How do we respond when money is tight or when we reach a point of financial crisis? This can bring feelings of anxiety and overwhelm to any person especially when it seems we don't have enough to cover the essentials. On this episode we hope to reduce the panic financial upheaval can bring and discuss some tangible ways to care for ourselves and our budgets when things aren't going 'according to plan'.
Sponsors:
- An awesome mobile app jam packed with features that make managing your money easier. With a high-yield checking account offering 1.6% APY, and direct access to their financial coaches; Empower is an obvious choice in mobile apps! For more info about Empower, visit: empower.me/FRUGAL and use offer code FRUGAL to get a $5 bonus when you reach your savings goalEmpower:
- that feeling when you can barely make ends meet and you are wringing out that dollar for all it’s worth - sometimes our financial situation can feel like a tight squeeze; but our sponsor wants to remind us that this term can also refer to the best most warmest hug from our loved one. So when you’re looking at your budget wondering how you’re gonna pay your bills don’t think of it like a snake coiling around you causing anxiety and panic; think of it like a warm hug coming from your finances. Tight squeeze - when feeling constricted is a good thingTight Squeeze:
Notable Notes:
What the Internet has to say:
This article from Investopedia highlights a few simple ways we can prepare for a financial crisis
What Jen+Jill have to say:
- 1. Maximize liquid cash
- 2. Make a budget: know how much you have coming in/going out each month (helps ID how much you should have in emergency fund)
- 3. Prepare to Minimize Your Monthly Bills
- 5. Take stock of ‘non-cash’ assets and maximize value (i.e. utilize points, gift cards, extra food in house,
- 8. Look for ways to earn extra cash
- 10. Keep up with routine maintenance
More from the Internet:
This article from Very Well Mind gives tangible tips on ways to manage our stress and emotions during financially stressful times
More from Jen+Jill:
- Remain calm
- Ask for help- friends and family, financial planner
- Reframe the situation - watch the internal narrative and find ways to shift perspective
- Pushing through the difficulty and identifying ‘kindness’ to invest emotional time and energy into
- Take a break - strike the middle ground between ruminating/obsessing and abdicating/avoiding
- Ask for help- find a mental health professional, especially if your stress, overwhelm, or feelings of anxiety are inhibiting daily activities
- Use this code for a discount for online therapy
Thank you Jess for saving us with your bill about ALL the Bill's who have contributed to making St. Pete Florida so great!BILL OF THE WEEK -
Lightning Round:
What we’re doing to prepare
- Jen- longer and simpler meal plans
- Jill- NOT PANICKING!! cooking at home more
- Jen- taking extra work
- Jill- re-evaluating budget; spending only on essentials - now’s not the time for extra luxuries :)
Wrap-Up:
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