October 21, 2020

Freaking out about money? I hear you. And I’m here to offer some knowledge and a…


Freaking out about money? I hear you. And I’m here to offer some knowledge and advice💰 ⁣

1: You’re not alone. I know that doesn’t change anything, but just knowing other people are facing the same fears right now should give you some sense of community and togetherness. ⁣

2: We’re not in recession. Yes, things are bad, but we’re not TECHNICALLY in a recession & the government is pulling out all the stops to keep it that way. Hopefully🤞🏼we can get through this without facing another 08. ⁣

WHAT YOU CAN BE DOING RIGHT NOW TO MAKE IT THROUGH ON TOP:⁣

– Stop, drop, and reassess: Where can you cut spending? Cancel subscriptions & gym memberships. Avoid online shopping. Right now’s focus should be on preserving money. ⁣
– Build cash reserves: YES, typically (when the market is fab) it’s suggested NOT to keep a bunch of cash. But with a bunch of unknowns, you might consider building those reserves and ensuring you have cash on hand should you need it.⁣
– If you NEED to borrow, avoid going into major credit card debt. Instead, consider a home equity line of credit or asking for support from family. I know it’s not ideal, but credit card debt can be ridiculously hard to climb out of—much harder than paying back family.⁣
– Check with lenders: A lot of lenders are offering skipped payments with no fees. However, don’t just SKIP—you need to check. ⁣
– Quiet the noise. Lots of people will be talking about money over the coming months. Choose a couple you trust and cut out the rest. ⁣

No matter what, don’t beat yourself up over poor finance decisions—can’t go back now. Only thing to do is prepare for the next time something like this hits—because there WILL be a next time. ⁣

Still want to support local business? Buy a gift card for when the world gets back to “normal” or utilize take-out/drive-thru if available & you’re HEALTHY. ⁣

If you’re freaking out and need someone to talk to—I’m here. ⁣

#finance #financetips #recession #personalfinances #financewriter #financegoals #moneymoves #moneymatters #moneytips #mymoney #moneymagnet



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