How to cope with financial stress

The COVID-19 pandemic has caused major concerns for consumers globally, including financial challenges due to the economic climate. Some will be facing pay cuts, loss of jobs and more. It’s crucial to take care of yourself and loved ones in tough times like this as you take steps to weather the crisis.

Here are some tips on how to deal with financial stress:

  • Open up and talk about what’s going on with the people you trust. It can help you and the people around you to understand what is happening and work out how to deal with it together.
  • Make a plan and clear, realistic budget to get through the situation. Work together with your family or those you live with to set goals. Set spending limits and rules, such as only purchasing essentials for the moment.You may wish to hold a family meeting to talk about how everyone can contribute.
  • Identify the problem, then figure out available solutions to resolve it. For instance, if you are having trouble making your monthly repayments even after the 6-months moratorium ends, speak to your bank to find out if some payments can be deferred and for how long, or if restructuring is possible.
  • Take care of your health, both mentally and physically. You need to be in top shape to think clearly, as well as to take care of yourself and your loved ones. Click here for numbers you can call for counselling or other help during the MCO.
  • Be proactive and face your challenges. For example, if you’re going into debt, seek professional advice or financial counselling on how to manage your debts. You can contact an organisation such as AKPK, which offers free financial and debt management counselling.

You can also take charge of your credit health by checking your latest credit report. This way, you will be better prepared for the future, because a credit report will show you exactly how you’re doing in all areas of your credit health. Your report can help you spot problem areas and make plans on how to improve your credit health and score.

Get a MyCTOS Score Report today to stay on top of your credit health.