Beyond the public health crisis that the COVID-19 coronavirus has unleashed upon the world, it’s spiraled into an economic crisis as well. It is only natural to be stressed, anxious, and unnerved by this financial turmoil. But to add insult to injury, increased stress has been shown to weaken the immune system, whereby making us more susceptible to infection!
So what can we do about it?
Just as in our physical health, the most important key to remember in regard to our financial health is to trust in God. He who multiplied a widow’s oil to pay her debts (2 Kings 4:1-7), who fed 5,000 with a few loaves and fishes (John 6:5-12), and who calmed a raging sea (Mark 4:39) is still able to help us meet our financial needs!
Practically, it is crucial to ensure that we have an emergency fund saved up of three to six month’s expenses. This cushion will go a long way to reducing our stress levels and helping us weather any temporary financial setbacks.
Living on a budget is more important now than ever. Take a careful look to cut out the unnecessary expenses; to make sure that all essentials are met. And if you’re in a position to do so, pay off as much debt as you can. Nothing causes stress more than being in debt!
Taking these steps will not only help ease the financial stress of today, but put us in a stronger position for the future.
Additional sources for financial information during this unusual time: