This is the second in our three Rs series about coming out of 2020 with our sanity and finances intact. Today we talk about Recovery.
- Remember that setbacks happen to everyone. If you lost your job or had to move in with your parents or had to dip into your 401(k), it’s not a personal failure. You are still a good person, just like you were when things were going well.
- Think about what is in your control and what is not. Try to focus on the in-control items and let go of the outcomes you can’t change (like inventing a vaccine).
- Hang on to your sense of humor!
- Write down lessons learned and positive memories from this difficult time.
- Acknowledge the new skills you learned during this time. Growing food, Qi Gong, basic conversational Italian? Great job, you!
- I hate telling people to budget, but now would be a good time to take a deep look at your costs and find those items that you can live without. Knowing where you are helps you get to the next steps.
- Look for available financial resources: Unemployment benefits, home equity, loan forbearance opportunities (contact your creditors on this), Medicaid if you fall below a certain income threshold, tuition discounts. Don’t be afraid to ask for help and participate in social safety net programs. It won’t be forever.
- Set a plan with reasonable goals and move forward one step at a time.
No one gets out of this life without setbacks. It’s the way you handle them that forges character!