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When faced with financial uncertainty for whatever reason, either due to job insecurity, loss of income or something that comes close to a recession, many people take a cautious approach to managing their money and shift their focus toward playing it safe and keeping their finances afloat until things change.
As good as it is to be cautious during uncertainty, most people respond to it by putting their financial planning on hold. But pressing pause, on financial planning doesn’t really put you in a good position to come out of uncertain times stronger, than you were before.
Financial planning can actually help you turn these unforeseen circumstances into an opportunity to increase your financial security and allows you to take the necessary steps toward a brighter future.
Therefore, in today’s Practical Wisdom video, I’ll be sharing some tips and steps to take when approaching financial planning during times of uncertainty. Enjoy!
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⏱ Time Stamp:
01:01 Revisit your budget
02:02 Track your spending
03:20 Strengthen your emergency fund
04:17 Supplement your income with something on the side
05:49 Revisit short term and long-term goals
06:38 Insurance cover
07:34 Polish your credit score
08:32 Focus on repaying debt
09:20 Seek help
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DISCLAIMER: I’m not a financial adviser. These videos are for educational purposes only. No official financial advice is being given. Please always check with a professional before making any investments or financial decisions. Your investments are your sole responsibility, these videos merely share my own opinions with no guarantee of gain or losses.
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