HOW TO PREPARE FINANCIALLY FOR AN EMERGENCY WHEN YOU’RE DEEPLY IN DEBT

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With all of the chaos over the recent Corona outbreak, you might be wondering what you need to do to prepare financially. The ideal situation would be that you are debt free, and have a healthy 3 to 6 month emergency fund saved up. If that’s the case, you are probably going to make it though the next few weeks just fine.

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HOW TO PREPARE FINANCIALLY FOR AN EMERGENCY WHEN YOU’RE DEEPLY IN DEBT

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DON’T USE AN EMERGENCY AS AN EXCUSE TO GO DEEPER IN TO DEBT.

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COVER YOUR “FOUR WALLS”.

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STOP YOUR DEBT SNOWBALL AND PILE UP CASH.

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As I mentioned above, when discussing the “four walls”, now is a good time to cancel or pause any unnecessary subscriptions or services that you might be paying for monthly.

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It’s really easy to fall into an anxious or depressed state, when all we hear is doom and gloom all over the news and social media.

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If you’re struggling to get started with budgeting or debt pay off, use this opportunity to stay at home and save money! Being somewhat “forced” into a “no spend” challenge, could be just the thing you need to really be able to evaluate the areas where you commonly overspend.

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Make sure you avoid making financial decisions that are based on fear, and instead put all of your energy and focus on the things you CAN control.

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HOW TO PREPARE FINANCIALLY FOR AN EMERGENCY WHEN YOU’RE DEEPLY IN DEBT

HOW TO PREPARE FINANCIALLY FOR AN EMERGENCY WHEN YOU’RE DEEPLY IN DEBT

DON’T USE AN EMERGENCY AS AN EXCUSE TO GO DEEPER IN TO DEBT.

Once we pause anything that’s not urgent or necessary, we will be able to better evaluate exactly what we might need to live on for the next few weeks, if we aren’t able to pay ourselves as usual.

COVER YOUR “FOUR WALLS”.

If you do in fact end up losing your income completely, for a significant period of time, forget about paying credit cards, student loans, or other unsecured debts.

STOP YOUR DEBT SNOWBALL AND PILE UP CASH.

Even if you are making excellent progress on your debt snowball, now is one of those times where you will want to pause it completely, and pile up cash!

As I mentioned above, when discussing the “four walls”, now is a good time to cancel or pause any unnecessary subscriptions or services that you might be paying for monthly.

CANCEL OR PAUSE UNNECESSARY SUBSCRIPTIONS OR SPENDING.

It’s really easy to fall into an anxious or depressed state, when all we hear is doom and gloom all over the news and social media.

STAY OPTIMISTIC.

If you’re struggling to get started with budgeting or debt pay off, use this opportunity to stay at home and save money! Being somewhat “forced” into a “no spend” challenge, could be just the thing you need to really be able to evaluate the areas where you commonly overspend.

Make sure you avoid making financial decisions that are based on fear, and instead put all of your energy and focus on the things you CAN control.

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