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

Sunny and 75

While the Intermountain West has had slightly cooler climate than is typical for this time of year, I just know gorgeous weather is right around the corner. Today I wore flip flops in the rain just to make my point. And wearing open-toed shoes without socks is just one of the wonderful things you can do when it’s nice outside! I don’t know about you, but thinking about warm-weather activities makes me want to play hooky from work and play instead. But because I am an accountable adult (most days, anyway), I will NOT forsake my grown-up responsibilities (as bad as I might want to) in favor of longer days and spring and summer fun. I can work before I play. And so can you. Here is a short list of things you should check NOW before the weather gets too hot: THE CHIMNEY – climb on your roof (if it’s safe) or use binoculars to check the exterior, hire a professional for the interior cleaning GUTTERS AND DOWNSPOUTS – make sure they’re clean and make repairs as needed THE ROOF – it’s mu
Post a Comment
Read more

Who’s the Boss?

If you know me at all, then you know I love Dave Ramsey. In fact, I not only attended a Dave Ramsey affair when it once came to an event center near me, but when I went through Tennessee on a road trip, I hunted him down and visited his studio. I have a picture to prove it (well, it’s somewhere). I always listened to Dave when his show was featured from 1:00 to 4:00 pm on my local talk radio station. One of the things he said frequently (something that he actually borrowed from somebody else–John C. Maxwell) was, “A budget is telling your money where to go instead of wondering where it went.” If you are getting a tax “refund” this year, I will first invite you to review last week's blog post and the three links to previous blog posts. I would then encourage you to plan for that “refund” money, and I don’t mean blow it as most Americans will do. Be smart. Use it to pay off some debt if you, as most Americans do, have some. If not, save it appropriately.  We've discussed deb
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