How to Make Better Money Decisions During Times of Crisis
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We are certainly living in uncertain times all of a sudden, aren’t we? With everything going on worldwide with the virus outbreak, our sense of what was normal is gone. And in its place we’re left wondering if things will ever go back to normal…or if things will ever be that kind of normal again. This uncertainty is brining much fear and anxiety to the surface, and with countless people already out of work, the fear you might be feeling with your finances is real. Maybe you’re not prepared to withstand a huge drop in income, yet that might just be your reality. The thing is, however, there are things you can do to make better money decisions during these uncertain times. These things are fairly simple to do, although the execution is likely not going to be easy. But, before you can actually make any changes with your money, something needs to happen first. And that’s exactly what I’m sharing here.
Before you go any further be sure to grab our 5 page Budget Template. Having an accurate budget is essential during this times, and this template covers everything we could think of. It’s free – just tell us where to send it!
As much as it stinks to be living during these stressful times, I see some real positives starting to emerge already. One of the major ones I see is already is it is helping us to identify where we aren’t prepared for if the unthinkable happens. Although it feels like the rug has been pulled out from underneath you, it’s possible to find your way upright again.
As someone who has had the rug pulled out from beneath me and actually become debt-free further down the road, I’m proof that it’s possible to make better money decisions in the midst of a crisis.
But, there is a crucial first step.
You can watch the video about this below, or keep reading.
The first step in making better money decisions during a crisis continues below
Here’s where you need to start.
Commit to spending no unnecessary money for one week
Doing this will allow the dust to settle on your finances so you’ll be ready to move forward with the targeted money saving skill I show you HERE
Next, gather all your statements and receipts
This means gather together all your credit card statements, bank statements, and receipts. You’ll need them in the next step.
Make it easier to stop spending money
The truth is there is no shortage of opportunities to spend your hard-earned money. And during times of crisis, this is just not a good thing. While my hope for you is that you only spend money you intend on spending, you’re bombarded by countless opportunities to buy, buy, buy.
Here are two things I challenge you to do to make it easier to stop spending money during uncertain times.
- Unsubscribe from your 3 favorite stores’ emails. This means you’ll be tempted less.
- Steer clear from your favorite shopping websites. Of course you know this will likely mean less shopping.
Decide on what the difference is between buying things you want and things you need. Knowing the difference between a want and a need will help you spend or not spend your money with more intentional.
I will also say that most times, we would say that something is a need right away, only to find that it is actually a want once a bit of time passes.
Giving in to wants isn’t necessarily bad, but when you’re trying to manage your money during times of crisis it’s highly probable that giving in to wants less often will be necessary.
These are the essential skills to do right now when it comes to making better money decisions during times of crisis. Tomorrow, I’ll share the next step!