Navigating Your Finances During Challenging Times
The question right now for some people can be where do I start?
This can be even more challenging if you had been struggling to navigate your finances before the pandemic.
Before you start to say to yourself I wish I had known this before or I wish I had done things differently.
I invite you to pause, take a breath and remind yourself you are right where you need to be.
So what can I do now that is the question.
What small steps can I take going forward to set the stage for a more aligned long term financial relationship?
Now is a great time to start to make a budget if you do not have one. If you have suddenly stopped tracking your budget because you don’t have any money currently coming in, try to pick it back up and record where you are spending.
It is a great time to get clear on your spending habits and patterns and to see where you may actually be spending less due to the current circumstances.
How does this feel?
Are you okay with this change or did this help you to notice some careless spending patterns?
This also becomes a great opportunity to define your values, where might you have spent money in the past that now is not an option, and do you actually miss it?
The answer could be a resounding YES!
Make a note of that for yourself so you are clear on what you find important.
Taking this time to bring awareness to your current situation:
What do I have and what do I need?
This level of clarity will be helpful now and in the future.
Without adding pressure to your current situation just notice where you are at and if this is the place you would want to stay or if you would like it to be different.
If this situation were to arise again how would you want your finances to look? We are all hopefully a situation like this won’t arise again but unexpected things in your life will.
Being prepared and feeling confident and comfortable with your money only happens when you take small steps forward.
It doesn’t mean you are planning out every possible outcome or thinking something bad will always happen, it is a way to get clear with yourself on how you would like to operate when unexpected circumstances arise.
Answering this question honestly can help you to move forward. It is not intended to house guilt or shame, so notice if these feelings are arising then allow yourself space to decide if now is a good time to process this.
If you are feeling ready, I invite you to try responding to the below questions and if you want to discuss more reach out for a free 30 minute consultation.
How much money would I require in my bank account to feel safe and secure?
Do I have awareness to my current budget, spending patterns and savings?
What is my current relationship to money and is that being highlighted during this time?
Where do I want to be spending my money right now but I cannot? Why do I miss it?
What do I value most in my life and how I am currently aligning with those values when it comes to my money and choices?