Physical Health = Financial Health

Protecting Your Financial Health

For this week’s post, I’m going to be switching it up a little bit. The topic this week is all about health. Unless you’ve been living under a rock for the last several weeks, you’ve heard the word coronavirus. While there are many different types of coronaviruses, the one making headlines currently is COVID-19. Why am I talking about this? After all, I’m not a healthcare professional, so what do I know? With over 17 years in the financial field, I can tell you that your physical health impacts your financial health. We all know someone who was suddenly diagnosed with an illness and was unable to work. Even pregnancy can bring unexpected complications and hinder your ability to go to work. Being out of work, even for a short time, can have a huge effect on your finances.

Financial Health

How prepared are you for an unexpected illness? Sure, you probably have some sick leave or PTO built up to help you through a medical emergency. What happens next? If you’re like many of us, your employer provides you with Short-Term Disability protection. While this is a wonderful coverage to have, it will only cover a portion of your pay. I don’t know about you, but my family wouldn’t be in the same position if I lost 40% of my income. How would the bills get paid? You can bridge the gap by opting into Payment Protection for your loans. Many plans include benefits for loss of life, involuntary unemployment, and disability. You can read about our Payment Protection here, but to sum up, disability coverage can help cover your protected loan payment while you are out of work. This means you will have one less thing to stress over during your recovery.

I have Payment Protection, Krista. What else can I do? 

Ready for my favorite word? It’s coming…

BUDGET! I’ve mentioned it in a ton of my posts (here, here, and here to name a few,) but here's why. When you have a comprehensive budget in place, you are already accounting for those unexpected things that pop up, like an unexpected shortfall. If you don't already have a well-defined budget, check out our Budget Spreadsheet to help create one.

Bonus Tip: Don’t forget to examine whether your situation calls for dipping into your regular savings account or if it is more appropriate to turn to your emergency savings.

Now that you have your financial health covered, let’s talk about physical health.

Coronavirus/COVID-19/SARS-CoVo2

This nasty virus affects the respiratory system causing fever, coughing, and shortness of breath. In many cases, symptoms are mild, but there are more serious cases, some resulting in fatalities. COVID-19 is a new virus, which means that we are still learning about it. What we do know so far is that amongst other potential ways to contract the virus, it can be spread person-to-person. Here are some tips to stay healthy.

Soap and water are your friends! 

This should go without saying, but frequent hand-washing is always a good practice for maintaining health. Wash for at least 20 seconds. Tell children to wash with a good lather while they sing the alphabet. Don’t forget under the fingernails!

No soap handy? Carry your travel-sized bottle of an alcohol-based hand sanitizer with you. You can also store one in your car and at the office. Just don’t go crazy with it. If your hands become dry and cracked, you could unwittingly create an entry-point for other bugs to get in.

While you are at it, disinfect your cell phone, office phone, and keyboard!

Absence makes the heart grow fonder

Feeling sick? Stay home. Don’t go to work. Don’t go to the gym. Don’t go to school. Just don’t. I promise your office will survive no matter how long you are gone.

Speaking of staying away…

Keep your distance! Now is a great time to enforce a "bubble" of personal space. Maintain a proper distance from others to avoid transmission of the droplets produced by coughing or sneezing. If you are the one coughing and sneezing, practice good form. Try to remember the “Vampire Cough,” which is when you cough into the inside of your elbow rather than in your hands. It’s aptly named because you will look like Dracula lifting his cape over his face. Alternatively, you can cough or sneeze directly into a tissue and immediately discard it.

Be a trendsetter

Now is the time to start a new fad. When you are meeting someone new, skip the handshake and instead opt for another greeting. You could try the less well-known elbow touch, curtsey, or even a bow – the choices are endless. Have a little fun with it. If you are worried about appearing rude, you could always use the excuse that you are recovering from an illness and don’t want to get them sick. Everyone can appreciate that.

To mask or not to mask

At this time, it is not recommended to wear a mask if you are well. After all, most masks sold to the masses are ineffective at preventing the virus. Right now, there is no vaccine available, so doctors are only going to be treating symptoms.

I want to hear from you! Leave a comment below or email me to tell me what you thought about this post, share your ideas for future posts or just say hi.

Krista Kyte is a personal finance blogger and personal banker with over 17 years of experience in the financial industry. Krista is passionate about helping our members understand their financial situations. She writes tips that will help consumers reach and maintain financial security, and start living the life they’ve always wanted.