Your Finances these Trial Times
As we all know, recession fears are running high. I have heard the word “recession” mention a great deal, whether from my friends, media, or family members. Because I was wondering if we were in a recession at this point or not, I researched to see what the economist out in the world thought. From CNBC.com in bold font, it read, “The U.S. is ‘officially’ in a recession – but it’s economists says it’s far from a typical downturn.” I am not going to go into why they said what they said; however, what I do like to speak on is a few ways for you to prepare your finances for a recession.
- Set up a strategy by detailing your financial goals, especially your long-term ones.
I recommend you prioritize your financial goals. I know with the pandemic most of us have decreased our spending. Some may have done it our of fear, others because of loss of a job, and others because the income dropped in the household to one instead of two. Whatever your reason is I suggest you spend wisely. What I do not suggest is that you do nothing.
- Do not lose focus and keep steadily working toward your long-term goals.
I would invest if opportunity allows you. By staying focus and steady – this ensures that you are paying attention to what’s important to you and your family. As I always say, “Stay on budget – it is key!”
- Keep control of your cash flow
For those who have not started this – do so! We as humans tend to pull toward action at the moment. It makes us react sometimes right now – without thought. This can tend to hurt us, especially financially when we don’t make plans or goals with our money. I have not seen one person I know who put their energy into managing their money make emotional or irrational moves. In times like these, they seem to be less scared, and even in a better situation than those who do not plan, budget, or save.
We have to focus on what we can control. I love the bible verse Philippian 4:6-7, “Do not fret or worry. Instead of worrying pray. Let petitions and praises shape your worries into prays, letting God know your concerns. Before you know it, a sense of God’s wholeness, everything coming together for good, will come and settle you down.”
It does not have to be a difficult experience or overwhelming. Let’s start now (if you have not already) working on our finances. I know we can do this!