Well, it seems as though we are on the road to post-pandemic life. No it’s not over and there is so much we still do not know but the world is beginning to open back up. Many people are choosing to get vaccinated and the CDC, as of May 13, 2021, issued the following revised guidelines:
- Update that fully vaccinated people no longer need to wear a mask or physically distance in any setting, except where required by federal, state, local, tribal, or territorial laws, rules, and regulations, including local business and workplace guidance
- Update that fully vaccinated people can refrain from testing following a known exposure unless they are residents or employees of a correctional or detention facility or a homeless shelterhttps://www.cdc.gov/coronavirus/2019-ncsov/vaccines/fully-vaccinated-guidance.html
Let’s Talk about Post-Pandemic Money Issues
So, let’s talk about post-pandemic money issues because as we all know our financial lives were definitely affected by Covid-19. This pandemic was an emergency, as in a smack you over the head and punch you in the gut emergency. Two years ago, no one could have guessed what 2020 would bring. Yet, here we are on the other side, or at least moving towards the other side, and we must deal with our money situation.
Eyes wide open, where are you now in your financial life? Although Covid was an extreme emergency, it taught us many lessons about money in general. One, we all need an emergency fund. An emergency fund gives you a sense of security amidst stress, anxiety, and the unknown.
An emergency fund is you taking care of you and you taking care of your family. It is paying yourself first. We need money to live and when our source of money is significantly reduced or disappears, as it did for many during Covid, an emergency fund becomes a lifeline.
Everything is Connected
Everything is connected. Being as level-headed as possible during times such as Covid is necessary to move forward and keep your head above water. Yet, when there is limited money to pay the bills or put food on the table, the worry and fear start to creep in and sometimes take over. When this happens it makes the situation worse not better, as functioning under that level of stress can cause both physical and emotional harm and reduce your ability to earn money.
One of the key pieces of the puzzle with money is thinking ahead, not waiting until the crisis is imminent. So I ask you to really take a look at your money habits. Did Covid teach you that how you were handling your money was or was not working for you? If the answer was that it was not working, then now is the time to start fresh and make adjustments.
One of the Keys: Budgeting
One of the reasons Covid did not stress me out financially was because I not only had an emergency fund and back-up plans, I had a monthly budget. A monthly budget is one of the keys to financial stability, wellness, and ultimately financial freedom. You have to know how much money you have coming in every month and how much money you have going out and they need to balance.
If you do not have a monthly budget your money can slip through your fingers so easily. A budget is quite simple once you get the hang of it. Once you create your budget, you need to maintain and work your budget. Yes, it does take a small amount of time regularly to do this. Yet, that time is minuscule compared to the time spent worrying and stressing when your money situation is chaotic or unbalanced.
Controlling your money instead of it controlling you is empowering. Budgeting keeps you accountable to yourself. Oh, and that emergency fund, well you budget it in. It becomes a monthly “expense” but the person being paid is yourself. You are investing in yourself and your financial well being when you create and grow an emergency fund. Ditto for giving yourself an investment “expense” every month. Growing your money through investments is you budgeting for your future self. Trust me, your future self will thank you.
I know monthly budgeting works because I do it. I always know how much money I have and where it is going or not going. The choice is mine. I am in the driver’s seat. It gives me clarity and security. In the financial responsibility is the financial freedom.
I am passionate about budgeting and I want to share my knowledge. I know monthly zero-based budgeting works. At the end of the month, you have accounted for all your money. You have been accountable to yourself and that is empowering.
Budget Like a Boss
I created Budget Like a Boss, my up to 3-hour individual or couples budgeting session to assist you in taking your current financial snapshot and creating a monthly budget with you. You will feel lighter and breathe easier once you are in control of your money. Check out https://www.moneymaestra.com/budget-like-a-boss/ and drop me an email and let’s talk about money.
Susan, The MoneyMaestra