During these unsettling times you may be wishing you had been more prepared, saved more money, done more research, etc. I think I speak for the entire world when I say this is really hard; emotionally, physically, and mentally. I truly feel for those HS seniors who can no longer go to prom, the parents who are home entertaining their children all day, the office hustlers who are now suffering from back pain working from their non-ergonomic kitchen chair, and the list goes on! For the most part, this pandemic is out of our control and it’s the fear of uncertainty which brings about feelings of panic. Surviving financially during a pandemic is possible though.
The reality in this nightmare is that those who were prudent savers are the folks who are panicking less. Money certainly cannot buy you happiness but it can buy you freedom and that is the American dream.
Surviving Financially During a Pandemic
I’m an optimist but how can we be optimistic in such a depressing world you ask? We are so fortunate to be able to educate ourselves and learn from experiences. Rather than being pissed off at yourself for spending $200 at DSW prior to the COVID-19 outbreak, be proud of yourself for trying to make a change in your life. You’re reading this blog, aren’t you? That’s step 1 – motivate yourself and ask questions! I did it, and so can you! Surround yourself with positive people – friends who do not live a life above their means, co-workers who encourage you to cook rather than buy lunch daily, family who have your best interest in mind, and form healthy relationships which challenge you to be the best version of you. This article is going to teach you how you can survive financially during a pandemic.
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- Know how much you spend each month. What can you cut down on? What is not essential in that list? Remember ESSENTIAL means you literally cannot live without it… no that does not include your Micheal Kors bag addiction.
- Establish a 3-6 month “emergency fund” if you have not done so already. This is a fund that you absolutely CANNOT touch! Forget it even exists. It’s there so if you lose your job in a situation like this, you don’t have to panic. In our opinion, save at least $1,000 prior to paying off debt and continue adding to this “emergency fund” as it allows. Don’t invest this money. Keep it in a safe spot like a savings account. I say this because remember the stock market is usually negatively correlated with emergencies.