What a strange year the first six months have been! This pandemic has had a massive impact on the lives of many people.
The virus has disrupted every country in the world and crashed markets around the globe!
Let’s face it. When setting your annual goals or New Year’s resolutions, the impact of a global pandemic and economic meltdown was not a consideration!
With a clean and fresh perspective, even by changing the look and feel of your environment, you will be able to think more clearly and outside the box as you revisit your priorities and goals. The key is to adjust your focus to where it is needed the most, whether that is based on your family or professional obligations.
I am going to talk about some of the tools that will help you. Go ahead and firstly download the budget planner tool: https://girlsgetfunded.com/free-resources/
With a crisis knocking at your doorstep, the most essential financial instrument that you must include in your financial plans is an emergency fund. Look at your currently monthly spending.
I always collect receipts and add them at the end of the month into few piles. Necessary, Unnecessary and Emergency
Tag all your unnecessary spend into the excel and highlight them. This is something to avoid in near future. Meanwhile take that amount for the next month and put it towards your emergency fund.
Revisit all your accounts. Be sure to record your goals with as much detail as possible.
Avoid writing general, blanket statements, which provide little direction.
The more specifics you include, the more likely you are to implement and review them later.
I have a healthy savings and emergency fund in case of blue days.
I am thinking of taking some money from the savings and investing it. In this way, I am ensuring some financial stabilize for future.
Circumstances beyond your control will occur, including the COVID-19 pandemic, and you may occasionally get derailed from your goals. However, carefully and thoughtfully crafting your priorities, goals, attainable tasks, and action items, as well as selecting accountability partners now, will position you for success despite setbacks.
Make money work for us in new ways. I have thought of investing in some upcoming startups – these are promising ventures with low threshold of investment and potentially high returns. Invest in food, agriculture, healthcare during this pandemic.
As an investor, you should always seek to diversify your portfolio as much as you can. Just like you don’t want to bet your future on a single 9-5 job, you don’t want to bet the farm on a single stock, either.
It’s a worthy goal because striking the right balance between savings, debt pay off, and investing in the middle of a pandemic is, well, hard.
Finalize a will. This is a tough topic but if you have family and children, it might be a good idea to pick up the phone with a lawyer and understand how to draft your will.
First steps I have already reached out to my banks to ask them about what happens in case of death? Where does my fund go? Who can access it.
This is another thing that’s been on our to-do list for far too long. I have a handful of excuses as to why this task hasn’t already been completed.But if ::waves arms:: all this isn’t enough to move this up our list of priorities, I don’t know what is.
Multiple Income Streams. I can repeat this so many times. It is important that you have and maintain multiple income streams while you are at it!
Maintain multiple income streams. Have a look at this Forbes article on five ways to generate side income
That being said, there are plenty of strategies I am taking and if you wish to understand them send me a mail and I will take you through my strategies, however, like every other strategy on this list, you need to think outside the box.