Navigating finances during lockdowns

As frustrating as it is, lockdowns are going to be with us for some time yet and the anxiety and stress this creates in individuals can become overwhelming.

The immediate reaction for many is to rush to supermarkets in fear the pantry will run dry, in reality though a quick inventory check would confirm for many that they actually have sufficient to get through.

With money the same often applies, the immediate reaction is based around the fear of running out, however unlike food this fear is very real because without even looking at the bank account to do a check, we know exactly what we are likely to see – not enough money.

Avoiding financial stress as we yo-yo in and out of lockdown only happens when we have clarity on exactly what our personal finances look like.

However, looking into one’s finances means it will require becoming accountable and the mere thought of this is enough to cause most people to avoid the one very thing that would remove the stress and anxiety that they repeatedly experience.

Recently a client shared with me the following. I simply smiled because for weeks while she avoided getting started I knew this was exactly how she would feel once she decided to take action.

“I love it, this is so much easier than I thought”

Having clarity and a plan that encompasses at minimum the following 3 things lays the foundation for a proactive approach to dealing with the financial implications of lockdowns.

You need to have clarity about the following:

  1. How much do you have in savings or a rainy day fund and what does that equate to in terms of subsidising any reduced income, does this assist you for 2, 4, 6 weeks or longer?
  2. Where is your money currently going and which expenses can be reduced and taken advantage of during lockdown to boost your savings?
  3. What is your strategy for managing any debt commitments, should you make extra payments or stick with the normal payment?

The answers to these questions are the beginning to gaining control and having confidence to navigate through any situation you may find yourself in.

Having clarity however comes at a cost.

  • It requires pushing past the reluctance one feels to get started.
  • It requires embracing change rather than being nervous about what that change may look like.
  • It requires a change in mindset from what has been engrained into society that advice around money should be free to one of believing you are worthwhile investing in.

Free isn’t advice it’s simply someone’s opinion and the last thing you need is to live a life based on everyone else’s opinion. 

You have choices

1. You can find the answers to the question presented above yourself. The Online Planner has video tutorials so if you are yet to build a plan simply follow the tutorials which will take you through the steps required to restore confidence to your budget and finances.

2. Schedule a Consultation, engage with me and fast track your results by gaining the guidance of someone who not only understands how to figure this out but also wants to help you succeed and will equip you with the right tools and strategy.

Enlist my help

Oh, and final choice, one that we all have but should never take, do nothing.

I hope this article has motivated you to take action and not simply settle for the status quo. You deserve more in life and I can help you achieve it.