The impact on women’s finances and emotions and keeping our sanity COVID-19

With the impact of COVID 19 on women’s finances and emotions during these trying times can be very vexing, women tend to worry more about financial issues, whereas men tend to take action.

The high proportion of women in casual work and in the hospitality industry, means that many have lost jobs or on hold for no insight to when it will return to normal.

Women are over-represented in the health sector, so are often on the frontline of the COVID-19 emergency situation.

Self-Isolation Issues for Women.

With most of us in self-isolation at home, women find themselves with even more responsibility for looking after the kids or elderly parents, cooking, cleaning, home schooling and working from home.

The added pressure is causing massive stress, impacting women’s health and affecting their relationships.

It’s also having a major impact financially, short and long term.

Effectiveness of Social Distancing

A new paper published by AEI estimates, depending on how effective a nation’s social distancing measures are:

 (i.e., how well people stay at home).

That we can most likely expect to be locked down anywhere from 11-12 weeks to 30-34 weeks. Hell…

That’s from three to eight months for those of you who are bad at maths.

 The US Federal Government’s initial projection last month was four to six months. Some estimations have been even longer.

Almost none have been shorter.

Financial and Emotional Survival

There is a great opportunity now to upskill or even retrain into a passion we have put on hold for a long time.

Reinventing ourselves and looking at ways we can do things differently.

There are many courses out there at massive discounts.

You will even find on YouTube there is a lot of free information on any subject.

One of the most popular education platforms is Udemy,

Pressure on Women and their Finances

Burdens facing many women right now with loss of job or reduced hours for you and/or your partner.

Reduced income if you are a business owner. Uncertainty about how long the crisis will continue.

Fixed costs and living expenses, e.g. rent, mortgage, staff, utilities, rates, insurance, the list can be never ending for some.

Not to mention the ever-increasing number of single mothers doing it on their own adding more stress in this Covid 19 crisis.

The 3 keys to financial survival

• Reduce outgoings
• Protect and grow your assets
• Increase income

Doing all of these in the short term sets you up for long term success

Financial Tips and Support for Women

Access to other professional women who understand you and are willing to help.

Join for free wisegirlsmoneymagazine.com.au for information and insights.

Get some professional advice from other women…because only other women understand where you’re coming from.

The Effects on Women’s Finances and Emotions

Most women are reliant on one source of income and may women today already have a business at home and are working part time jobs to make ends meet.

The stress of accessing government support and the confusion around that and who is eligible and the uncertainty.

Not sure how to create other income streams or lack of funds to get something off the ground.

Having a belief system of it takes money to make money?

This is putting women under extreme financial pressure and emotionally overwhelming causing anxiety.

Practical ways to Reduce Financial Stress

Apply to your bank to reduce your mortgage payments, on both your own home and investment properties.

Apply to freeze other payments, eg utilities, rates, insurance

Negotiate reduced rent or lease payment holiday with your landlord

Negotiate with your staff to reduce hours

Join buyers’ groups or co-ops to support local businesses and save money at the same time.

Your Finances and Emotions – Understanding How They Work!

When you understand your money personality, yep that’s right we all have a different personality.

Dealing with our finances and emotions in a crisis like we are experiencing, having this knowledge about ourselves can make dealing with life and stress easier.

Understanding our money personality and what steps we can take.

Our money will flow easier in a way we individually can take control of our finances and emotions.

Emotional Health Surviving the Covid 19 Crisis.

Social isolation, lack of exercise and financial uncertainty with almost certainly lead to deteriorating mental health.

There’s a name for this constant sense that there’s no reason to do anything today because, fuck it, what’s the point?

Depression. And on days like we are now experiencing around the world and not just locally. 

We are checking our news feeds on social media, watching the news and we can’t escape it. 

Let’s be honest, at least there is a good amount of humour on social media to lift our spirits for a short time.

Ingredients for Surviving an Emotional Breakdown.

Nothing has all of the ingredients for the emotional breakdown recipe quite like a pandemic-induced global shutdown.

Lack of face-to-face socializing and general social isolation and lock down in some countries during the Covid 10 Crisis.

Financial uncertainty and mass unemployment. Lack of regular exercise, sunlight, and access to basic necessities.

 High uncertainty of one’s safety and security in the near future.

Tons of free-time to refresh news feeds five thousand times per day? Double check.

So far, I rarely feel depressed and lethargic for more than a day or two at a time. I’ll have a shit day like today, but generally, by tomorrow, I’m functional and mostly happy again.