Managing Money Fears during a Crisis: COVID-19
How are you doing?
This is such a crazy time, I don't know about you guys but I am having problems FOCUSING, it's like everything seems so small compared to what is happening in the world...
But at the same time I know what I'm doing MATTERS, just like what you're doing MATTERS, even if it feels small.
Like right now, I know a lot of people are freaking out about money, I've heard about a lot of people getting laid off, not sure where their next paycheck will come from, and being scared to look at your bank account...
That's why what I'm talking about matters and hope it gives you some relief from any money anxiety you might be having.
One major thing I want you to know right now:
whatever you’re feeling, it’s normal
whatever you’re feeling, you don’t need to feel guilty about it
whatever you’re feeling, IS OKAY
Let’s just start with that, whether it’s that you feel energized to work on your business but feel guilty because people suffering, that is OKAY.
Whether it’s that you can’t work on your business because you’re just trying to keep your family and house running and alive, that’s OKAY.
Let’s just get that out of the way, now let’s address how you can ease your money anxiety during this time.
1) Let’s talk about the scarcity that’s coming up for everyone:
Scarcity is that feeling that there’s not ENOUGH. A majority of the times that scarcity feeling is connected to money.
But in this unique situation, we are feeling scarcity with a lot of things.
Money. Food. Health.
All the 3 things that we need to survive, the 3 biggest things.
If you want to know how scarcity feels, it’s that feeling when you look at your bank account and there’s a lot less there than you thought and you have a big bill due.
It’s that feeling when you walk into the grocery store now and see empty shelves.
It feels like your heart starts to beat faster and your chest starts to tighten, your mind feels like it’s starting to race about how you’re going to be able to get that thing.
It’s why people hoard things, because we worry there won’t be enough.
Here’s how we can shift that right now: scarcity is perspective.
Scarcity doesn’t mean that you will never have that thing again, but it tricks you into thinking that it’s true. That it’s gone, you’ll never get it again.
Even while you’re looking at your bank account dwindle or panic about money, it doesn’t mean this situation will be forever.
Think about how much money you’ve actually created over your entire life. I’m sure you’ve had moments during your life when you’ve thought. how am I going to pay for the next thing.. and then tada that shit all worked out and you’ve totally forgotten about it.
You are a creative person, you are smart, you are resourceful, you will find a way to create MORE, and the truth is MORE EXISTS OUT THERE.
When you’re standing at the grocery store and there’s nothing on the shelves, it doesn’t mean those shelves will be empty forever.
It doesn’t mean that there’s not more of that thing you want somewhere out in the world.
But just because we can’t see it, doesn’t mean it doesn’t exist or that you can’t find a way to be resourceful and create MORE.
Bottom line: Scarcity is a liar. There is always MORE. You can always create more.
You are smart, resourceful, and creative.
2) People are making money
My Facebook feed has been full of women celebrating making money. I filled my social media feed with women who would continue to celebrate wins and I de-cluttered people who made my money anxiety worse.
I don’t believe in sugar coating or bullshitting.
A lot of people aren’t making money compared to February BUT lets look at what companies are currently EXPLODING:
“Chewy, meal kit company Blue Apron, as well as smaller businesses and startups have been blindsided by surging sales over the past several weeks as COVID-19 and increased containment restrictions turned worlds upside down.”
“Over two weeks Tushy’s sales doubled, quickly tripled and are now holding at ten times according to Ojalvo. Tushy bidets are sold out on Amazon and back ordered on the Tushy website. With bidets currently being manufactured in Asia Ojalvo aims to fulfill back orders by late March or early April.”
When Ashley Tyrner, the founder of Farmbox Direct, a subscription service that delivers boxes of fresh produce, woke up on March 14, she thought there was some type of bug in her computer system. “There’s no way we could have taken that many orders overnight,” recalled Tyrner recently, “but we did. We are doubling the company every 24 hours.”
Source: https://www.marketplace.org/2020/03/25/some-small-businesses-are-flourishing-during-the-covid-19-pandemic/
It’s still possible to make money during this time, following basic economics, supply and demand. But again this is temporary.
What this means for you: is money is still moving, people are still making money, people will continue to make money.
3) Take control of your money right now with YNAB
Fear can not live with action, it can only thrive in inaction.
Let’s get your money out of the dark, let’s sit down and get control over where it’s going.
When I first started using YNAB I realized how much I was letting my emotions tell me where my money should go.
I realized I never sat down and said to my money:
“MONEY I WANT YOU TO GO HERE AND DO THIS”
I never did that?! I would do it for bills and then rest of the money that month would just go to whatever happened.
When I started using YNAB I found myself telling my money where it should go and not letting my emotions or random things I wanted taking over my money.
If you’ve never heard of it
Here's my step by step plan for you to start healing your money anxiety:
Healing your money mindset
Learning how to budget your money
Creating more income streams or maximizing the one's you have now
Lucky for you, I've broken down ways you can do all these 3 steps in this post HERE
In this post I also break down how doing these 3 things have completely changed my financial life within 2 years.
Within 2 years my husband and I have made huge financial leaps and we're not stopping here, we have a goal of becoming millionaires by the time I'm 40, and we are on track to do it before my 40th birthday, (yay!)
