There have been many socio-economic challenges that have occurred during 2020. Many of us are struggling. Many of us have seen hours cut or jobs lost. Many have seen whole industries decimated or seen those same industries being forced to radically and quickly change how they operate from the ground up. It is hard to make challenging choices around keeping our families safe when we are worried about paying rent, putting food on the table, or covering the cost of medications or mental health counseling. If your income streams have changed you can feel overwhelmed and it can feel like figuring out your next steps will be impossible. While there may be a tendency to want to hide from the problem and hope it goes away on its own instead you should take the following 3 steps to financial freedom.
The first steps are to sit down and see what if any income is still coming in. How you tackle financial issues will depend on your exact situation, both what if anything is coming in money-wise, and what if any savings you have. If you are in need of cash quickly you might consider installment loans or other financial solutions to pay bills and expenses right now. Like all loans, it’s vital to read the terms of service to pick the best product for your unique situation. Once you know how you are going to cover your immediate needs it is time to move onto the next step.
The second step is to take an honest look at your expenses and see where you can cut corners. One great way to do this is to print out your monthly statement from your bank. Look for recurring costs that you can eliminate such as cable, monthly memberships you don’t actually use, or any other expense you did not realize you were still paying. Many of us will find we have several monthly charges for services we forgot we signed up for. While these may look small but they can add up quickly. In addition, take a look at any regular boxes of items you get and see if you actually use the products or just get them because you keep forgetting to cancel your membership.
The third step is to find alternative sources of income. This step takes the most creativity, but everyone has skills, talents, and products that they can sell to make money. If you are involved with the performing arts consider recording a performance and charging people to watch. If you rock homeschooling consider creating worksheets that others can buy or consider consulting work helping other parents learn your tricks. If you are a communications expert or a wiz at development consider monetizing these skills. Sometimes it can feel odd to take something we do every day and ask others to pay us for it but we all have skills and if we learn to sell them to others we will bring in much-needed income.
If you are facing financial hardship right now because of a loss of hours, the loss of a job or other concerns do not stress. You can tackle the issues step by step, looking at current income, current expenses, and how you can creativity bring in new income. No matter how large and insurmountable your financial challenges might feel at the moment you can tackle them and learn how to thrive. You can find ways to cover your housing, put food on the table, and cover any needed medical bills. In addition to peace of mind, you can use the tips and methods you learn to launch a career in helping others financially plan for themselves.