We are in very interesting times in this world. The entry of this virus in some ways has paralyzed us all. Watching the news can be very depressing with all of the unknown factors. The COVID-19 has forced us to do things that should have been done all along. The experts consistently have stated that washing your hands is the best course of action to keep the virus from spreading. I think of the times when little kids come out of the restroom. Usually, the first thing that is asked is “Did you wash your hands?” The child will then turnaround and go back and do what should have been done in the first place. So now, the thing we have been told throughout our childhood is now being said to us as adults. “Did you wash your hands?” Are you clean?
Now what does this have to do with your money. Things are not normal right now. During this time, do not let the abnormal throw you off course. I want to offer you some encouragement to stay on track during this time. Some of you may not know when you will received your next check. Staying focus is going to be vital to sustaining the blow. In PughFC Community this week, I did a quick talk about the things that causes us to act out of impulse with our finances. Those three things were Fear, Emotions, and Peer Pressure.
- Fear of the unknown: Although we do not know all the details, this does not mean that we should be making careless financial decision. Buy the necessities for now. There is no reason to hoard. Until they put a curfew and request that ALL BUSINESSES SHUTDOWN, you should buy your groceries as usual. Be sure that you do not buy so much in groceries that you forget to pay your rent or mortgage. PRIORITIZE.
- Emotions: It has been a bad day. You choose to get one drink. But instead of just one drink, you have five. Your emotions have compromised your decision making. Maybe you do not drink. Instead, you want to celebrate because “you deserve it”. You decide to go shopping off of money you did not plan or buy a more expensive item on the menu that you really cannot afford. Even if you are good or bad mood, your budget should not suffer. Moderation is the key.
- Peer pressure: This is pretty simple. Do not live your lives through the lens of others. Prioritize your family and your life.
So all of these things can be done even when there is not a “COVID-19” that forces us to think. Life has always been unpredictable but we always have the power to choose how we respond. We have always known what to do. You have the power to change your financial situation one decision at a time.
Be safe and WASH YOUR HANDS! If you would like to catch the live conversation, join PughFC Community by clicking here.