Your Financial 'Plan B'

It seems like there are two forces in our midst -

The Spring blossoms are bursting out...visually - and sensually - filling our hearts with hope and the delicious optimism of what is soon to be... picnics! outdoor dinners with friends! and all the goodness the sunny warmth brings!

At the same time, the news cycle is full of escalating fear - though not yet in full throttle panic. Currently it is the scare of the Coronavirus & the stock market's reaction to the interdependence of our global economy causing our own checking accounts to feel the impact of work being missed - for weeks, or months - halfway across the world.

There are the BIG implications this has on the balance of your investment portfolio (...though, ideally yours is diversified, and isn't needed in the short term... so best to just take a breath and trust it will rebound).

And then there are the day-to-day implications. The potential of missing work. Paychecks. Customers. School Days!

These potential scenarios have a very real - and immediate - impact on our financial health (and our physical health... please go HERE to learn the best practices recommended by the CDC)

It is real, I won't deny it. Currently our attention is on this particular virus... but it could easily be a natural disaster, an illness in the family, or any number of life's disruptions.

It is quite easy to let these fears pull you into panic - or denial.

I want to encourage you (and myself, to be honest!) to step into the space of planning... of RESPONDING rather than reacting. It won't be perfect, but we can be strategic. We can have a plan that helps us stay grounded in the midst of life happening.

Because we must lead our own lives, and not wait to be lead.

So... where to start? I have a list that can get you started below.

But before you go there....

Take a moment. Yes, this moment. Inhale a deep breath - deep into your belly. Exhale the tension, anxiety, and fear you are holding - and then repeat - as many times as you wish (this is always, always available to you). Feel your body right here, in THIS moment. The imagined threat is not currently occurring. You are wisely stepping into a space of preparation. So you know the drill when the alarm rings...

As soon as you are ready, you can begin crafting - or refining - your 'plan B'. Once your plan is clear and known, continue with your life as it is right now... make room for those picnics (even if they are in your living room right now...).

Life is to be lived, not feared.

Planning and preparation - especially the financial part - is the active strategy of working with LIFE, not allowing the fear - or denial - to envelop you.

Planning your 'PLAN B'...

Take a moment. Yes, this moment. Inhale a deep breath - deep into your belly. Exhale the tension, anxiety, and fear you are holding - and then repeat - as many times as you wish (this is always, always available to you). Feel your body right here, in THIS moment. The imagined threat is not currently occurring. You are wisely stepping into a space of preparation... so you know the drill when the alarm rings...

CREATING YOUR 'PLAN B' -

• First - articulate what your *particular* fears - and realities - are. Missed income? Not having childcare if school closes? Not having food in the house if the grocery store shelves get bare?
• Next - write each of these (and any others you added...) in a list with plenty of space to write beneath it.
• Below each concern / fear / reality begin listing what your options are... all the options. Don't rule anything out just yet.
• Go back and circle the best options - you can also put them in order of best option, to less than ideal option, if you feel inclined
• Get out a fresh piece of paper. List in fresh handwriting your highest concern, with your prioritized list of options below that.

Here is an example...

Work Closes Our Offices / I can't see Clients/Students in Person...

• Make sure I have a way to access work projects, contacts, calendar remotely
• Set up a free ZOOM account to meet virtually
• Let my clients / customers / colleagues know my 'PLAN B' so no one is confused / alarmed
• *For those working a retail / service positions, have a conversation with your employer and HR department about what to expect...

My Income Decreases...

• Identify your *bare bones* spending plan (essentials - including groceries)
• Identify liquid assets - savings - that could support you through a dip in income
• Identify bills that could be put on a *short term* hold - you may make a list with phone / account numbers to contact them. They will do their best to work with you, just don't wait till the very last minute. These bills can include: Mortgage, student loans, medical debt, etc. The crucial piece here is to only use this as a last resort.
• You may want a 'Plan C' here...but that can come in time.

Food Insecurity...

• Consider purchasing non-perishable yet nutritionally dense foods that could nourish you and your family for a week or two if needed
• Take a look at your Pantry / Freezer and consider adding to them with things you would eat anyway (it is very easy for the fear to propel you into full survival mode and have you spending money on things that will be wasted... do your best to stay conscious)

Childcare...

• You may already have a plan in place, but it may not hurt to review it with your partner or your back up childcare provider - and your children.
• How many sick days do you have left? Your partner?
• Be sure you have your own 'work backup' plan in place, even if your place of work stays open.

Yours may be longer... it may be shorter. But, once you have this mapped out... step outside. Look at those trees blooming. Life is happening... and it is waiting for you to join in!