Tips For Coping With Financial Anxiety

Because the coronavirus is impacting the economy, and because many people can’t work or are being laid off during social distancing, it is easy to panic about your future.

Instead, follow these important steps:

1.  Assess!
Review your bank and financial accounts, and be realistic about how long you can make it without a salary.

2.  Know your worst-case scenario plan.
What if you lose your job, can’t get unemployment, and can’t pay your bills:  “What’s the plan?”
Many people would go to live with a relative or friend. Others might look to social services.

3.  Communicate with your workplace.
Stay in contact with your employer, and get updated information to help reduce some of the uncertainty.

4.  Understand the market.
Just because the stock market is down, it doesn’t mean that your individual investments are down.
Review your portfolio allocations, and adjust accordingly.

5.  Get more information.

•  Unemployment
    Click for  NJ Unemployment  – Coronavirus Emergency

•  Earned Sick Leave, Temporary Disability, and Family Leave Insurance Laws
Covering all Full-time, Part-time, Temporary, and Seasonal employees.
Click for  Worker Benefits & Protections  – Coronavirus Emergency

•  CARES Act Relief for Individuals
    Click for  CARES Act  details

    Click for  details