pandemic

Mar

2020

Proper Mindset in Times of Crisis

Reading Time: 4 minutes

Everyone has to go through a crisis in life. It can be the loss of a loved one, a financial issue, a health problem, a conflict with a colleague, a lack of motivation or a pandemic. Whatever it is, it is all part of life. It can lead to despair and anxiety but with the proper mindset and correct strategies in place, you can emerge out of it as a better version of yourself.

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Problems in life are actually opportunities in disguise.

Every adversity is an opportunity for you to change your life for the better. It allows you to figure out what you are capable of. Growth only happens if you successfully navigate through them and learn the lessons in the process. It is going to be tough but it is possible to go through it successfully. All you need is to have the correct mindset.

Your mindset is the way you look at things. You need to believe that you can overcome whatever it is that you are going through right now. Believe in yourself. Remember that your mindset affects the direction of your life.

Whether you think you can or can’t, you are right.
– Henry Ford

Here are things that you can do to develop the proper mindset in times of crisis:

1. Acceptance

There are some problems that you can quickly solve but there are others that will be beyond your control. You may feel helpless. You may also feel anguish and pain. That is ok. You just have to learn and accept. Accept things that you cannot change. No matter how much you stress yourself about the situation, you need to move on.

2. Practice Gratitude

The practice of gratitude can help you through tough times. In fact, it is essential. Gratitude will help you look for the silver lining in every situation. Instead of focusing on the negative, gratitude will help you identify and magnify the blessings. It will make you feel optimistic and hopeful because your focus will shift from the negative to the positive. Start your gratitude journal now.

3. Have a Positive Attitude

It is easy to have a positive attitude when things are doing well. It is very difficult to do so when things are tough. Rather, it is much easier to drown in despair and self-pity. No matter how hard, keep in mind that the only road to a better life is to have a positive attitude.

You cannot control what happens to you in life, but you can always control what you feel and do about what happens to you.
— Harold S. Kushner

Your mindset and attitude about life are both very important. Your mindset will affect the direction of your life whether it is happiness, good health, financial abundance or success that you are seeking.

Change Your Mindset from P overty Mindset to Abundance Mindset

4. Practice Mindfulness

Learn to quiet your mind. Meditate. Find calmness within yourself. The practice of mindfulness helps you deal with the negative emotions like fear, panic, sadness and pain. It is very effective in reducing stress and anxiety. It will also help you get in touch with your inner self. If you need assistance on how to practice meditation and mindfulness, sometimes it helps to seek the help of professionals who can teach you the practice of positive self-transformation.

5. Adopt and Act on The Situation

Instead of waiting for things to be better, do whatever you can to make it better now. Don’t wait for tomorrow. Your future begins today. Get rid of your stubbornness. Learn to adapt to the situation.

Just take for example the COVID-19 pandemic, Wherever you are in the world right now, you are affected. While a great number of people are not infected by the virus physically, the economic and even psychological impact has greatly affected millions of people around the world. You may be powerless to eliminate the problem but you can do something to lessen the impact in your life. You can keep yourself healthy by following the basic rule to combat diseases or do some simple things to improve your finances during a crisis.

If you can follow these things, one day you will be surprised that you have passed the crisis successfully. You have become a better person. You are now more mature to face future challenges.

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Mar

2020

How To Improve your Finances During a Crisis

Reading Time: 2 minutes

The current crisis has not only negatively affected the people’s health and wellbeing, it has also affected the world economy. Many industries are now falling. Companies, factories and stores are closing. People are losing their job. Unless this crisis will end soon, many people might find themselves with money worries in the near future. Although income might stop coming, household expenses will not. Debt and mortgages are piling up. Thus, it is important for everyone to how how to improve your finances especially during a crisis.

Here are some things that you can do right now on how to improve your finances during a crisis:

1.Review your budget

Take a good look at your monthly budget. If you don’t have any budgeting plan, now is the perfect time to start having one. The money jar budgeting system is a good way to start creating your survival budget in this tough time. If you are already having a rough time, then you need a budget more than ever. A budget will help you track down where your money is going. It will also help you plan on your future spending.

2.Cut Expenses Immediately

Take advantage of the times. Refrain from going out unless necessary. Focus on the basics. Nutrition and health should be the main concern of everyone. Do not buy non-essential items. Stop eating out. Your main goal right now is to cut down on expenses. You don’t know how long this crisis will last so it is important to have as much emergency money as possible.

3.Talk to Creditors

It is almost impossible to keep up with bills if you are being quarantined especially if you have no savings. The best approach is to talk to your creditors and explain your situation. Ask about your options. The good news is that since you are not alone in this crisis, many governments already issued indefinite moratorium for those affected. Banks and insurance companies have started implementing assistance programs. Utility companies are following suit by waiving fees and postponing disconnections.

4.Look for Other Sources of Income

If your income has already been affected, now is the time to look for other sources of income to boost your cash flows. There are many ways to earn even from the comfort of your home. Search online. Look for something that you are good at.You can be someone’s virtual assistant. You can do online tutoring.You can start creating your own blog or vlog. You can create webinars. The possibilities are endless.

5.Improve your Financial IQ

If you are worried about your finances during this pandemic, that is an indicator that there is a need for you to improve your financial IQ. To be financially literate means having the ability to manage personal finance matters. That includes having an emergency survival fund in times of crisis.
It is not yet too late to start now. Take advantage of your time at home. Read about personal finance on books, magazine and the internet. Listen to podcast. Study the lives of millionaires and other highly successful people. Educate yourself and apply it in your life. Start by setting financial goals.

6.Don’t Panic

If you are already an investor; Warren Buffet, the most successful investor in the world, advised investors not to panic. It is best to stay invested and look at the long-term outlook of the stock market. Although it is only natural for investors to be fearful, it is never a good idea to buy stocks based on headlines.

Be fearful when others are greedy. Be greedy when others are fearful. – Warren Buffet

Feature Image by Posted by A.L. Jonas in Financial, 0 comments