Skip to main content

Don't Panic, Plan


Wow, finances have really been whacked the last few weeks. People have been laid off or had hours cut and have been hoarding necessities which can result shortages and price gouging. What are we to do?

If you have been working the financial independence plan (eliminating debt, saving, etc.) that we have been teaching for a while, you probably won’t feel the panic like those who live paycheck to paycheck. Regardless, here are a few things to do to help with the money crunch:

  1. Prioritize your bills – we have talked about that in previous blog posts. Now is a good time to revisit that (see Decisions, Decisions from January 16). See who might be offering assistance or a payment-skip, if you’re desperate.
  2. Really reduce your spending (see Do You Know Where You Stand? From January 23).
  3. Reach out to creditors, many have hardship programs. Some can even be restructured.
  4. Stop any automatic payments.
  5. Watch for the price gouging I mentioned. There are 2 sites that show historic price trends for Amazon purchases and can be good references: https://camelcamelcamel.com/ and https://keepa.com/#!.
  6. Make sure that you are getting the exercise and sleep you need. Reach out to friends but keep your social distance. Financial stress can upset your physical and mental health, and just being proactively aware of that can help you stay ahead a of it.


We will get through this!

Comments

Post a Comment

Popular posts from this blog

Know Your Limits

When I was 17, I drove a 73 Nova. It used to be really easy to do things like changing taillights myself. That is no longer the case. If I tried that on my later-model vehicle (which is more like a computer than a car), I’d do more damage than good, because there are some thing you should just not do yourself. It will cost you more in the long run. That being said, there are probably some things that you usually pay someone else to do that are not getting done right now. My advice is to just be patient; depending on what it is and your skill level, it might end up costing you more to fix your mistakes. Let’s discuss some of those… Obviously, most if not all car repairs are just better done by a licensed, trained professional, including oil changes. They can also correctly dispose of used petroleum products. Depending on your tax filing status, a professional can help you avoid overpaying the IRS. I remember cutting my daughter’s hair when she was little, and I made a me...
Post a Comment
Read more

Gifts that Matter

When I think about my childhood, there are a few events (some good, some not so good) that really stand out. These specific incidents made big impacts on me, so they really stuck. I bet you can say the same thing. These encounters, good and bad, help shape who we are. As parents, it is our job to teach our children to be honest, upstanding, contributing members of society. This does not happen by accident. Part of this process involves the experiences we give our children–we can orchestrate PEAK moments for our families that will leave lasting impressions on young, impressionable minds. What is a PEAK moment? According to de Jager Meezenbroek, Garssen, van den Berg, van Dierendonck, Visser, and Schaufeli in the Journal of Religion and Health , “Peak experiences are often described as transcendent moments of pure joy and elation. These are moments that stand out from everyday events.” Christmas offers an EXCELLENT opportunity to offer experiences that can become “PEAK moments” in ...
Post a Comment
Read more

Greener Pastures

Those of you who have been following me for some time now know I am a warm-weather person. Spring is one of my favorite times of the year. I COME ALIVE when Daylight Saving Time starts. As far as I’m concerned, LIGHT IS LIFE. And that proclamation is a perfect segue into today’s topic. As the days get longer and warmer, most venture outside a little more and hibernate less. So it’s the perfect time to adjust our schedules and homes that can help save the planet and some of our hard-earned money. How? Well, there are lots of little things you can do that, added up, can make a huge difference. Switch out your regular light bulbs for LEDs. If you plan to buy a new appliance, purchase one with the ENERGY STAR seal and recycle your old one. Insulate your doors and windows. Save rainwater to water your landscape in the drier days ahead. Use the sun to dry your laundry by hanging it on a clothesline. Want more ideas? Google is LOADED with suggestions! Get the whole family involved and m...
Post a Comment
Read more