financial coach, money coach

Is it a Drizzle or a Downpour?

Savings are rainy day funds – a lump sum to fall back on when you need it one day. For many people right now, its starting to rain and for others they are in a full-on storm.

If you find yourself using your savings to currently live on or if in fact you do not have an emergency fund do not feel bad. These are unprecedented times and families are finding things difficult in many ways. If you are looking for a way to weather the storm and want someone to talk through your options, please reach out.

One by-product of this pandemic though is that not everyone has been impacted financially in a negative way. In fact, some people are saving more than ever. For example, for some childcare costs, gym memberships and of course petrol costs have all reduced during lockdown. If these costs mean you have surplus funds now would be a great time to allocate those to additional debt repayments or building your emergency savings.

So, what can you do today to feel more in control of your financial situation? 
Here are three simple things:

  1. Review your budget. Your expenses likely have changed some way over the past month. Make sure your budget reflects those changes going forward. 
  2. Review your goals and priorities. If you have excess cash, determine what financial goals you should be funding right now. Where does it make the most sense for that excess cash to go?
  3. If your income has gone down, figure out where you can cut expenses or what savings or debt payoff goals you can put on hold for the time being. 

If you were a saver, but your savings are looking a bit worse for wear and they’re depleted it’s time to replenish those savings.

Take Back The Control

Often savings give you a sense of control. It’s amazing the emotional support and control looking at those digits on the page can give you.

So start small and rebuild your savings habits and watch the savings grow.

Time to take action?

If you need someone who knows what to do, won’t judge you, and will ask those difficult questions and help you fix the problem – then please email me and let’s chat – email me now! chat@rachelrowley.co.uk

Let me help you Master Your Money and Live the Life you Deserve!

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