3 Money Mindsets To Keep During A Crisis

It’s a “New Normal” in business. But, what do you do when nothing feels “normal?” Well, for starters, know that you’re not alone. Then, shift your mindset. You don’t have to fully embrace it but you do have to accept it as abnormal as it might feel.

It’s Raining!

You know the “rainy day” everyone and your grandma has talked about? Well, it’s here. It’s raining. If you’ve been able to save for an emergency fund, now is the time to use it. I’ve suggested in the past to try and aim for six months of expenses (of just the Essentials, things like rent, food, toilet paper) if you can and ideally closer to a year if you have a precarious income like a real estate broker or an actress. I fully get that this is hard to do and if you’ve just had your income or livelihood cut, then focus on the now. Don’t let this be the good wine or dress you save for a “special occasion” and even when that happens you don’t drink it or wear it (respectively). This is the rainy day or emergency you’ve been saving for, so don’t have guilt spending it if you need to. You will get it back. Maybe not tomorrow, but it never rains forever.

Don’t Make It Weird.

Talking about money is always weird. Don’t feel awkward talking about money right now even though it feels like the apocalypse. Even though we are not going on planes, it’s still important to put your oxygen mask on first before helping others. If you have a financial advisor, ask to look at your statements. If you have money in a company retirement plan, ask to see what’s going on with it. Don’t feel like it’s inappropriate to be looking out for #1 and its bottom line. (That’s you!)

Business As Usual.

We are all pivoting in some way in our business and many of us are trying to think through how we operate with less revenue. However, paying and sending invoices are not assumed to stop. If there is an issue with a vendor, you should have a conversation about the best payment plan that works for both of you. And vice-versa. If you have an issue paying, have a chat with the person or company that you may not be able to presently pay. We aren’t in a real-life version of The Hunger Games just yet, so make sure you’re not forgoing money owed to you or by you just because you’re avoiding confronting it.

Remember, you can’t control the global economy. You can only control one thing, and that’s you.

You can’t control the global economy. You can only control one thing, and that’s you. Click To Tweet

A version of this article was originally published on Forbes.


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