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  • Writer's pictureMichelle Alexander

Managing Your Finances Through Uncertain Times

Don’t Panic

One thing I have learned over time is that things, whatever the things, are going to happen. This is life and the only way they stop happening is when you are dead. So, since things are going to happen, it is best not to panic as it can and probably will make things worse. To help alleviate some of the panic and stress you will feel regardless, you should sit down with yourself in a quiet space so you can think and assess your current situation. Do you have any savings to support you for an extended period of time? Are you aware of all the local resources available in your area that can assist you should you need food, rental or mortgage assistance, and job search support? Knowing the answers to these question will help to ease the rapid thoughts that will be flowing through your mind because you will have quick positive responses.

Don’t Be Too Proud to Seek Help

Pride actually increases stress instead of reducing it because you stay in a place of stuck. Also, asking for or seeking help does not always have to come in the form of a request. It may be in the form of action. You may need to go back to work after being retired. You may need to work part-time while being employed full-time. It could also mean looking at your personal spending habits and reducing waste. And yes; taking the action of asking for help by seeking out resources such as the options mentioned above, can help you manage your life during uncertain times of economic instability. There are more than enough programs out there that can help with many areas of our lives. Do not let pride stand between you and the help you may need.

Do Take Action

The best plan of action is to make changes before they are necessary. If you are in a position where you are still employed and not in need of housing, use this time to pay-off debt. Do not use this time to splurge on anything. Take the action of beefing up your savings on all accounts (personal, emergency, retirement, etc.) so that you can remain solvent if uncertain times last longer than expected or you come upon uncertain times in your life. Taking action before necessary allows you the opportunity to not panic when life storms hit. Go through your financial paperwork and numbers to see exactly where you stand today and tomorrow. Organizing and reviewing your information is where you will find the areas that need work to sustain you through extended rough times.

Written By:

Michelle Alexander

AJM Financial, LLC.

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