COVID 19 - Thoughts During These Tough Times

It is incredibly sobering and surreal with everything going on right now around the world with the spread of the Coronavirus.  No less than two and a half months ago I was going into the office for my full time job and going along business as usual.  It is insane when I look back at the past 60 days how much I was taking for granted in my everyday life pre-COVID.  From the simplest of things as human interaction in person, to personal hygiene, to finances and our safety net, and ultimately my own mortality.  The last two points really drive it home for me.  This virus is so unpredictable that it doesn’t discriminate by health of an individual, race etc.  When faced with ultimate uncertainty and safety, what is driving you and your decisions for you or your family? 

FINANCES

So let’s talk about finances during this time.  Our family is fortunate enough that even with everything going on right now that I have kept my job and my wife has been able to take the kids and pulled back on her business that she has grown exponentially over the past 2-3 years.  She is also 8 months pregnant, which just adds another layer of complication into this conversation.  We have a good safety net in place, which takes the pressure off the family and my wife.  However, if these factors didn’t hold true, OUR situation and OUR financial decisions we have made would be quite different.  

If we were in the latter position above, I completely understand that a significant number of people and business owners want the economy to re-open.  If I needed money to survive and pay the bills and support my family I would be pounding the pavement to find any work that was out there.  I can’t fault people for wanting to support themselves and their family even if it means putting themselves in harms way or potentially their families.  

The things that come to my head when you are reviewing your monthly expenses and how you and your family could preserve cash during these times are as follows:

Food - Outside of your mortgage/rent, food is probably your 2nd or 3rd highest monthly cost.  Adjustments you can potentially make:

Substituting Beef for Chicken - Raw meat is going to be one of your largest grocery items.  Our family are big meat eaters (Taco Meat, Homemade Beef Patties, Pasta, BBQ Chicken).  Based on current meat markets you will see a greater favorability or bang for your buck with buying chicken.
Stay Home/Eat Out Less - Obviously this is something that you hear EVERYONE saying.  Nonetheless, from personal experience just ONE date night for my wife and I on a “cheap date” was $30-$40.  Any discretionary spending adds up REALLY quick.

Review Your Bank Statements - You may be surprised by a frequent number of small charges for Mobile Apps and other subscriptions that you don’t use.  CANCEL them!  We have been doing this lately and the number of Apple and Amazon charges is insane.  Monthly cloud storage, Apple Music, Linkedin Premium, Adobe Photoshop, etc. 

Review Any Debt You Have - Financial institutions may be giving you a break regarding payments and payment terms, but that is going to end sometime soon and don’t be mistaken the majority of the “breaks” you are given truly aren’t “free”.  Interest will still be accruing!  If you are concerned about where you are, I would recommend talking to a debt advisor.  

Cost Compare - There are a ton of resources available online to review and cost compare any items you are looking to purchase.  It takes time, but it could provide meaningful savings over time and multiple purchases.  

MORTALITY

It has never been more evident than recently that this virus has the potential to end the lives of people prematurely.  This has given me pause in that it has forced me to evaluate everything I am doing in my life.  Asking myself questions and critically thinking of if I am doing what I want to do professionally?  Am I serving others?  Am I putting myself and my family in a position to support ourselves if something like this happens again?

(Insert ideas)

I hope that the posts that I write will continue to assist anyone willing to read them about ways to start getting ahead financially.  Every single person has the ability to make the choices to get on track financially. I want to be able to use my experiences and background along with any feedback from within “our” online community to make a difference.  

Hope everyone is staying safe and staying posted for my upcoming blog posts!

Jarrod