How to Come Out of the Coronavirus Crisis with Better Financial Habits

WOW. 

If baseball has taught us anything it is to prepare for the unexpected, but no one could have prepared for a season halting Coronavirus. The news that baseball was suspended basically before even getting started sent all of us scrambling to make decisions on what the next undefined number of weeks would look like.

Personally my husband and I went through four different plans of action before deciding to head home from Florida. Side note: Home is Arizona - so, yes, we drove across the country from one spring training location to another TWICE in a little over a month. All you can do is laugh, right? 

The circumstances may be strange but change is nothing new to us. We are resilient and the ultimate at making the best of situations that are not always ideal. While we wait to see if and when our significant other’s paycheck is coming, here are some ways to be smart with your money during this craziness and maybe come out with some better financial habits. 

Take Advantage of Resources

Over the past few weeks, people, communities, and companies have come forward with unique COVID-19 offers and resources. This is the time to take advantage of these. Our budgets do not have room for our pride. If your income was wholly or greatly affected by the pandemic and you are offered assistance, take it with a grateful heart. On the other side, if you were not as affected, and have the ability to support others, I highly encourage you to do so. The intangible benefits of supporting our peers greatly outweigh the monetary contribution. Charitable donations are never wasted dollars.  

Another area to take advantage of is extended free trials on subscriptions like Peloton and Postmates. Remember to set a calendar reminder for the expiration of your free trial in case you want to cancel. While you are at it, go through your current subscriptions and cancel any unused subscriptions - these small dollars a month add up quickly. 

Get Creative 

This is the time to get creative when it comes to your finances. My husband and I have a budget for Off Season, Spring and Season. When this all came down I created an Off Season Round 2 budget. My goal was if my husband’s income was now gone (this was before we had any word from MLB/MiLB), we would either need to replace a portion of that income with another side hustle or save it in free living. That means we now have awesome new roommates who may have also raised my husband. 

Not all of us have the opportunity to live free with friends or family, but there is still an opportunity for a side hustle during all this baseball down time. Companies are hiring for remote customer service and data entry roles that require little experience. These are also high turnover roles so you will not have to feel guilty if you choose to quit when baseball starts back up.  

Invest in Smart Habits

The biggest blessing we have been given during this chaos is time. Time to spend with loved ones, time to reprioritize and time to start good habits. If used wisely, this new-found time can help you get back on track financially too. Start good habits that are healthy for you and your budget. My husband and I have used this time to practice our cooking skills. Eating from home is a HUGE budget saver and if you take this time to create that new habit, your wallet will thank you later. 

One of the most important uses of this time is to talk with your significant other about your finances. They cannot run away to the ballpark this time.

Here are some items to talk about:

Your Budget - Do you have one? Should you start one? If you have one, is it on track or does it need to be tweaked for your new circumstances? 

Your Nest Egg - How could you have been more prepared for something like this? Were you spending too much and not saving enough? Were all your assets tied up in one investment that depreciated over night? 

Your Financial Goals - What are they? How can you make them a reality? How long will it take to reach them? 

Still Overwhelmed? 

If you are excited by the idea of whipping your financials into shape but also still overwhelmed with how to get started or just have questions, please reach out. I get so much joy from helping others get their financial act together. It is easier than you think!

Find me on Instagram @TayLukes or email me at taylor.d.lukes@gmail.com.