ADJUSTING TO LESS

With what is happening in the world right now, tons of people are now unemployed, another percentage have experienced a cut in their income, some cut are as drastic as 50%. Others have been asked to leave by their employers, to return when the economy is stabilized, that is, till further notice. We really cannot blame anyone at this point. We have to primarily look out for ourselves and do what is best in the situation that we are all in.

Here are few steps you can take to help you better handle your finance in this period;

Plan with what you have: It is very easy to keep beating yourself up over what you have lost, even though you couldn’t have controlled it. Do not do that! Instead focus on what you currently have, no matter how small, so long it is steady and reachable. That is what you should plan with.

Cut the excesses: This is not the time to subscribe or renew every plan available to you. From data plan to DSTV to Netflix and the likes. They say ‘choose your battles’, now you have to choose what is important to you. For those currently working remotely, you know what you need to work efficiently, stick to that. Remember that the days ahead are still very much unclear, so you want to hold on to what you have as long as you can. Continue to build your emergency fund.

Focus on the essentials: It is very simple. Essentials at this point in time to the rich, middle class and lower class are food, shelter, medication, transportation means (if you have to go anywhere). Shift your focus to these things.

Live within your means: This mantra has never been more valid than this time. Living within your means and control cannot be over emphasized.

Protect your mental health: You need everything to survive, your spirit, soul and body. Make sure you are always in a safe zone. Make yourself happy, whatever happy is to you.

Be responsible: If you are in the middle of a loan repayment or you have some payments that are due, don’t be quiet on your lenders and expect that they understand. Pick up your phone or open your email (whichever works for you) and explain your peculiar situation. Let them know if you are going to delay in your repayment, when it is feasible that you would pay. You can even plead for an interest rate review for the period and work out what works.

We would continue to hope and pray.

Continue to stay safe!