How do you prioritize financial goals when faced with a sudden decrease in revenue?

When faced with a sudden decrease in your revenue, it's crucial to prioritize your needs and goals to maintain financial stability. I help clients create "emergency budgets" that focus on essentials that are non-negotiable expenses. Cutting wants out of your budget is certainly not a fun thing to do, but in order to maintain the financial stability it's certainly necessary. Your emergency budget is designed to take you to a bare-bones spending plan, but still allowing you to slowly work towards long term goals like paying off debt and saving for your future. - Focus on your Essential Spending - Rebuild or Maintain your Emergency Fund - Reassess and Adjust Long Term Goals - Consider Alternative Income Streams

I remind myself that some of the biggest businesses were formed during Covid, closed during Covid and thrived during Covid. This were really difficult times. You have to think outside of your box. Try new things, innovate and speculate. Don’t be afraid. Also look at your outgoings and see what costs you can cut.

1. Assess immediate cash flow requirements. 2. Prioritise imperative expenses and obligations. 3. Review and carry out course corrections in budget allocation. 4. Review extraneous spending and discretionary costs. 5. Explore alternative revenue streams and non-core income. 6. Negotiate better terms with creditors. 7. Evaluate and adapt financial goals and deadlines. 8. Create a contingency fund for unforeseen circumstances.

100% - I’ve had several clients and colleagues face layoffs while also enjoying a generous severance package. Even when severance is available, it’s still critical to view the job loss as an emergency because you don’t know how long it will take to land the next role.

When a client tells me there will be a shift in the price home she can purchase, I tactfully and pleasantly select lesser price homes to present to her to see. I make it as desirable as I can . I also introduce her to a creative lender. I want to be a graceful facilitator . I also look at alternative venders to use for the actual move. Every thing I do is to create this process to easy and not stressful .

I generally encourage people to focus on the smallest debt first - rather than the highest interest rate. I believe the debt snowball method has a higher success rate because it helps people experience the victorious feeling of success as each small debt gets taken care of.

In my experience, the best thing you can do to build awareness here is to track monthly expenses. Categorize every transaction so you “know” where the money goes and don’t assume you intuitively know where it goes.

Reduction of financial resources is one thing that can take a tàll on anyone. Good thing most people do get through it. Analysing your needs and setting clear boundaries is a good place to start. At this point you do want to have that extra coin saved. I really discourage people to withdraw all savings kept because this could be your saving grace at a very needful.moment. Also during this time,try and find something that will get you an extra - even if it means offering a service such as coaching or on what you are good at. Finally,knowing what to spend on and what to put a side for the time being saves one alot. So not rush for loan facilities at this moment unless it is an amount you can comfortably pay monthly from a source of income.