Coronavirus and Your Financial Wellbeing

Tuesday, April 14, 2020

Students,

Below is a Covid-19 blog post from Nathan Dungan of Money Sanity U.  We also wanted to include links  to other helpful learning tracks related to a variety of money issues.

What You Need to Create a Successful Budget

Debt and Your Wellbeing  

I Want to Be Smart with Money. How Do I Start?

Please visit Money Sanity U for topics that my help you address challenging issues you may be facing. 

If you have difficulty logging into Money Sanity U please contact Kris Bentley (KrisBentley@lextheo.edu)

Prayers for you all during this unprecedented time,

Windy Kidd

Registrar and Director of Financial Aid

Coronavirus and Your Financial Wellbeing

by Nathan Dungan creator of Money Sanity U

When it comes to the current health and financial disruption, the familiar saying that “We’re in uncharted territory” means we’re attempting to navigate our circumstances without a map. In these unprecedented times, there’s no GPS for telling us how to get through.

When we feel uncertainty—when feeling overwhelmed leaves us stuck—our best way forward is recalling a few key facts on money and wellbeing.

For most of us, money is already our number one stressor.

Managing our money can cause anxiety in the best of times. And now we’re facing an extreme challenge, which can make finances even more problematic. Maybe you’ve lost a job or shifted to working from home. Or you are suddenly homeschooling your children. Or you’re struggling to maintain a business and care for employees. Each of these challenges triggers anxiety.

That feeling is a biological response that undermines our wellbeing, compromising our health and causing strain.

The first step in addressing money stress is to talk about it.

It’s easy to fall into one of two extremes—silence or loud voices around money. There’s a sane middle that’s possible when we have meaningful conversations. Instead of avoiding money issues, we name them and grapple with them. That means learning how to discuss your concerns rather than hoping they solve themselves or getting entangled in emotionally charged arguments.

Talking helps us realize we aren’t alone. And it allows us to find solutions together.

The second step in easing money stress is to take action.

Nothing reduces anxiety more than action—taking small steps forward. Often, talking honestly about our concerns begins to generate solutions. If the problems you face feel too big to solve alone, don’t hesitate to get help from a family member, friend, or financial advisor. None of us needs to struggle alone. We’re all in this together.

Money anxiety doesn’t vanish instantly, but it does begin to diminish when we talk and act. When you take your first steps, there’s nothing better than beginning to feel like you’re moving toward a better place.

As you attempt to find your way forward in these confusing times, I encourage you to consider these questions together with family and friends:

  • What changes in our daily lives have we experienced because of recent events?
  • What financial issues have become special concerns?
  • In this moment of uncertainty, what are our top financial priorities?
  • What small, doable steps can we take to address these problems

…today?

…this week?

…this month? 

For more help dealing with today’s concerns visit moneysanityu.com.