Money Tips For a Crisis
It’s okay to feel uneasy about what’s happening in the world today. Coronavirus (COVID19) amongst other things can try to steal our jobs, security, and life as we know it but one thing that remains is our hope in Jesus!
With that said, there are some things we can do during a pandemic to alleviate the stress. I want to point out some ways in which we can deal with our money during a crisis. Everyone’s situation is different, but some key things can be done in these situations:
Necessities for all of us.
If you are recently unemployed.
If you are still working.
Optional items.
I have created a FREE checklist for each of these scenarios. Download below!
Necessities:
First thing’s first: Take a deep breath. Yep. You heard me! In. Out. In. Out. We were created to withstand incredible amounts of adversity and are constantly adapting to what’s happening around us. You will get through this. At this moment, COVID19 is the crisis, but at any point in time, a crisis can happen. You have already made it up so many hills and through many valley’s. God is in you. God is with you. God is for you. After you’ve inhaled and exhaled a couple of times, pray that God would continue to guide you and protect your mind, specifically concerning your finances.
Next, you must make sure your four walls are covered which are:
Shelter/Housing
Transportation
Utilities
Food
After the necessities, your situation could go one of two ways at any point during a crisis: You are currently unemployed or you are still working.
If you have lost your job:
First off, I am deeply sorry. I know what that’s like and it blows (for lack of a better word.) However, all is not lost and you will recover from this! Until you are employed again I suggest pausing all debt payments, cutting expenses as much as you can, and stashing away as much cash as possible in an emergency savings account.
One way I like to save money is by doing a “No Spend Challenge” which is where you try not to spend money for X amount of days! I know, for some of you that sounds awful but I promise it’s not as terrible as it sounds! It makes it more of a game and there’s no lash-back if you don’t complete the challenge, but it can help move the needle in a time when every penny counts.
You can also start searching for part-time work in the interim. Here’s a list of 30 U.S. companies hiring right now to meet the Coronavirus demand. Many of these companies are forfeiting their normal onboarding process to allow new employees to start working more quickly!
If you are still working:
First things first, continue paying tithe and giving to your local church. I feel the need to explain myself: I did not include this in the “necessities” list because if you do not have a job, you likely won’t have money coming in to continue paying tithe.
If you do not have an emergency fund: Please start one right away. Once you have a basic emergency fund set up of at least one month of expenses, you can continue paying the minimum (or more) on your debts and working your financial plan. This is an incredible time to continue paying on your debts because federal student loans are at 0% interest for six months and many other creditors are making arrangements for their customers as well. If you do contact creditors to see if they are offering any rate changes or help during this time, make sure you read the fine print!
For sanity’s sake, try to come up with some fun things to do while you’re quarantined or social distancing. Even if fun means changing into a second pair of pajamas for the day.
Optional:
If you’re good to go on your other financial goals or just want to spend some time being productive, you could clean our some closets or drawers, sell some unused clothing or shoes, clean out your pantry, or share some toilet paper with a friend, or schedule a virtual coffee date with a friend (or me)!
Most of all, take it easy on yourself and continue to keep the faith, my friend.
Remember you can download the FREE checklist by clicking the image below!
