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4 practical ways to not worry about money at this time.
There is going to be a lot of uncertainty right now with people who are working from home who are in sectors that could be hit by this where companies could have losses in a few months’ time. There are ways of you being expendable right now in terms of how you can save and build on your own current resources. It’s important to have some sort of contingency plan in case things don’t go in the direction you want. The economy is going to suffer greatly at this time and so it’s important you are PRACTICAL.
1. Look at your expenses
The first thing that I think is really important and I mentioned this in one blog posts see here where I said, you need to know, how much money do you need to survive month to month, week to week, day to day, but this goes a little bit deeper than that.
Look at all of your finances this includes any receipts, bills, mortgage payments, anything that you pay for basically. This may also include any subscriptions that you have. Write everything down and put it on a spreadsheet.
When you’re doing this audit look at which of those costs are essential costs. For example, if you’re paying rent, or if you’re paying your mortgage, there is going to be a general amount, right? As well as the weekly shop that you need. All of these are essential for most of us.
Then take some time to look at what you already spend each month and write down your mortgage/rent amount that is necessary for your food costs. What amount do you need each month in order to survive? Where would this money come from if you lost your job tomorrow?
Just think about how much you need in order to survive for you, your family if you’ve got kids, not just per month, but per year. How much money do you need? Also how much do you earn and if you were to lose that money what have got based on your savings if you have any? What can you work out to manage things and this is where you will need to get your calculator out and work things out?
Getting a handle on your expenses will help you understand where you may need to cut back. We will all need to adjust at this time and instead of worrying why not prepare instead.
