Updated: Apr 12, 2020
Who would have ever expected our economy to be affected by a virus coming into the year 2020? We all can probably agree on the initial shock and devastation that COVID-19 has brought upon the entire nation.
Unfortunately, many people have died, become ill, lost family and friends, and been affected financially. Our entire economy has taken a major hit from shutting down businesses to letting people go because of funding. Times like this, are the times we need an emergency fund. Times like this, are the reasons why having a savings account matters more than ever to help sustain our daily lives.
I personally would have never imagined being alive during another recession, especially a global one due to a pandemic. The COVID-19 virus continues to spread and has honestly awakened my awareness of financial stewardship. A couple of days ago, I realized that my income would be impacted by the COVID-19 virus. Once the thought pondered in my head,
I sat in silence and realized two things…
1. The need for a plan to sustain my life (pay my bills and take care of myself) because my income is being affected by the virus.
2. The need to correctly steward over my current income because of the uncertainty of how long our economy will be impacted by the virus. I
I came to the realization that, no matter what, we ALL are being impacted by the events taken place during this time. I was led to realize the importance of financial stewardship along the way. Stewardship involves the job of taking care of something, including our finances.
Attention: We are all being affected by the nation’s current economic status!
Question: How will you make financial decisions to help you navigate your finances strategically during this time?
If you are unsure of the answer, I believe you are in the right place at the right time. My hope is this post will help you build a budget that will either sustain your current financial status(help you pay your bills), prevent extreme economic turmoil in your finances(manage your bills, loans, debt, and/payments), and prepare you to bounce back when our nation gets back to normal.
#1 Before we begin, I think it is important to understand two things…
1. We are going to be affected by our current economic status (no matter what). Whether you lose a dollar or $10,000 We are all going to take a “hit”. I personally am losing my supplemental income. I included this form of income in my budgeting process in late October 2019. I never would have imagined not being able to work and receive that income. Now, it is important for me to implement The 21 Day Budget strategy to help me steward over my money during a crisis.
2. We have the ability to control how we are impacted and carefully create a budget to help us navigate through the current economic downfall. This is where you will learn essential keys to help you either stay afloat, sustain, and/or manage your money during this time.
#2 Time To Preparation:
Time to prepare! Like in any crisis, it is important to understand what is taken place economically and the overall effects around the world. If you have not already done so, take a little bit of time to research the current status of the economy. Researching will help you stay up to date on current events.
#3 Time to Create A New Budget
It is now time to sit down and begin our journey to creating a new budget. Let’s begin with your current bills. Look through your mail, emails, and bank statements to write down the name and amount of each one of your bills due in the coming days, weeks, and months. Organizing your information will help build a plan that will help you manage your financial situation. Remember, we are all being affected by the current state of our economy. Whether it is one dollar or ten thousand dollars, it is important to understand what is happening with your money. It is essential to prepare and implement a plan for your financial future.
I highly recommend reading my budgeting 101 blog and taking my free 3- Day Budgeting During A Crisis email course.
There is great advice to encourage your financial growth and budgeting skills.
Now that you know the importance of creating a budgeting during a crisis, you're ready to start cutting some areas you spend a little too much or can cut down on to help you without worrying about the upcoming months.