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Coronavirus: The one word that has changed more lives in the year 2020 than all of our New Years’ Resolutions combined.
From the news to our news feeds. From classrooms to our communities. From our friends to our families.
We have all been bombarded with more than our fair share of information.
However, one thing appears to be spreading faster than the virus itself and that is fear.
There are two types of fear. First is the kind of fear that brings wisdom with its lessons.
This type of fear keeps us from jumping into the lion’s cage at the local zoo. That type of fear is also rational.
It keeps us safe and provides information we can actively recall to make sound decisions.
On the other hand, there is a second type of fear. One that is irrational. This is the type of fear that most children have. The fear that convinces them that there is a monster in the closet or underneath the bed.
Such fear paralyzes you and keeps you up at night. It does not provide lessons, but can lead to loads of stress and poor decision making.
We understand that during these trying times the easy thing to do is to believe you are helpless.
Our healthcare system is being stretched thin, our economy is experiencing a downturn, and there is a pandemic on our hands!
Well now, relax. Take a deep breath. How about another? Instead of focusing on what you cannot control let’s shift our perspective to what we can control.
You have so much more power than you think.
Here are five steps that you can actively take to help lessen the blow of this crisis. We call them the five steps to Coronavirus Crisis Control.
1. Get on a budget
After taking care of those urgent needs you can then begin focusing on the next tier of important items such as cell phone bills, internet, and contributing to your savings. Here’s an interesting article to check out with tips to help you get out of debt fast.
Related reading: Budgeting 101: How To Create A Budget
2. Increase cash flow during coronavirus crisis
This is the best time to side hustle like no one’s business. Adding additional income will help no matter which part of this financial journey you are on.
If you are paying down debt, additional income can be helpful for making minimum payments or making significant strides in eliminating debts.
If you are out of debt, additional income will be helpful for increasing your clutch fund or investing. Currently, several companies are hiring to meet the increasing consumer demand.
If you are quarantined or feel more comfortable at home, there are numerous opportunities available from home. Take this time to do some spring cleaning.
Look through those old closets and drawers and pack up any unused/good conditioned items and get them online to sell.
Some additional online income streams include focus groups, online tutoring (tons of kiddos are home right now!) and surveys. There are many, many more opportunities for extra cash flow.
Do a quick google search for some inspiration. Our advice is to apply for everything and go with the option/options that best meet your needs.
3. Push pause on paying down debt
If you are able to pay the minimum on all of your bills, keep going. On the other hand, if you are not able at this time do not stress over them.
Focus on yourself, your family, and the ones you love. When you are able to get back on track keep moving forward with your debt snowball.
4. Cut back on the expenses
During this time of social distancing spend more quality time at home cooking meals together as a family. For those of you who want to continue supporting local businesses (such as restaurants), if your finances permit, go for it!
Overall, you want to comb through every area where you have excess and try to make an adjustment. The most crucial piece of this will be your old faithful budget. Consult with your budget, adjust, and reconcile.
5. Prioritize your health
Additionally, if it’s in your budget and you can get one, buy a smartphone sanitizer. Amazon has them and it is a great product to help keep your phone and other small devices clean.
Coronavirus – Our final words
In conclusion, fear is a choice. Most importantly, one can choose to live in fear or one can go with the positive alternative: faith.
Faith is more contagious than fear and even more contagious than the coronavirus.
That is to say, faith gives us the ability to see beyond the clouds and gives us hope. During these uncertain economic times it is imperative to combat fear with faith.
Therefore, whatever happens is going to happen. Most importantly, why not have an approach that eliminates stress and places you in the best position to make wise choices.
Certainly, it is easy to have faith when you have a plan in place.
We are not going through a coronavirus crisis, we are growing through it.
That is to say, changing our mindset through these difficult times will have a positive impact on our lives. Most importantly, we will all grow stronger by keeping faith.
About Secret to Finance
Neiko and Alexis paid off $240,000 of student loan and consumer debt in 27 months. Most importantly, they started Secret to Finance to share their story and help others build generational wealth. In addition, they assist others with creating a financial plan, budgeting, and getting out of debt. Ultimately, following these steps will lead to financial success.