• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Financial Psychology Center

Financial Psychology Center
  • instagram
  • linkedin
  • mail
  • HOME
  • SERVICES
    • THERAPY
    • FINANCIAL THERAPY
    • SPORTS PSYCHOLOGY
    • COACHING
    • CONSULTING
    • SPEAKING
  • BOOKS
  • MEDIA & PRESS
  • BLOG
  • ABOUT
  • CONTACT

March 14, 2020

Financial Stress in the Time of the Coronavirus

With the President announcing a nationwide state of emergency, there is no doubt that the novel coronavirus (COVID-19) is having a major impact on our country. Schools, events and businesses have closed across the country, impacting millions of people where they feel it the most, their wallets.

While more and more Americans are living in fear over catching or carrying the virus, millions also are adding financial stress as a leading anxiety as they are losing work, paid gigs, or require childcare. While health is, of course, the primary concern, it is also crucial that the additional financial stress is recognized and addressed.

The government is working on ways to alleviate the financial burden that will be experienced by millions of Americans due to the Corona Virus, however, there are key actions individuals do for themselves to help deal with their financial anxiety.

  1. Acceptance

Acknowledge what you are feeling and move on. The sooner you can get into acceptance, as difficult as it may seem, will make everything else easier. Accepting that we live in a new reality will help you start taking the steps to help yourself. It is a mental pivot that will disengage the emotional part of your brain, which is not helpful in moments like these. Your limbic brain, which is your emotional processing center, is sending out stress alarms to the rest of your mind and body most likely causing a fight, flight or freeze reaction. This is our primal caveman response to stress and keeps us stuck and suffering in anxiety. Acceptance helps you externalize the problem, which allows you to discover the relevant part of your fear. Once you accept the state of the world, you will be able to clearly see how it affects you and by focusing on those items, you will be able to make plans and decisions.

  1. Be Present

Our regrets live in the past, our fears and worries live in the future. In times of high stress staying present in the here and now is the antidote to the ruminating thoughts and negative emotions that are driving the fear. Use mindfulness to scan your body for stress and tension in the moments you are feeling it. This will help you to realize that you are physically safe, and it will help block out the outside chatter that is often amplifying fear, insecurity, and anxiety. Staying present will also provide the mental edge to help yourself and your loved ones when the opportunity presents itself.

  1. Spiritual Solution

When times are tough, turning to a spiritual answer can help provide context and give meaning to your struggle. The context of a higher purpose can right-size your current worries. Human beings make meaning of everything we encounter and this current situation with the Coronavirus is no different. This is a time of struggle for everyone. Struggle can often be unmotivating and depressing, but if you seek an uplifting spiritual solution you will find uplifting and even inspiring moments despite the seeming chaos of our current world.

“Worrying does not take away tomorrow’s troubles. It takes away today’s peace.” ― Randy Armstrong

Filed Under: financial stress, Financial Therapy, financial wellness, money and emotion, resources

Primary Sidebar

DR. ALEX MELKUMIAN, PSYD, LMFT

Dr. Alex Melkumian

Dr. Melkumian is a licensed Marriage and Family Therapist and founder of the Financial Psychology Center in Los Angeles. As a pioneering financial psychologist, he helps clients improve both their financial and mental health by uncovering the emotions, beliefs, and behaviors that shape their relationship with money. Dr. Alex is a sought-after media expert and has been featured in Forbes, CNBC, and the Wall Street Journal.

Let’s Connect!

Please let me know how I can help you. This form will send a private email directly to my inbox.
Loading

WHAT WE’RE TALKING ABOUT

  • Navigating Financial Independence with a Balanced Earning Mindset
  • What to know about ‘money dysmorphia’
  • The Psychological Trick Scammers Rely on and How to Protect Yourself
  • My Parents Have a Lot of Stuff in Their House. I Don’t Want Most of It.
  • Your unconscious beliefs about money have a significant impact on your behaviors.

FIND OUT MORE ABOUT

  • financial stress (19)
  • Financial Therapy (69)
  • financial wellness (67)
  • Media & Press (47)
  • money and emotion (12)
  • Money Management (3)
  • resources (52)

Footer

Navigation Menu

  • HOME
  • SERVICES
    • THERAPY
    • FINANCIAL THERAPY
    • SPORTS PSYCHOLOGY
    • COACHING
    • CONSULTING
    • SPEAKING
  • BOOKS
  • MEDIA & PRESS
  • BLOG
  • ABOUT
  • CONTACT

Recent Posts

  • Navigating Financial Independence with a Balanced Earning Mindset
  • What to know about ‘money dysmorphia’
  • The Psychological Trick Scammers Rely on and How to Protect Yourself
  • My Parents Have a Lot of Stuff in Their House. I Don’t Want Most of It.
  • Your unconscious beliefs about money have a significant impact on your behaviors.
© 2019–2025 Financial Psychology Center. All rights reserved. | Privacy Policy | Terms of Use