I’m preparing for the worst: a drawn out decade of unemployment, low stock prices/portfolio values and declining property values (perhaps good news for a lot of people I know in Vancouver!).
It’s easy to be casual about our personal money management when all is going well (and politically easy to assume people who are struggling/homeless have only themselves to blame) but as more and more people we know lose their jobs, and as the homes and condos around us sell for less, I predict that we Canadians will change our lifestyles significantly and become much more engaged with our finances.
That result, at least, is a good thing. But to get there, we need to get past the anxiety paralysis that can often overtake us. I advise that we start now to find techniques which allow us to relax, regain our clear thinking, and move forward in constructive (even if difficult) ways. Here are a few I found:
On a very pragmatic level, Ron at The Wisdom Journal came up with several solutions to emotional issues about money mgt:
- If you money intimidates you, you’re a prime candidate for automation.
- If you fear not having enough to the point that you’re an extreme saver, crunch some numbers and project exactly how much you’ll need and when you’ll need it to ensure a comfortable retirement.
- If you fear the loss of status, decide what luxuries are important to you and let the rest go.
- If you fear not having enough to make your debt payments, establish a budget and commit to live by it … and get rid of the credit cards.
- If you fear not being able to afford your child’s educational requirements, save something, anything, each pay period and begin researching scholarships and educational alternatives.
- If you fear not having enough to retire because you’ve started late, get started now. Don’t worry about the past.
- If you fear losing your job and not having enough for daily expenses, cut your expenses now, learn to make extra money, and develop a backup plan for your job.
- If you fear not being able to manage your own investments, get a fee based professional to help you.
Carol Fogarty suggests this outside-the-box exercise:
- Lift one of your hands up to the top of your head. Hold your hand about one foot away just in front of your head. Now swish your hand in a gentle even movement down along the front of your face, neck, chest, heart and solar plexus (tummy) area.
- Now swish your hand out and away from your body, as if you are pushing something away.
- As you swish down along the front of your body and then out and away repeat, either out allowed or in your head “cancel, clear, delete”
- Repeat at least three times so you can be sure you have cleared away the unwanted energies.
- Too easy.
And last, but not least, you can always go shopping.