CoronaVirus has put all your financial plans in jeopardy. Just a few months back, you made a list of financial resolutions for 2020 – writes our newest friend from across the Pond, Aiden White
Maybe your financial resolutions consisted of switching to a better job or building your nest-egg. However, the COVID-19 outbreak stalled all your financial plans. Forget financial resolutions, you don’t even know if you’ll have a job in 2020. Everything is so uncertain now.
What to do if you can’t meet your 2020 financial goals
Corona Virus has left millions of people in an utter financial crisis. Some are out of work and can’t pay bills. Some are working from home and are trying to save their jobs. It’s a depressing and stressful time.
It’s frustrating when you see your investment accounts have taken a hit in the last few weeks. It’s depressing when you realize that you aren’t able to meet a single money goal in 2020. All your plans are in haywire.
when the situation is beyond your control, you should patiently wait for your time
The top financial experts have only one piece of advice for you. Take a short break.
You’re not the only one who is unable to boost retirement savings funds or save a significant amount in your bank accounts. Stop looking at your investment balance. Stop cursing yourself for not being able to meet your financial goals. Stop feeling like a failure.
The situation is extraordinary and uncertain. And, when the situation is beyond your control, you should patiently wait for your time.
Times will change again. Rest assured of that
Don’t be too hard on yourself. Take the following steps until the situation improves.
- Reevaluate your financial goals:The pandemic has created an extraordinary situation worldwide. When you made a list of your financial goals back in January, the situation was normal. So, your financial goals were realistic and maybe achievable. However, the situation has changed right now. Hence, you’re not able to meet a single financial goal.
You have to adjust as per the situation. Otherwise, you’ll only suffer from depression. Modify your financial goals by keeping this extraordinary situation in mind.
If one of your financial goals was paying off credit card debt, then you can put a pause button on that for the time being. You can apply for credit card forbearance and skip payments for a few months until your income becomes stable.
If you have a big investment goal for this year, then think about what to do with your current investment portfolio amidst market uncertainty This is the time to think and plan your next move.
- Download budgeting apps: Don’t try to control what is uncontrollable. It will give nothing but stress and anxiety. Don’t look at your retirement savings accounts, bank accounts, and investment balance now. The numbers are not exactly positive. Instead of looking at what is bad, try to do something that can help to make your financial situation stable. Download the best budgeting apps on your smartphone to track your income and expenses. Look at the areas where you’re spending money. If your income has dropped, then you need to reevaluate your expenses, and cut down where you can.
You have to be in spending quarantine during the pandemic
- Boost your emergency fund: The best way to survive during an uncertain time is to build a solid cash reserve. It will help you to repay bills, buy groceries, pay insurance premiums, etc. You have to be in spending quarantine during the pandemic. There is no other option. You have to find unique ways to save money so that you can use it when you have no income.
Instead of thinking about your investments, use various financial apps to save money. This is essential. Try to build an emergency fund that will cover your living expenses for 6-7 months.
- Join financial communities: Facebook, Youtube, and Reddit have a few good financial communities. You can join those groups to know what to do with your money. Ask various financial questions to the members to solve your doubts. Know how other members are surviving this tough period. What are they doing? How are they meeting their financial goals? How are they dealing with stress and anxiety? These are pertinent questions, and the right answers can help you sail through this period. Simply reading the comments and answers of other members can inspire you and reduce your stress.
Don’t feel ashamed of yourself just because you’re unable to meet your financial goals.
You’re just a normal citizen of the country. Think about the federal and state governments.
The sharpest financial minds are unable to do anything. So, what can you possibly do in a situation where the loss of life and livelihoods are rampant across all the states?
It’s fine if you can’t meet your financial goals in the next few months. Take care of your family, save as much money as you can, and set new financial goals keeping this extraordinary situation in mind.
Aiden White is a financial writer who lives in Dudley, Massachusetts. She started her financial journey in 2015 and has been associated with consolidatecreditcard.org for the last 2 years. Through her writing, she has inspired people to overcome their credit card debt problems and solve their personal finance based queries. Being a debt fighter in her personal life, her goal is to share innovative thoughts and knowledge in the debt communities. Get in touch with her at firstname.lastname@example.org