Lessons learned during the last recession, Part 1
Even though this situation is unprecedented (or, to put it in more scientific terms, completely bonkers!) there are some things I learned in the last recession that have helped me become stronger and happier, both personally and financially.
The 2008 recession was a scary time for many of us. I was no exception.
I lost a significant amount of my income, and in 2010 I lost my condo and filed for bankruptcy.
I was convinced I would never recover.
Fortunately, I was wrong.
I also learned a lot and wanted to share what I learned with you with the hope it offers you some encouragement and hope right now. Some of this hard-earned wisdom came during the recession when I was just trying to keep my head above water. Some of it is thanks to hindsight.
This is the first in a series of posts about the lessons I learned in the last recession.
Here's the first one...
When life hands you a pandemic...12 Tips if your income has been affected by the corona virus
First of all, I hope this message finds you safe and healthy during this crazy time.
Like so many, I'm here working remotely and finding a new normal.
As an introvert I was built for this and feel like I’ve been training for it my whole life!
But I know not everyone feels the same, and none of us were prepared for such a sudden shift.
I know there are a lot of things top of mind right now, including maintaining and adjusting how you work and do business, your finances, job security and of course....toilet paper!
My intention with this page is to help guide you through this time with as much ease and grace as possible, particularly if your income has been affected by the corona virus.
Top 12 Tips to Manage Your Finances During the Corona virus
Keep. Breathing. As simple and basic as it sounds, physiologically when we feel fear and uncertainty, we hold our breath.
The simple act of taking a few deep breaths tells your body and mind that you are okay.
Remember that even if you don't know if you'll be okay tomorrow, chances are, if you're reading this, you're okay right now, in this moment.
A lot of anxiety comes from facing the unknown and an unknown future. But in this moment, we're usually okay.
2. Maintain Financial Clarity
Even if your income has been cut off or reduced, stay clear about exactly how much is coming in and going out by tracking it. This is truly a case of forewarned is forearmed.
Being clear eyed about your finances, even if the numbers aren’t balancing right now, is less stressful than wondering what is happening.
Because things are often scarier in our minds than in reality.
When you know what’s happening you can take a proactive approach to either prevent trouble that may be looming, or prioritize expenses so at least the essentials are taken care of.