We have all gone through a crisis period at one or more times in life. In 2020 alone, we went through more than enough in a single year – a period described as unprecedented. On one side, we dealt with Locust-invasion while on the other, COVID-19 threatened. Before long, we started witnessing job cuts, tax increases and inflation – a tough economic time.
Tough economic times aside, we also witnessed the passing on of our loved ones. While we can get other means of supporting our livelihoods, nothing can replace the warmth of a departed loved one.
This article is to encourage us to stick our necks above the storm. It also calls us to remain strong while reminding us of the nexus between personal finance and lifestyles.
1. You are not alone; it is not personal
You are alive, you can see, you can read and understand-Congratulations! Things are still challenging, but hope is still alive while the experts are at work. A reminder is; the pandemic is not personal. Many people are going through the same experience, if not worse! Gratitude is the basis of all attainment. You may have suffered a loss here and there but so have many others. It is time to re-adjust, re-learn, re-focus and re-boot. Let’s be grateful and get going.
2. Your time is now: The present moment is all there is
“Yesterday is in the tomb and tomorrow is in the womb. Yesterday is dead and tomorrow is not yet born.” In tough times, we look for excuses in two phases of time; past and future. Snap out of it; today is a gift – unwrap the present. Projecting too far ahead during a crisis period could be damaging to your mental health. Use short intervals to forecast, for instance, within six months. Remember each day presents sufficient challenges and be a master of the now moment.
3. Tough times are meant for Tough people like you
Refresh your memory and learn from a previous crisis period that you finally conquered. Instead, envision a worst-case scenario – go over it step by step and see yourself emerge at the other end of the storm and declare: “I made it”.
4. It is time to Improve your skill-set
Survival calls for creativity; what we do not know, we learn. Where we are just okay, we seek improvement. Therefore, this is the time to turn negative energy into a positive one. Do you still find yourself with spare time? Shift your mindset and seize the ‘extra’ time to win the game. What is the one thing you have always wanted to be a star? The ability to crisis periods calls for creativity. Utilise the internet as a great resource that can help you upgrade your skills. Come on, go on and create that extra income stream.
5. Learn from nature | copy and act like the ants
Though considered destructive by the human race, these little creatures educate us about the importance of planning and action. They have their seasons figured out. They understand there is a time to work, a time to play and a time to hibernate. Great lessons, right? It is time to evaluate; mark the savings you have made from the missed expenses, for example, coffee dates, lunch treats, and travel costs. These could be the jig-saw pieces you need to establish that emergency fund, retirement plan or even a sinking fund. Ants are masters at averting crisis periods – take a leaf.
6. Keep your emotions under check
Dr Klontz a financial psychologist cautions: “When you become emotionally charged, you become rationally challenged.” It has been a testing period, right? However, it will not last forever, do not let hard times push you to the wall. For instance, the purpose of your retirement account has not changed; to withdraw from it or liquidate it could welcome a future crisis period when retirement comes. A friendly reminder; there’s something known as recovery when it comes to illnesses. However, our money DNA is not as blessed as our bodies. Building a financial nest requires a long time. Conversely, de-accumulating it takes a substantially shorter time, be rational.
