How to Cash Flow The Crisis – 5 tips to help reduce stress during this time of financial uncertainty

No matter what your financial situation you can’t help but be a little freaked out by the impact of Covid-19 .

Whether you are self-employed, employed, retired or even a student, it appears the virus doesn’t discriminate with our health and it’s going to hit us all in our pockets.

Whilst normally the idea of tallying up your spending or committing to a budget may fill you with a mind numbing feeling of dread , now is a great time to commit to making a plan to put you in control ………..and let’s face it you can only watch so many episodes of Friends on repeat !

Here are my top 5 tips to help reduce stress during this time of financial uncertainty.

1. Figure out how much you NEED.

Believe it or not, this can be wonderfully liberating. Worrying about how you will survive on reduced income is draining, but when you don’t know how much you need to live on its even more of a bore. Work out what your basic expenses are – chances are you are now spending less than usual on extra’s and you can be more realistic with what your Needs vs. Nice to Have’s are.

2. Develop new Saving Habits

Talking of “Nice to Have’s”

Take the time to re-examine your spending habits and priorities. Review your previous spending for this year. Had your weekly trip to Starbucks become daily? had your small decaf coffee become an extra-large Vanilla Latte with a blueberry muffin and something extra to go? Did your monthly nice to haves total the same as you are now spending on your family’s weekly shop? If so, totalling up all the luxuries you used to be spending on, coffee, manicures, trips out with your friends, travel, eating out and plan how you could be more intentional with that money going forward.  

3. Build Your Emergency Fund

In situations like the one we are all facing, having the added security of an emergency fund is reassuring.If you were able to build an emergency fund previously, this may be the time to use those funds.

If you find you have extra cash at the moment, you can start or add to your emergency funds by saving any monies that you’re not spending on travel, going out for coffees, meals or after work drinks.

4. Don’t overpay

When checking on your bank statements take time to ensure you are only paying for what you use. Do you have old subscriptions you no longer need, have you not been to the gym in 12 months but still loyally pay just in case? Have you reviewed your insurance policies and utilities in the last 12 months to make sure you are not paying over the odds? The same with your mortgage? The reduced bank of England base rate has been passed on too many customers on trackers but if you are on a fixed rate which is due to expire in the next 3-6 months there are some great deals out there to be had.

5. Get Support

There are many government schemes to assist those whose employment is impacted by COVID-19 including opportunities to defer mortgage payments and other borrowings. Make sure you check all the relevant websites which can let you know which benefits and schemes you may benefit from.

If you are worried about keeping up your debt or credit card payments, contact your lender sooner rather than later, do not cancel your direct debits before taking to your lender and be realistic about the time scale you may need assistance for .

Lastly call me, email me and let’s chat. This is a scary time, but money doesn’t have to be scary. Sometimes it helps to have someone in your corner to navigate your financial landscape.

Call me on 07969859749 or email me at

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