March 20, 2020

4 Ways to Stay Financially Stable in the Midst of Global Crisis

“By staying calm, you increase your resistance against any kind of storm.”
? Mehmet Murat ildan

The outbreak of the coronavirus, and its classification as a pandemic by the World Health Organisation on 11 March 2020 has sent the world into a flat spin. One of the biggest questions is how this situation is going to impact the global economy. We do know that, so far, implications have included a mass manufacturing shut down in China, the cessation of whole industries and many small businesses, and drastic changes in the property and stock markets. In the best of times, the economy can be confusing and unpredictable, and right now it seems that even the top financial experts don’t have clear answers.

This can leave the man on the street in a state of confusion and near panic. But don’t worry, Debtline is here to help. Here are four foolproof strategies that will see you through any crisis:

1. Stay Calm

It can be incredibly frustrating to receive this advice when the world seems to be collapsing around you, but there’s a good reason that it’s everyone’s go-to guidance – it works. You may think that in order to keep cool you have to have it all figured out, but that’s not true at all. As long as you are keeping yourself grounded, that’s good enough. Something as simple as taking 10 deep breaths, going for a walk or making a cup of tea (all clichés, but all effective) can be the difference between a breakdown and a breakthrough.

Here are 15 simple ways to slow things down and ease your mind.

2. Educate Yourself

It can be difficult to keep your cool when you don’t have any understanding of what’s going on. Taking some time to read up on current events and fundamental economic principles. This will help you to untangle the situation and see things clearly. Just be sure to keep to reliable sources (like the official government or World Health Organisation websites). Also bear in mind that too much investigation can be a bad thing – if you’re starting to feel overwhelmed, take a step back from the information overload and allow yourself to reset.

3. Don’t Do Anything Drastic

In times of economic anxiety and uncertainty, the worst thing you can do is make rash decisions. You may be feeling trapped and are experiencing a strong urge to do something to regain control, but you need to resist the temptation to invest in your cousin’s dodgy start-up or withdraw all your money and store it in the mattress. If you do want to make a big financial change, ensure that you’ve consulted a range of experts and given yourself sufficient time to examine all of your options and their pros and cons.

4. Ask for Help

Asking for help in a crisis is incredibly important, but can also be difficult for many. So many of us tend to put on a brave face and brush off offers of help, perhaps because we don’t want to feel vulnerable or we think we know best. But trust us, when it comes to your finances, it is ESSENTIAL to talk to the experts – now more than ever. Our mission at Debtline is to be a port in the storm because we know how scary and confusing financial management can be. Our team of experts is ALWAYS here to offer you a helping hand, and we urge you to take it, especially at this time. Simply head to our website, input your contact details and we will call you back.

Times are tough, but we’ll get through them together.