Categories
Budget Money

Dos & Don’ts of Budgeting During Uncertainty

Right now there are a lot of things uncertain. What to do with your personal finances doesn’t have to be one of them. Grab your coffee and read about what to DO with your money and what NOT to do right now.

Do:

1. Create a budget for April.

We will always say that’s the priority, but right now it’s especially important. Let’s not ignore the numbers, let’s confront them. You will certainly need to tweak the numbers. Some things will be better (lower gas, less childcare costs), some may be worse (lower income). Just get it on paper.

2. Focus on NOW.

Many people are thinking about May or even September. That’s how overwhelm happens. Focus on the now! Let’s all get through April. No one knows really what’s coming anyway, it’s best to use our time & energy to make this month the best it can be.

3. Cover the four walls first.

This means food, shelter, transportation are the items you cover first in your budget. We’re not paying the credit card bill this month if it means we can’t afford to put food on the family table.

4. Control the controllables.

There’s so much you can’t control right now. You can’t control whether your get to leave your house, keep job and whether your kids are at home until August. And that’s just the beginning! So, let’s focus on what you CAN control.

You CAN control whether you get to work with what’s available. That may be side jobs or a job at Amazon or Target-they’re hiring. It may not be your chosen field, but we know you’ll do what it takes to take care of your family.

You can also be selling stuff or, at the least, simplifying your home during this time. Being productive and making your living space better are wonderful ways to process what’s going on.

You can control your attitude. You can control whether you help spread panic or spread hope.

Remember, the kids are watching. You can control how you frame this for them and how you take advantage of this time with them.

Don‘t:

1. Don’t keep making extra payments.

We’re in storm mode, so we are going to pause being gazelle intense on paying off debt and instead pile up cash until the storm passes. Don’t worry, when everything gets “back to normal,” you’ll have a big pile of money to dump on debt.

2. Pull your money out of investments.

Don’t panic and pull your money from investments. You haven’t lost any money until you do that very thing! Plus, there are so many unintended consequences with doing so. So, just don’t do it!

3. Be willy nilly with your Emergency Fund. 

Right now, everything feels like an emergency. But it’s not, not necessarily. We are still going to ask our three questions before pulling money out of that emergency fund. Is it unexpected, is it necessary and is it urgent? Getting takeout isn’t. Even getting a new dishwasher isn’t. But, losing your job and needing to pay the electric bill somehow, YES! That’s an emergency fund. You need that emergency fund now more than ever, so be very discerning when using it!

This is a little preview of what we do. We help clients create a budget & payoff debt. Want to set up a free, no-obligation 15 minute consultation?

Categories
Mindset Planning

How to have a better week

If you’re anything like me, last week wasn’t your best week. I know for me many things went wrong. While it is tempting to just wallow in that for a bit, I decided to take action and do the things I know I need to do to have a good week. So, how do you do that? Here are 5 steps to have a better week.

1. Figure out what went right.

What went right last week? What can you celebrate? What can you duplicate? This will get your brain in the right frame of mind to be positive. It will also give you some much needed clarification.

2. Figure out what went wrong.

Last week might not have been great, but WHY? Letting the nagging feeling rule the day is no productive. Pin down what went wrong, what made you feel less than happy or productive or satisfied.

3. Stop focusing on others.

Much of our frustration comes from trying to control others. You may not think so, but it really turns out to be true. We focus on how others are behaving, reacting, doing or not doing. That brings a lot of frustration and makes us feel powerless because we clearly CANNOT control anything about what others do.

4. Balance the input.

Many times a bad week can mean we had a bad average of bad that went into our brains versus good. Maybe we watched more bad news than normal or listened to more bad attitudes. That can’t always be controlled but what you CAN do is purposefully try to balance the bad with good. Purposefully input GOOD things into your brain whether it’s music, podcasts, books, thoughts or more.

5. Focus on you.

What can you control? What CAN you focus on? In a world where things seem out of control so often, there is much you can focus on in your small sphere of control that will make you feel better, I promise. Download the worksheet to consider your top 10. I’ll give you mine to get your brain juices flowing.

  1. Pray
  2. Read the bible
  3. Journal
  4. Listen to good music during breakfast/drive
  5. Read book / listen to podcast
  6. Exercise
  7. Eat well
  8. Clean or organize something
  9. Skin time
  10. Hug kiddos
Categories
Uncategorized

The Journey Begins

Thanks for joining me!

Good company in a journey makes the way seem shorter. — Izaak Walton

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