Regaining Financial Footing During a Pandemic

Regaining Financial Footing During a Pandemic

Regaining Financial Footing During a Pandemic… COVID-19 has impacted the lives of millions. We still cannot ascertain the full impact of its effects physically, financially, and emotionally among others.

No one could have anticipated how it has shaken the world, but there are ways to address some of the unknown and the fear that comes with it.

I understand how frustrating it can get when stretching your money no longer seems to work to make ends meet. Setbacks are inevitable but it’s how you handle them that matters!

The first step to taking back control on your finances is making a conscious decision to take back that control.

As Tony Robbins said: “Where focus goes, energy flows.”

Instead of focusing on the negatives, keep your eyes on making the most positive outcome possible and keep a firm hold with your feet. Here are a few pointers to help you get back on track and put things into perspective.

·        Start by analyzing where you stand.

Some quick questions to ask yourself: How much savings do I have?

How long will it last?

What are my regular payables and how can I lessen the money spent on them?

Do I have creditors?

·        Identify your income sources.

Is it from your job, overtime pays, side hustles, government benefits…? Account for how much money you make and keep. One of the secrets a great number of wealthy people have in common is keeping close track of income and expenses.

Once you’ve identified your income sources, you may consider how to have vertical income sources or passive income sources to add to your cashflow.

·        Separate your wants and your needs and set a realistic budget.

It may seem like a basic thing to do, but when you get down to it, doing this helps you clearly identify exactly where your funds should go versus where it shouldn’t. Sticking to just buying your needs when in a financially unstable state helps your resources last longer.

·        List your regular and variable monthly expenses and review how to make potential savings.

Are there bundle services you can avail of?

Are there regular expenses which can be given up for the time being (subscriptions or other non-essential recurring payments)?

Is there something you often do which you can do less often in an effort to save?

·        Set short- and long-term goals.

Your goals may be on how much you’ll save or how much you’ll make, or something else entirely. But having a clear goal and plan to get to it helps add purpose to your actions. Again: Where focus goes, energy flows.

·        Identify seasonal expenses.

Accounting for these expenses early on can help you add them to your expenses to save for so you don’t get caught off guard when they come into view.

·        Look ahead.

When you’ve established some of your personal financial facts, consider what you can do to move forward. If you find that you are somehow overwhelmed by the figures or any other matter, consider getting professional help.

Watch out who you ask though, are they looking out for your best interest or just their fee, this one can be a bit tricky!

Remember that you are not alone. Sometimes, taking control of your finances requires a navigator (like me, a licensed insolvency trustee) to help identify your options, build a plan, and execute that plan.

The reassurance of trusting an expert can help you deal with the feelings of uncertainty that come with today’s global financial climate and ultimately regaining financial footing during a pandemic.

You deserve a second chance! The Laura G. debt free plan can help you gain control of your life’s choices and eliminate the harassment by creditors. If you are facing challenges that seem insurmountable, like bankruptcy, debt or a bad credit rating then we can help you regain control.



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