How to Get Your Life Back Together after Being Quarantined – Let’s Talk Money

As I sit here typing this blog post, I have to say, “It’s not over yet”.  If you’re questioning, “What’s not over yet, Allenia?” My response would be, social distancing. I’m sure at many points over the past several months you thought that there was no end in sight with being quarantined. Oh, yeah. Let’s not forget your money is showing real funny in your bank account.

What’s GOING ON?

Of course, at the time of publishing this post, some states are transitioning to seminormal by going through the necessary color stages. In my opinion, these color stages look like the behavior modification system used for elementary school students. Yeah, we’re going back to wearing a bra during the day, forgoing PJ’s & a robe as our outfits of choice, and looking at every notification that pops up on our phone.

So, now that things are starting to be lifted.  Your girl has planned this 5 Part Series to support you as you figure out how to navigate what to do about some money problems, job loss, relationship loss, special event cancellations, and getting back into a better mindset.

LET’S TALK MONEY

• What if you have accumulated a lot of debt & can’t get caught up? Since changing your credit card balance to zero is out of the question, how about contacting your creditor to see if you are able to get the interest rate lowered. Believe it or not many creditors are being sensitive to what’s going on right now. So, don’t continue to wait or try to wait out for another stimulus check. Call them up as soon as possible to request a better interest rate or due date. With all this being said, we need to address the polka-dot elephant in the room. Yup, if your finances were completely out of control & behind before coronavirus then please be realistic with your creditors. Their sensitivity for your regular delinquency may not be at hand, but you still should contact them anyway to see what assistance is available.
• What if you borrowed from a friend and don’t know how you’re going to pay them back? Girl, stop trying to pay your friend back in full when you’re unable to even pay for your necessities. Communicate to your friend the situation and set up a realistic repayment plan. Avoiding them will do nothing for your mental state, so do your financial homework and give them a call. And, I would try to avoid paying them in full with your stimulus check. Be wise with your money and honest with your friend.
• What if you lent money to someone and are on stand by for the payback? Well, guess what my friend? The borrower is in the same situation as you. So open and honest communication is important. Find out what is a realistic amount that they can afford to pay back. Now, for that friend that misappropriates their money have them continue to pick up the tab whenever you get together with them. By doing this with your indebted friended it will allow you to keep tabs on the outstanding balance they owed you. Your friend will be none the wiser as they will be doing what they are comfortable with which is spending their way out of debt with you.
• What if you are in a frenzy about spending money? Did you know that when you set up a financial structure you will feel more stable as it relates to your financial well being? Some people are unable to have a savings account that has 3 months of mortgage or rent money sitting in the bank. Therefore, spending money may not be a priority right now. And, that’s okay. Utilize the knowledge of budget masters such as Dave Ramsey who I have been living by his envelop system for years. Rachel Cruze, who focuses on telling your money where to go using a budget. Lastly, another favorite of mine is The Budgetnista, who can make a budget out of the minimal. It’s never too late to put structure into place.

At this point, ladies gaining headway with your finances can help you transition smoothly back into this seminorm. Avoidance doesn’t bring resolution, but instead what will surge in you will be stress, anxiety, and depression. Be fearless & honest. You can fix this girl!!!!!…See you in two days with Part-2.