”5 Tips to Achieve Financial Stability During Uncertainty” is a collaborative post and includes affiliate links. Please see the disclosure page for more information. Disclaimer – always verify medical information with your doctor or a professional and follow all laws for your location.
The current pandemic, lock down, and restriction have impacted all of us in different ways. Some are surfing the new work-from-home, focus-on-yourself lifestyle, while others are worried about an uncertain job situation and financial stability. These few unusual months ahead represent the perfect and possibly necessary time to start building a future of financial security and freedom.
Start from the steps below.
Reconsider Your Insurance Policy
There are several insurance policies you can choose from, but not all of them might be the best investment for your particular situation. Life and health insurance are undoubtedly the most important ones to protect your family.
However, disability insurance for physicians and residents is also an essential option to consider. If you won’t be able to work due to disability or injury, your family might be left without the primary provider. These policies might help you to guarantee a future of financial stability regardless of your physical or mental conditions.
Look Into Your Daily Expenses
With the advent of plastic and single-use items, we tend to spend much more time at the supermarket than anywhere else. You are likely to be running out of paper napkins, toilet paper, cleaning cloths, and water bottles.
Aside from being highly detrimental to the environment, single-use items can impact your daily expenses. If you are looking to save more and enjoy a more frugal life, stop spending money on these items and think about how to use those already in your house. With the whole declutterring movement at the beginning of quarantine, I realized I had a small hoard of unused fabrics. Some of these were pretty thick so could be used over and over as napkins. I got out my trusty sewing machine and made these simple squares. I also happened to be at a thrift store a couple weeks later and scored about 20 more cloth napkins from Pottery Barn. These are kept in a cute deep wicker napkin holder on or near our table.
Rethink Your Lifestyle
The way you conduct your lifestyle can have a significant impact on your savings and expenditures. Many of us tend to live beyond our means, especially when it comes to buying luxury items that we don’t strictly need or simply eating out more than preparing foods at home. Reevaluate your lifestyle to understand what you are spending on and what are the things you can easily do without. You will be surprised that the list is much longer than you thought!
Have a Contingency Plan Ready
Start an emergency fund, and do so today! There is never a good or comfortable time to make some money off your paycheck to start a fund, but it also always seems too late. Whether you are saving to buy a home, just gotten married or expecting a baby, there are things you will have to invest in in the future. This strategy allows you to be ready for any eventuality, even if you or your family are facing a moment of financial difficulty.
If you need inspiration for a fund that will work for you, start with the ones below:
Start a Side Hustle
With the economic uncertainty that permeates this moment, waiting to see what happens is too big of a risk for many individuals. Looking at what you can do to improve your finances from the comfort of your home can help you get started in the right direction. Leveraging your skills, passions, abilities, and knowledge can help you find the right side hustle for your lifestyle. Once you have started making a little income, you might even decide to turn it into a full-time business.
Financial stability during uncertainty is a goal that can be achieved but to reach a goal you need a plan. The best thing financially that has ever happened to our marriage was to go through the Financial Peace University program. We do fall off the financial wagon sometimes still but not like the debt freefall that we had been in at the beginning of our marriage. This course is for anyone married, single, whatever. Check it out here (not an affiliate link) to learn more.
If you are feeling down or depressed for more days than not, please seek medical attention. If you are feeling like you cannot go on, please call the suicide hotline at 1-800-273-8255 or chat here>>> https://suicidepreventionlifeline.org/chat/ Or visit the suicide prevention lifeline at https://suicidepreventionlifeline.org/