Are you worried about money? The Coronavirus pandemic arrived without warning and many parts of the world never quite expected 2020 to start the way it did.
It’s been a real shocker for all of us and the lockdown is not helping matters due to restricted movement, travel and lack of work. There are a fair few people that are enjoying the relaxing time of just chilling at home without the stress of work.
Let’s face it most of the workforce have spent years on a hamster wheel, working the 9 to 5 or 8 to 8 in today’s world. Stress levels have been the highest for decades as many struggle to pay the bills while holding down not just one job, but two in many cases.
The pace of life has suddenly entered slow-motion mode and those that they have been used to rushing around from the early hours of the morning to late at night have realized that the slower pace is quite enjoyable. They rarely have to watch the clock while having extra hours in bed in the mornings.
Families are enjoying quality time together and going for bike rides, walks in the countryside and parks local to where they live and taking life in their stride. They are starting and learning new skills, taking up hobbies and cooking and baking more. It’s the ideal way of life, isn’t it?
This all sounds idealistic for most of us but how long can this go on for? Sooner rather than later the economy will have to get back on track and we will need to go back to work.
Stimulus checks are a short term fix and help with a few bills but they will not help us in the long run. The financial impact is starting to take its toll on our mental health and it could get worse if we aren’t out of quarantine before the summer.
A regular wage is needed and when the economy is suffering that means there will be long-term unemployment. The USA will need to get back to work but the virus is still spreading while some states are over the curve, others are not even at the top yet.
This could mean some states, who are over the curve will kick-starting the economy before those that are approaching it. There could be a possibility that much of the US will be opening by mid-May but no-one really knows an exact time.
Other countries like the UK are hoping to be fully open again by June but with fairly strict social distancing measures in place.
There is a real fear of the economy crashing due to this current crisis but the good news is that once we get back to normal, the majority who are not working at the moment will be working again soon.
This will boost the economy providing the companies are still operating after several months of closure.
The question on people’s lips is; how are we going to survive for the next month or two with no income?
The answer is a difficult one as we have bills, rent, and mortgages to pay. There are ways you can create additional income or make some needed cash from selling what you no longer need. The good news is that many states have placed a moratorium on evictions while this crisis is ongoing.
The reality is that the economy could take some time to recover after this as businesses try and get back on track. There will be repercussions as staff will have to be cut so that businesses can recover quickly so there will be many hard times ahead and this is the reason why people are becoming worried about money.
We can learn from history when the economy has suffered before. Looking back we can see that the economy always bounces back eventually so rest assured that there is always a ray of sunshine just over the horizon.