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Financial Planning for the COVID Crisis

For a lot of freelancers and creatives, this is going to be a trying time.

There are a lot of jobs being postponed until things clear up, and while a lot of people have savings, it isn't an infinite amount. It's important to stay positive, but also be realistic.

Vlad Busko, our accountant, and I have compiled a list of ways to stay financially on track during the COVID crisis. Check them out below!

#1 Be. Safe.

You need to be as safe as possible, and if that means not going to gatherings of 50 and more, take care of yourself.

Make sure you get exercise to keep that immune system up. I recommend getting outside and getting into nature. You'll get to reconnect with the great outdoors, see some sights and get away from everyone!

#2 Track your spending.

Every expense you incur during this time cannot escape your notice. Necessities. ONLY.

If you're buying anything for your business, definitely keep it separate from your personal account. This includes education.

#3 Use cash instead of credit (if you can).

Don’t fall prey to the interest game. DON'T use a credit card if at all possible. Use cash or a debit card.

#5 DO. NOT. PANIC. 

No tirades! This isn't a disease you need to stock up on TP for. Be smart, buy ONLY what you need. If you feel the need to stock up, do it in chunks at a time, NOT all at once.

#4 Budgeting.
Keep on your budget, but do adjustments accordingly.

That includes everything below:

#6 Buy only what you need.

Amazon has stopped allowing sellers to hawk anything that isn't a necessity.

 

No shopping sprees. But you can save up for when this crisis is over! :)

#7 Make a plan to stretch your money for 4 to 8 weeks.

You can do that by doing the following:

#8 Deferring payment on non-essentials.

This includes student loans, car loans, anything you can do without and still survive.

Student loan payments currently do not incur interest. HOWEVER if you are in a financial situation where you can keep paying it, it's the best time to do it BECAUSE you will be touching only principal.

#9 If you’re really struggling, reach out to family and/or friends.

This is not the sort of situation you should be afraid to ask for help in. If you have people you can reach out to and you need the help, do it.

#10 Remember - this won't last forever.

The hiatus is temporary. Things will go back to normal. So just keep your head down and push through! Reach out to people who can lift you up if you're feeling down, and be sure to return the favor.

Keep up the good work! Share how this helped and help others too by using the hashtag #ThoughtfulAndThriving!

Alexis

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