How to Navigate Times of Financial Uncertainty

As the world holds its breath in light of recent events, there are many people who have concerns beyond their health.

We are most certainly living in a time of financial uncertainty. For some, it’s the fear of a job loss. For others, it's not knowing how they’ll make ends meet because their place of employment has been shut down until further notice.

Now isn’t the time to say, "You should have been prepared." Instead, it’s time to offer real help and support to those who need it.

So now that we’re in the crux of it, what should you do?

Now more than ever, you need to be resourceful. The government has offered exceptions—such as waiving student loan interest—that you can take advantage of to help your financial situation.

If you are able, use it as a chance to put money toward your principal such that your overall financial burden is reduced. Or if necessary, apply for forbearance and use the money to put away into a savings account to help you navigate these unstable times.

Contact your service providers to see if there is an option to defer payment if you are truly unable to make payments.

With the government leading the way on exceptions, it is more likely that other concessions will be made to assist the public.

Be diligent about opportunities that can help alleviate the financial strain that you may be experiencing. Many organizations are standing ready to serve and help those in need. It is your responsibility to seek them about and ask for help.

Asking for help is important when you need it.

Secondly, you need to reduce spending. Now isn’t the time to buy frivolously. Make smart financial decisions and stick to the necessities.

If you’re not sure what to prioritize, you should always put food, shelter, and transportation at the top of the list. Anything beyond that may not be a necessity. Of course, for those who are ill, your medication should rank at the top of this list.

Lastly, you should look for ways to diversify your income sources.

Surprisingly, amidst layoffs happening, there are ways that you can still increase or sustain your income.

If you are still working, consider temporarily pausing your retirement savings so that you can see an immediate increase in your income. This money can be used to start saving such that you have a cushion against any unexpected job loss or reduction in income.

I also recommend learning how you can make money online. There are still opportunities to do so.

Critical need jobs like virtual assistants, proofreaders, freelancers, copywriters, and even tutors are still in demand. Find out how you can take advantage of these online opportunities to start diversifying your income.

Most importantly, you must remain calm. Hysteria causes us to make irrational decisions. Breathe, take care of your physical and mental health so that you can navigate these times.

As always, things will bounce back. In the interim, just be smart and make the best decisions for you and your family.

Personal finance educator & enthusiasts.