What have you learned about your finances during this epidemic?  Do you have your financial house in order?  Here are a few suggestions on getting on the financial good foot.

There are a lot of people feeling the pinch during this virus epidemic.  Most people are hurting for the basic necessities like food, shelter, con ed, etc.  A lot of people were not prepared for the onslaught of something like this.

How do you survive a financial emergency?  What are some of the things you can do to “float” you and your family when something unseen happens…..

Photo by maitree rimthong

Here are a few ideas that may help:

·       Regardless of how much you make, whether it’s a little or a lot, save something.

·       Establish a credit card, maybe 3 good ones and use only one, keep the other 2 for emergencies.

·       Work on establishing a good foundation/relationship with your real estate company or landlord.  If an emergency comes up and you cannot pay, since you have a good foundation with the company, they may understand and allow you sometime.

·       Always pay your bills on time.  The reason for this, if an emergency comes up, they  know you usually pay, so again, they may allow you sometime.

·       If you cannot pay something, contact the company immediately, even if you don’t have an idea of when you can pay.  Most companies will appreciate the fact that you contacted them and are not ignoring their call or letters.  Most will be willing to work something out with you because the main thing they want is to get the bill paid.

·       Clean up your credit.  If you have a low credit score, find a way to move it up a few notches.  You can google to see how to fix your credit on your own without bankruptcy or attorneys.

·       If necessary, create another form of income, whether it’s taking an overnight job, working a 9-5 or starting your own business, but do something, there is no shame in making money.

·       Work on your dream.  I’m in the fashion industry and see so many models that want to be signed and get a big contract, but you have to WORK ON YOUR DREAM.  You cannot just say “I want to be (fill in the blank) and not work on it.  Everything you want to achieve takes work.  Work a little bit a day toward your dream, feel a little bit of accomplishment each day.

·       Relay on YOURSELF…. So many people were watching their emails for the “STIMULUS” bailout money.  They had already planned on how they were going to spend it.  Funny, the stimulus was approximately  $1,200 which is not a lot, so it is not really a bailout.  Most rent is approximately that much.  So if you are relying on “STIMULUS” money to carry you thru this hard time, it’s just a drop in the bucket of what you need.

·       Look at ways to cut down on spending.  Start eating at home and not ordering out.  Treat yourself to a restaurant occasionally, not all the time, take the train instead of an Uber.  Stop shopping for items you don’t need, learn how to make do with what you have.  Focus on what you are trying to accomplish financially and all of these things will make sense.

·       Suggestion – have approximately 6 months to one year of “RENT” saved. This is in addition to what you are saving already, this is a separate rent emergency account.  This way, no matter what the hard time is, unemployment, virus attack, downsizing, sickness, whatever it is, you can survive, at least you can pay your main bills RENT/MORTGAGE/CON ED/PHONE.

·       START…. From wherever you are, just START….. think before taking a Uber, how can you save that $10 and put it more toward something else, what do you have at home you can eat so you don’t buy from the restaurant?  I know $10 a week may not seem like a lot, but it’s $10 more than you had, in one month it’s $40 more than you had, and in one year….. well you do the math.

·       BENEFITS – What are the benefits of saving money?  You will feel more secure, you will go from feeling insecure about your future to feeling more secure, knowing you can survive.  It will also prompt you to save more money.  The more you save, the more you want to save.  You will have a foundation.  You can depend on yourself and not wait for a STIMULUS check.  The benefits are all positive.

·       CREATE A SURVIVAL KIT – A survival kit consist of all of the above, Rent Savings, 3 Credit Cards, Good Credit, Good Foundation with your Landlord, having an idea of what other ways you can generate income, constantly educating yourself on ways to make money, etc.  All of these things help generate income.

·       Make this a RULE you live by.  If you make this your foundation, no matter what happens, at least you are prepared.

Does this mean that if you have all of these things in place that everything will be smooth sailing, NOOOOOO but at least you can survive for a little while until you can get things in place.

Think about getting your financial house in order, so you are prepared for the next WAVE.  Yes, there will be a next wave, for sure, just WHEN…… at least you will be ready.

***NOTE:  There are a lot of people that have their Financial House In Order, this is just suggestions on how you can start if you haven’t developed a financial foundation yet.

Photo by malcolm garret

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