Financial help in uncertain times

Given the unpredictable nature of the economy at present, here are some easy things you can do to help bolster yourself financially.

Cut unnecessary spending. You’ll never be able to cut all spending but many of us spend on things that really aren’t essential. It’s not your fault, we’ve all been conditioned to consume. It is hard to unlearn. When things are difficult, you need to prioritize spending that will help you thrive. In my case, that means eating well and self-care. How does that look for you?

Options to help cut spending include: unsubscribe from newsletters that encourage you to buy, get books from the library, if you need new clothes (do you really need more clothes?) shop at a thrift or consignment store, stop scrolling for things to buy, cancel Prime and other subscriptions that are under-utilized. I know a lot of people use retail therapy to feel better and get that dopamine hit but it really doesn’t serve you in the long run. Try a walk in nature instead.

If you don’t have a spending plan, create one. It doesn’t have to be fancy but will help you identify which expenses are necessary and align with your values and where you want your money to go to support your lifestyle. Also, do you know the minimum amount of money you need for your basic expenses every month? Take a few minutes to do the math. Once you have your monthly figure, you can determine how much you need for a 3-6 month emergency fund.

Increase your savings. If you are saying, “what savings?” then now is the time to start. Open a HISA (high interest savings account, in Canada) and start putting aside as much as you can manage. If that is $10/week, start there. Habits are formed with small, consistent actions. If you already have an emergency fund, start adding to it. Set up automatic transfers so you don’t have to remember and so it doesn’t get put off.

Have you already shifted your spending and saving habits? Let me know what you have done to help yourself through uncertain times.

Next week I am hosting another Money Mindset Mashup. If you would like to better understand your Money Mindset, you can sign up here.