Surviving a Financial Crisis

Whether you’ve been made redundant, furloughed and are struggling to keep your small business afloat. The Coronavirus pandemic has had a huge financial impact on a great many of us.

How can you budget? How can you be thriftier?

Sit down as a family and have conversations on how to save money. Be proactive, instead of worrying. If possible, ask your manager for guidance and support. If you are self-employed, reflect on where you can cut down outgoings, diversify or work with other businesses. Be creative in how you use your resources. Seek information about benefits and subsidies.

When we are with friends and family, we talk about trivial things. Often we do not share or talk about deeper feelings and money. What stops us from doing so? The fear of being judged as inadequate, irresponsible or simply that we have not created a culture where it feels safe to do so?

We have previously looked at building a support system. So who is the first person from your group that you would share your money worries with? Who are the people that you trust and can talk to confidentially?

What is the worst thing that will happen if you share with someone that you are struggling with money?

They will not help you? You will get shouted at? You will be criticised for not handling your finances more effectively?

Make a list of your fears

Now reflect on these. How many of your fears are unfounded? Put yourself in that person’s framework and imagine how they may respond.

Do this for each person in your support network. Hopefully, you will gain confidence by exploring your worries with one or two of them. They may not have the money to help you, but they may signpost you or connect you with others who may help.

In the worst-case scenario, approach a debt counsellor or advice bureau where you can get help from trained professionals in the field. Hopefully, your support avenues will open up and you will see positive results.

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