinancing your home. By refinancing, you can lower your interest rate, or you can receive a cash payment which can then be used to pay down your debts.
Set some goals
Good financial health doesn’t happen overnight; it takes a while to learn what works best for you and how to make the right choices. It’s important, however, to set some goals in order to start making plans. The options vary from person to person, so think about a timeline. What holds the most importance right now? Six months from now? Are you planning for retirement? Thinking about selling your home to downsize? Write down a list of tasks you want to accomplish according to the date so you’ll have both short and long-term plans taken care of.
Working with your finances can be stressful even when there isn’t a pandemic, so it’s important to take care of your health. Self-care practices can help reduce stress, anxiety, and even the effects of depression so that you can focus on tackling difficult tasks. Getting assistance will help, of course, but you can also look for support from friends and family during this time. Stay in touch with your loved ones as you go through the process of cleaning up your finances to prevent feelings of isolation. Remember, you’re not in this alone.
Creating a budget and working to pay off debt takes time, but it’s important to stick with the process even when it gets frustrating. Keep in mind that it’s all for the best, and in the long run, you’ll have peace of mind in regard to the future.
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