These three steps helped me pay off $300,000 of debt in three years and created mental peace around my money despite an upcoming recession.
For many students I’ve coached after a layoff, losing their job often is even more emotional because it feels like a failure of all their financial goals. A helpful way to reframe your mental approach is by simply adding the word “yet” to your statements as you shift your priorities.
Rather than saying, “I can’t save for retirement,” you can say, “I can’t save for retirement, yet.” This helps remind you that the changes you might need to make in your money goals are temporary, and you can always come back to them once you stabilize your finances again.If you start to panic about your income, you can ease your stress by budgeting your expenses for the next month.
Getting an estimate early from your tax planning professional, so you know how much you’ll owe or get a refund for Paying home or car insurance in full for the next quarter or six months to remove it from your monthly expensesInvesting your individual retirement plans to the maximums while you still have the fundsHaving a clear, documented budget for my household expenses and also for my business helped me stay calm during the Covid-19 pandemic, even when my income went down to $0 in my business.
You’ll either realize that you will still be fine, or if your expenses start exceeding what you can afford, you are giving yourself extra time to take some preemptive measures.
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