Full disclosure – I write these blog posts in advance. That means that whatever I am vibing a month to 6 weeks ago? That’s what you get on the blog.
Right now, there is so much uncertainty happening in our country – recession, unemployment, viral pandemic…the least of which is stock market related. I mean, who cares what your 401k is doing if you get laid off? So this is for those people who might be looking at simply surviving for the time being. A few thoughts for when you’re going through a big change or simply feeling like the future is ambiguous…I’d love for everyone to be free from financial worry, but also free from health worry as well. We can’t control our environment right now, so we have to be super clear about the things we CAN control. Click To Tweet
- Stockpile cash. Find a high-yield savings account and keep the majority of your cash away from your day-to-day banking. This helps preserve it because you have to consciously move it back over before you spend it.
- Know your expenses. Use Mint, YNAB, or simply go back over your last several bank and credit card statements to know how much you’re spending each month. Eyeball what expenses could go away for the short term until you start feeling confident in cash flow again.
- Estimate how long your stockpile will last with unemployment, etc. You’ll be cutting back, so estimate how long your funds will last. Shut down all of the non-essential auto-debits for now.
- Prioritize YOU. And your family. If things are looking really dire, you’re going to need to decide who, or what, gets your dollars. Slow-roll debt repayment. Defer what you can. The most important thing is to take care of YOU right now – all other entities can be negotiated with. I saw this with the last 2008 downturn. Likely, there will be programs to help refinance debt on the other side of this.
- Don’t do anything drastic. I see a lot of people, desperate to change things by doing big, dramatic things. Try to avoid that tendency. Think, am I doing this to AVOID a negative consequence, or doing this because I am running toward something better?
- Consider a side hustle. It’s hard to be specific here since everyone has particular skills…Back in the day, I used to waitress or pet sit to pick up extra money, but with our global pandemic, I’d probably avoid those things and look for some sort of online support position. I know several people that started doing landscaping again, since you can still social distance.
- Find one fun thing daily. When the news is starting to get to me, I take time out and look for the best cat video. Or alpacas (they are hilarious when they run). Whatever it is for you, do something that makes you laugh, even though you might not believe you’ll get there.
- Get physical activity daily. Even if you’re walking around the block, I know I feel more on track if I am doing something physical daily. It also makes me feel less guilty when I sit on the couch, playing with my phone. Eating healthy consistently has been more of a challenge for me during the quarantine, but my mantra is RETURN. When I get back off track, I just RETURN to consistency.
If you’re feeling like things suck right now…well, you’re right. I’d love for everyone to be free from financial worry, but also free from health worry as well. We can’t control our environment right now, so we have to be super clear about the things we CAN control.
And if you want some more mindset support in this area, you can sign up for the free library of resources, right here.