Tips to Avoid Finacial Stress
Whether you worry about contracting COVID-19 or not, chances are you share in the financial stress felt by millions during the last few months.
There are steps you can take today to help put some of your fears to rest. But first, a look at why controlling stress is important.
Tips to manage stress
In the case of the pandemic, the CDC suggests strategies for relieving stress. These include meditating, volunteering, taking breaks from reading the news, eating well, exercising, and using counseling or therapy services if needed.
If you are currently experiencing cash flow challenges and haven’t done so already, reach out to your creditors, and any other financial institution with whom you do business to discuss payment leniency.
The financial checkup
Your next move is to review the money that comes in and goes out every month to make sure you have a firm handle on your cash flow situation to possibly uncover some ways to reduce expenses.
Investors should ensure that their portfolios are well-balanced and reflect their financial goals, time horizon, and risk tolerance. Many investors rely on guidance from a financial professional.
Retirees can create dependable income streams (Annuities, Pensions, in addition to Social Security) to help shelter themselves from volatility. Those in the accumulation phase can establish an emergency fund of 3-6 months worth of expenses held in cash.
While it’s critical to review your financial position, it’s imperative to also address your risk management and estate planning needs.
This includes Disability Insurance, to protect your income if you become too ill or injured to work. If you have coverage through your employer, make sure you’re absolutely certain how the plan works – what % of your income it would replace (60% is most common but can be less) and if it would be taxable. The last thing you need at that point is an unpleasant surprise.
Life insurance is also of critical importance, to protect those who are financially dependent upon you. Be sure to review the coverage you have in place (if any) and make sure it’s up to date. Many times, people set up coverage early on, but don’t update it as life events occur, such as marriage, children, buying a house, etc.
The same concept pertains to updating the beneficiary designations on your retirement accounts, insurance policies, and address overall Estate Planning needs.
Being proactive with your finances puts you back in the driver’s seat, which may not solve all your immediate challenges, but can reveal a path forward to restoring financial wellness and help to manage stress.
5 Summer Wellness Tips
Summer is an exciting time of the year that is typically filled with cookouts, outdoor activities, and other events. To promote a happy, healthy summer, try following these five wellness tips:
- Drink plenty of water. Dehydration in the summer months can make you more susceptible to heat exhaustion and heatstroke. To avoid symptoms of dehydration such as dizziness, weakness, and fatigue, try to drink at least eight to ten glasses of water throughout the day.
- Watch what you eat at summer cookouts. Common cookout foods like burgers and hot dogs are full of fats that can make you feel lethargic. Sticking to lighter more refreshing foods like fish, pasta salads and watermelon can give you more energy while still satisfying your appetite.
- Protect yourself from the sun. Protect yourself from the harmfulness of UV rays by wearing protective clothing, staying in shaded areas during the sun’s highest points (from 10 a.m. to 4 p.m.) and using a sunscreen with an SPF of at least 15. It may also be a good idea to install an air conditioner (get in touch with professionals from brookshvac.com/ac-installation/) so that you don’t have to worry about sweating at all times.
- Exercise safely outside. Exerting high amounts of energy in the heat raises your body temperature, making you more at risk for heat exhaustion and stroke. Make sure to drink lots of water, wear breathable clothing and have healthy snacks to fuel your body.
- Take a vacation to prevent burnout. Reduced productivity, exhaustion and decreased engagement are all symptoms of burnout. Taking time away from your work responsibilities to get your mind and body in check is essential to keep up work performance and overall health.
Workers Compensation and COVID-19 Related Furlough Payments:
The Massachusetts Division of Insurance recently approved a new classification that will exempt COVID 19 related furlough payments to employees from Workers Compensation payroll. This means that furlough payments will not count as payroll when used to determine Workers Compensation premium. There are some very specific qualifiers for this program:
- The insurance carrier needs to be notified immediately if you intend to request that furlough payments be exempt from Workers Compensation payroll. We can assist you with this process. This new rule was approved on July 17th and insurance carriers need to be notified within 60 days of that date.
- Employers must have records listing furloughed employees, their normal Workers Compensation classification, weekly wage, furlough date and anticipated return.
- Furlough payments made between March 1st and December 30th are eligible. The program expires as of December 31st 2020.
Many other states have adopted similar provisions to exempt furlough payments from Workers Compensation payroll. Please contact your representative immediately if you believe that your policy will qualify for this program.