How to Survive a Personal Financial Crisis, wikiHow, Step 1

The credit of this video (images, commentary and content) goes to wikiHow and its co-authors, this video has been made to help people suffering from personal financial crisis, as pandemic coronavirus (COVID-19) has effected and is effecting and will effect the financial condition of alot of people globally so this video has been made to help them understand the financial crisis and how they can overcome it.

How to survive a personal financial crisis, a personal financial crisis can come from many things -- a lost job, a divorce, bankruptcy, a sudden medical emergency, or any situation in which your financial security crumbles beneath you. Regardless of the cause, the consequences are often similar: emotional stress, confusion, perceived loss of control, and loss of confidence. While enduring a financial crisis may be challenging, know that you can regain your financial stability once again. Your situation can be remedied by regaining your composure and taking concrete action.
Regaining Control: Be aware that negative emotions are normal. Before addressing the financial elements of a personal financial crisis, it is important to address the emotional elements. You have to recognize that emotional turmoil is a normal component of the process. Depending on the cause of your situation, you may experience stress, depression, or anxiety. This may be accompanied by a sense of guilt or failure. You may also feel as if you have no control over your situation.
These emotions are a normal component of going through a financial crisis. While it may be difficult at first, these emotions will likely pass over time as you adjust to your new circumstances, and re-gain control of the situation by taking action. Focus on accepting your financial situation. When faced with a difficult situation, people often try to deny or ignore the situation. While it may feel better to do this, it does not help in the long run. Accepting your situation can empower you to face your difficulties as they are and conquer them head-on.[1][2]
Accepting the situation is the first step to resolving it. Try to channel any negative energy about the situation into positive, solution-focused actions. For example, instead of dwelling or blaming yourself for a scenario, try taking that negative energy and using it to make a commitment to solve the situation once and for all.
Talk about your situation. Confide in close friends or family members to talk out your worries and work out possible solutions aloud. Your confidants may be able to offer advice from their own experiences or those of their friends. Not only does this provide emotional support, but it exposes you to different and potentially more productive ways of approaching and dealing with the situation.
In extreme cases, you should consider seeking the help of a professional therapist. You should certainly seek professional help if your financial crisis is causing you to struggle with depression, have anxiety attacks, or consider harming yourself or others.
Be honest with your family. Let your loved ones know that you are going through a financial crisis. You may be surprised who might offer you a loan, and even if your family is not in the position to provide you with financial assistance, letting them know what’s going on could result in significant stress relief.
In many cases, it can be beneficial to let children know that the family is experiencing tough times. This is because some extracurricular activities (music lessons, summer camp) might have to be sacrificed for the good of the family. Just be sure to reiterate the temporary nature of these sacrifices.
You can also encourage older teenagers to get part-time jobs. If they are over age 18, consider having them pay rent.
Commit to staying positive. Before making a plan to remedy your situation, make a commitment to focus on the positive. Think about it this way: while the cause of your situation may not be in your control, how you choose to react to it is. Thinking positively can improve your mood, reduce your stress, and help you approach the situation in a way that is conducive to solving it.
Remember that regardless of your situation, others have faced and solved it before.
Focus on being grateful for what you currently do have. For example, if you lost a job and have a large amount of debt, you could, perhaps, focus on support systems you have (like friends or family).

We will be back with part 2 of this video.