The Covid-19 pandemic and its impact on the economy has many people feeling worried about their financial position, especially because so much has changed so quickly, but enableMe stress that you should focus on strategy in these uncertain times. You need to try to control what you can control, and don’t let uncertainty cause paralysis.
It is totally understandable to be feeling a sense of powerlessness, and there are many things that we have no control over in today’s world and the new normal, so what we must do is focus on the things we do have control over. This includes creating a written financial plan for our families, making sure you have emergency money to fund six months of living expenses, and paying down debts so you are in a better financial position.
enableMe’s job involves helping people make important decisions in the face of irreducible uncertainty, as because, after all the forecasts and projections, no one has any idea what the future holds. enableMe are there in these uncertain times to provide quality, impartial advice to ensure you can reach your longer term goals.
You may have a sense that your personal finances aren’t as stable as you thought they were before the beginning of 2020, and you could be feeling particularly uneasy and concerned. Ultimately, the most important thing you can do is stay committed to operating in the realm of what you can control, and what you can directly influence may include reducing expenses and cutting costs. You should also put large purchases or commitments on hold if you can, while continuing to make planned contributions to savings.
These are extraordinary circumstances, and controlling our cash flow is the best tool most of us have for dealing with financial instability and uncertainty. The bottom line is that exploring the option to reduce some expenses at least until we all have more clarity on how we’ll come out of this makes sense, if it would make you feel more secure and in control of the situation.
Some people are focused simply on survival, others are just wanting to stabilise in order to be more financially resilient to weather whatever is around the corner, and others are looking to take advantage of their opportunities, so for more information on financial advisers New Zealand, money coaches and personal financial planning please go to http://enableme.co.nz .
