What Is “Survival Mode” in Personal Finance? (4 of 5 Articles)
~ Tuesday, September 26, 2023 Blog Post ~
Article #2: Are You in Financial Survival Mode? (From CreativeMoney.Biz)
By Creative Money, March 16, 2022
Do you count the days until payday, and then watch all the money drain from your bank account to pay the bills the minute it arrives? Are you in a constant state of financial cha-cha; one step forward, but two steps back? If this sounds familiar, you’re in survival mode. It’s the place that anyone who has experienced money struggles (and really, who hasn’t?) knows all about. When you’re clawing out of the paycheck-to-paycheck cycle and fighting to keep your head above water, realizing a wealth mindset is only a pipe dream.
Let’s face it. When money flows in regularly, it’s easier to feel secure, safe and supported. But when you’re in survival mode, it’s common to feel like a victim. In that state of mind, fear and panic often fuel really bad financial decisions. Here are some of the bad decisions I see people make when they are in a survival state of mind:
False Faith: I’m all for manifesting your reality with positive affirmations, but when people try to “prove” their faith in future earning power by going into debt and overspending, it’s just a misuse of the law of attraction.
Magical Solutions: Sorry to burst your bubble, but there isn’t a Swiss army knife to solve all of your financial woes. When in survival mode, many fall victim to the belief that if they just get this one website or program or retreat (insert whatever magical solution that tantalizes your daydreams here), then all will be peachy in their financial lives. Often, these tools touted to “get you back on track” cost more than you can afford.
Avoidance: Because you don’t feel like you’re in control, you divorce yourself from taking responsibility for it. You use your stories and circumstances as a shield, instead of dealing with what is right in front of you and accepting that what is required from you NOW is only temporary. It won’t always be like this.
Belligerence: We’re only human. If money struggles seem to be your constant companion, you might start feeling defensive or just plain worn out. “Darn it, I am sick and tired of feeling like I never have enough. Screw it!” And then you rush out to spend money you don’t have on something frivolous and dig yourself further into debt.
Giver Guilt: Ok, you crazy co-dependent, hard-working nurturing person who makes things happen, I’m talking to you! You can sit back and receive abundance. Take a step back and be open to receive for once. Stop over-functioning and let it come.
Attachment: Attachment is the idea that money has to come to us in a specific way or amount or time, or it isn’t “right.” The control freak tendencies we have attach us to a specific outcome and prevent us from letting things unfold — sometimes in a better way than we ever could have imagined.
Now that we know how survival mentality fuels bad decisions in our financial life, how do you move toward security? Take total responsibility.
Steps to Shift Out of Survival Mode
#1 Acknowledge your responsibility for the dynamics adopted from your family.
We all have our stories. I had major stories from my father about self employment. He always wanted to be an entrepreneur, made it clear that he believed that his family was the reason he couldn’t. As a result, my origin story said such things as self-employed people fail and family prevents you from following your dreams. I had to take major responsibility for releasing these stories early on in my career — and it doesn’t seem like any coincidence that I am self employed, does it?
#2 Take responsibility for your worry and energy levels.
I am not saying this will fix anything, but it will help you make more level-headed decisions if you take a time-out for mental health consistently. And BTW, it’s easier to talk about money issues with loved ones when you’ve processed your emotions BEFORE the chat.
#3 Solidify your financial foundation.
Your financial foundation includes cash flow, cash reserves, and debt. You will have trouble building and expanding (investing, big ticket purchases, lifestyle expansion) until you’re very clear on how your life interacts with these three foundational areas (and until you feel secure). Commit to 15–30 minutes per week reviewing these areas. And treat yourself too…put on good music, get a really good cup of coffee and make the experience pleasant. Whenever you take financial action (or buy something) that deviates from the norm, ask yourself:
- Am I attached to an outcome?
- What is the story behind this purchase?
- What is my current emotional state?
You cannot immediately go from survival to peace of mind. It’s going to take commitment. It’s going to take work. But if you commit to working toward a more conscious money mindset, every step you take will increase your feeling of stability and security even in the midst of money issues.
Source:
https://creativemoney.biz/financial-survival-mode/
Article #3: There’s plenty of opportunity once you pass survival mode (From JaredDillianMoney.com)
By Jared Dillian, July 28, 2021
Human instincts haven’t changed much since we moved out of the cave. We’ve just modernized our fears.
Today, instead of worrying about saber-toothed tigers, we worry…
- What if I lose my job?
- What if I wreck my car?
- What if the stock market crashes?
Humans are still stuck in survival mode, but now it’s all centered around money.
Personal finance orthodoxy plays into these fears. It’s all about pinching pennies and scraping by. It’s about surviving (which you are already pretty good at). But it stops there.
Today we’re going to talk about how you can move past all that — and go from surviving to thriving.
Step #1: Eliminate Your Debt.
You can’t thrive if you’re paying $5,000 a month for stuff you bought three years ago. You need to eliminate that debt (but you already knew that).
Maybe you’ve considered the snowball method, where you pay off your smallest debt first and work your way up. I’m not a fan of this method — it infantilizes people. Even worse, it can cost you thousands of dollars in extra interest.
Instead, sit down and look up the interest rates on your credit cards and other loans.
Of course, you have to keep up with the minimum payments on everything. And do it on time — always. From there, start eliminating your highest-interest debt first. This will probably mean credit cards, followed by your car loan, and finally, your mortgage.
How quickly can you do it? I’m a fan of the Damn, This Hurts test. You want to pay off enough every month that it feels uncomfortable.
That discomfort won’t last forever. Because once the debt is gone, you get to keep the money you earn. And when you do buy something…
Step #2: Pay Cash.
Pay for things with the money in your bank account (or with literal, cold hard cash). Don’t put it on a credit card. This will keep you from returning to debtors’ prison.
You will also need to plan for surprises, which inevitably happen.
Your first goal is to save $10k in an emergency fund. After that, work on saving six months’ worth of living expenses and then one year’s worth.
This way, when the check engine light comes on, or your dog is rushed to the vet, or something even worse happens, the money is there waiting for you.
The first time you handle an emergency with cash and not credit feels really good. You are one step closer to thriving.
Now it’s time to…
Step #3: Maximize Your Earning Potential.
Not all jobs come with stock options and a clear path up the ladder. If you have a job like that, great! You have exposure to the upside.
If you don’t, have a conversation with yourself about what you’re worth and how to maximize your income.
If you think you are underpaid, you can request a raise. If you don’t get it, nothing is stopping you from seeking employment with someone who will pay you 20% more for similar work.
What if the problem is your skillset? If it can’t bring in the kind of money you want or need, consider expanding it — or just learning a new skill, period.
That might mean getting your real estate license, or starting a junk removal business, or getting certified as a welder. If you’re into tech, maybe you learn a new programming language.
The extra money might not come from the things you are good at now, but I’m sure there are lucrative things you could excel at if you invested the time.
Step #4: Take Some Risk.
Once you’ve wiped out your debt, built up your savings, and boosted your income, you are free to take a few risks to increase your wealth even further.
This comes with a disclaimer: Do your research first.
If you want to invest in the stock market, do your homework. If you want to invest in real estate, learn about it first.
That does not mean listening to family and friends unless they are experienced professionals. Everyone has a neighbor/cousin/brother-in-law with “hot tips.” Virtually all of that is crap advice. And if you hear someone say, “Buy Gamestop!” just run the other way.
If you aren’t sure how to start investing, this short report I wrote will help: How Do I Start Investing? It’s free, by the way. Just download it.
Step #5: Learn How to Spend Money.
Alright! You are debt-free, cash-heavy, and taking calculated risks.
You have plenty of money for a better lifestyle. But for some reason, you don’t feel comfortable spending it. Instead, you just keep stashing it away, waiting for bad things to happen.
That is not thriving.
Hard work is supposed to hand you a reward. So, it’s time to figure out what makes you happy.
Personally, I’m not much of a car guy. My everyday car is a Toyota Highlander. But part of me has always wanted a Corvette.
Because I completed Steps 1–4 a long time ago, I have plenty of cash on hand, and I finally bought one. The decision to buy the Corvette made me happy. Paying cash for it made me even happier.
But it’s taken me years to get comfortable spending.
When I worked at Lehman Brothers, my base pay was in the high six figures. What I made on commissions pushed me into seven figures. But in the seven years I worked there, I only took one vacation. (That alone is a bad sign.)
It wasn’t even a fancy vacation because I was cheap. My wife and I rented a place for $250 a night on Cat Island, one of the most deserted places in the Bahamas. It’s basically a strip of sand.
I’ve since learned my lesson. We recently got back from Greece, and though I didn’t blow my money on a yacht, I did spend the right amount of money for my income level.
What Does Thriving Look Like to You?
Is it taking short trips whenever you like? Putting in a backyard pool? Maybe it’s as simple as buying as many books as you like.
Not everyone thrives in the same way. One of the best things about building up your wealth is you don’t have to fit into some rich-person mold. There isn’t one.
You get to do what makes you happy.
If you haven’t gotten there yet, you do not have to remain stuck in the same spot, endlessly treading water just to survive.
There are plenty of opportunities out there.
Source:
https://www.jareddillianmoney.com/weekly/theres-plenty-of-opportunity-once-you-pass-survival-mode
Article #4: How to Budget When You’re In Complete Survival Mode (From Rhythms and Grace)
If you are exhausted by a financial mess, or not sure what the first right step is, this post is for you! You will learn exactly what to do, step by step, to get out of financial survival mode. It probably won’t be easy, and it probably will take some time.
My husband and I were buried in student loan debt at age 26. We had 2 young children and 1 income, and we weren’t quite sure how we were even going to cover our basic expenses and minimum payments on a 5–10 year debt payoff plan. 3 years later, we were totally debt free!
We did everything in this post little by little — one day, week, month, and year at a time. Our financial situation didn’t change overnight but the forward progress did snowball in a positive way. The hardest part was getting started and creating new habits. The more progress we saw, the more motivated we were to keep going.
I’m updating this post 6 years after being completely debt free and I can not shout loud enough about how much freer your life will be after you get out of your financial mess!! I can’t promise how long it’ll take for you but in the years since getting out of debt, we’ve been able to save up for a down payment, buy a house we love, save up a cash emergency fund, pay cash for 2 modest family cars, cash flow a comfortable-to-us lifestyle, go on a few modest vacations, start a business and work towards paying off our house!! 66% down, 33% to go.
The advice I’m about to share has the potential to be LIFE CHANGING.
In 1 year, you don’t have to be stuck in the same spot as you are now. You can start controlling your money instead of letting it control you.
Budgeting and tracking your spending are helpful habits for anyone who wants to achieve financial goals, but budgeting when you’re in survival mode financially is non-negotiable!!
Are you ready? Let’s go!
Figure Out What Went Wrong
The first part of getting out of financial survival mode is figuring out what went wrong. How did you get here? Maybe something happened that was out of your control — a spouse’s secret spending or a massive medical debt.
Or maybe something in your control caused the problem — quitting a job you didn’t like when you didn’t have more work lined up, spending money you didn’t have on credit cards, borrowing massive amounts of student loan debt (that was our situation!!)
A crisis reveals a process that’s been going on for a long time.
And if you are in a financial crisis, something has been going on for a while that caused the mess.
The good news is, money is concrete, and turning your finances around is actually pretty simple.
Notice, I said simple. NOT easy.
No, it’s definitely not easy. If YOU caused problems, it takes immense self-discipline to learn new habits. If the financial crisis is because of someone else, then there is probably relational pain to deal with.
Whatever the issues, it’s important to identify what happened… no more excuses. Just be honest. In fact, grab a scratch piece of paper and jot down your answer to these questions:
- What happened?
- Why am I in this financial mess?
Okay, now tear up your paper! Come on, just do it! It’ll feel good. That’s in the past. Time to move forward.
Changing habits may be hard, but the formula is simple.
Here it is… the world’s not-so-secret formula for financial success.
Live on Less Than You Make for a Long Period of Time.
As someone who occasionally consults on the internet about personal finance and helps others with their budgets, I feel like it would make me more successful if I told you there was a super big secret formula and I had all the tips and tricks and just keep reading my blog and buy my products and you’ll win!!
But there are no secret formulas… it truly is a matter of living on less than you make and managing the extra wisely.
I know you’ve probably heard that phrase before, so I will help you with more step-by-step details. But, you have to embrace that philosophy for any of the practical tips I give you to work.
TIP #1- Manage the extra money wisely.
When we were budgeting in survival mode, we used the Dave Ramsey baby steps because it made sense to us. His basic method is to do one thing at a time.
You don’t try to build an emergency fund AND get out of debt AND save for college AND save for retirement AND pay off your house AND give tons of money away simultaneously. You’d never make progress in any of the goals.
Instead, use all your extra money to focus on one thing at a time, in a specific order, until you have reached financial freedom. You can read about the baby steps another time, but for now I’ll walk you through the exact process we used for budgeting in survival mode.
Follow the steps below to begin budgeting in survival mode. Once you’re out of survival mode, you can make a more normal monthly budget.
TIP #2- Check in Daily & Write Stuff Down
This is no time to be wondering how much money you have in the bank. You have to know exactly how much you have, when you’re getting paid, and when things are due. I made a free worksheet for budgeting in survival mode to help you with this.
Otherwise, just follow along with the post & write your numbers down on a blank piece of paper.
I highly suggest you download it immediately and get to work!
- Print it out
- Follow the directions in the remainder of this post for filling it out
- Put it on your fridge
- Make yourself “obey” it for your spending
- Update it if anything changes (like an un-forseen expense or some overtime income)
HOW TO USE THE WORKSHEET FOR BUDGETING IN SURVIVAL MODE
Step #1 — How Much Do You Have?
Total up the amount of actual money accessible to you in a bank account. Not a line of credit or your next paycheck or retirement money.
Step #2 — Make a Survival Expenses List.
This is money you need to spend before your next paycheck. Use the worksheet as a guide. You will be budgeting paycheck to paycheck for right now. For example, if your rent isn’t due before your next paycheck, it doesn’t go in this column. Only write down exactly how much you need to spend on food before your next paycheck comes. This isn’t your forever budget, it’s your survival budget.
Step #3- Add it all up.
Add up how much you need to spend until your next paycheck and figure out how much money you’ll have leftover.
Step #4 — Figure out how much leftover money you’ll have for the next paycheck cycle and write it down.
Step #5- Write down expenses you’ll have during your next couple paycheck cycles.
Look at your calendar while you plan to make sure everything gets paid on time. You should be able to see the leftover amount getting higher and higher if you continue to live on bare bones survival expenses for a few paycheck cycles.
The less you can live on, the faster you’ll be able to get out of a financial sinkhole.
TIP 3 — Things Not to Spend Money on Right Now
- Any recurring subscription services (spotify, clothing, magazines, etc.)
- Cable & other tv services (yes, even netflix).
- Amazon Prime
- Kid’s activities*
- Presents
- Restaurants
- Clothes
- Dates
- Non-essential food items
- Random crap at the dollar store, Target, Walmart, gas stations, etc…
- What else am I forgetting!? Put it in the comments below and I’ll add it to the list.
Cancel it all. Return all your recent purchases. Cook what you have until you have no food left in your house.
*Regarding kids’ activities: if your kids are little, you can say something like, “I know you love ballet, but at the end of the month, that will be our last ballet class for a while. We’re going to work really hard to do better with our money so we can pay for you to do ballet in the future.”
If your kids are older, you can divulge as much as you want. You don’t want your children to feel unsafe or stressed about the financial situation. But it’s okay to explain debt, explain the basic principles, and try to get them excited about your family’s financial goals. Maybe create specific mini rewards along the way. Watch some of the families who do their debt free screams on Dave Ramsey’s Youtube.
Sticking to Your Budget
The best way to stick to your budget is to pay cash for everything. Zero credit cards allowed right now!!
If you don’t want to hassle with cash, you can still stick to your budget, but you’ll have to diligently track your money. Here are the 4 simplest methods for tracking your spending.
Grocery spending is one that is really getting people these days!! (Inflation is real!)
Here is my best tip for sticking to your grocery budget in the store.
What if You Don’t Have Enough to Make it to the Next Paycheck?
If, even after cutting all your extra spending out, you still don’t have enough money to make it to the next paycheck without a credit card, you either have a serious expenses problem or a serious income problem.
I have another post on figuring that out: Do I have a spending problem or an income problem?
We Used to Be Financially Drowning
We were pregnant with our second child, and had just moved across the country after my husband finished his 1 year master’s program. We’d spent the year living on student loan money, so we had a massive pile of debt to pay off.
The student loan money ran out (we were pretty terrible at budgeting it), and my husband wasn’t slated to start his job for a month. So, we started putting necessary purchases on a credit card.
Talk about survival mode! Most of his first few paychecks went to paying off the credit card we’d been using to live on. We cut up the cards and learned how to budget the money we had in the bank.
We used this exact system when we started budgeting in survival mode!
After about 6 months of playing catch-up, we were able to save a $1,000 emergency fund, put a more sustainable budget in place, and set goals for how much extra we’d pay off in debt each month.
More than 4 years later, our finances looked DRASTICALLY different.
- We paid off all the student loan debt in 3 years.
- We live a month “ahead” of our expenses, so we’re no longer living paycheck to paycheck.
- We know how to communicate with each other about finances.
- We have systems in place that make budgeting feel more like routine maintenance than teeth-pulling torture.
We are not perfect at budgeting or financial experts. We are normal people. And if we can budget in survival mode, get out of debt, and achieve financial goals, anyone can!
Financial change is possible.
Financial freedom is possible.
Financial peace is possible.
We have experienced it first hand and I really want anyone who wants it to experience it too. You can do it! If there’s any way I can help or cheer you on, let me know in the comments or by hitting reply to an email.
https://ericsburdon.medium.com/how-i-got-out-of-survival-mode-866091433389
https://rhythmsandgraceblog.com/budgeting-in-survival-mode/
Article #5: How to Survive Financial Survival Mode (From Mommy Thrives)
By Crystal Lynn
Financial survival mode is not like living on a budget and quite frankly feels like it’s one step away from complete financial ruin.
I haven’t previously talked about that time in our lives because I’m not a financial advisor. However, I have looked through loads of different blog posts and recommendations only to find that none of them really apply to survival mode.
So I’ve decided to write about living in financial survival mode and how you can survive it.
WHAT IS SURVIVAL MODE
Survival mode in regards to finances is when you don’t actually know if you can afford food, a roof over your head, or if you’ll be able to actually pay your bills that month.
Typically survival mode comes on unexpectedly and a lot of times through no fault of the person or people who enter it. Trust me, I beat myself up with would’ve, could’ve, should’ve speak for years. Honestly, none of them would have actually changed things.
I didn’t make bad decisions, I made decisions I thought were right, plans didn’t pan out, risks were taken, and the downfall happened. I accept that and you will need to as well.
Because once you hit financial survival mode, it’s time to get your hustle on.
Financial survival mode is counting cents to pay for food, putting items back, eating ramen for weeks because you can’t afford anything else and your kid needs their protein over you.
WHAT CAUSES FINANCIAL SURVIVAL MODE
Financial survival mode typically follows a job loss. However, there are other things that can cause you to fall into financial survival mode.
- Illness
- Accident
- Weather Related Disasters
- Fire
- Etc.
You can prepare for some things, but sometimes you can’t stay prepared.
In my case our financial survival mode was brought on due to job loss. Job loss at 10 weeks pregnant, just 5 days after informing my work that I was pregnant.
While I did get another temporary job, shortly after I was let go, it was temporary and I ended up spending the majority of my pregnancy jobless.
We could not afford to live on one income and we had to learn to survive and figure out a plan for after our son was born. We made it through and you will too.
But let me perfectly honest here, we quickly fell into financial survival mode and it took us years to finally come out of it.
WHY TYPICAL FINANCIAL PLANNING DOESN’T WORK IN SURVIVAL MODE
Typically budget blogs are geared towards people who have a little bit of money. When you are in survival mode you don’t even have that.
Typically in survival mode you are already behind on bills and struggling to keep up with everything. This isn’t bad planning, when an emergency hits or a plan doesn’t pan out this is what happens.
For us, I was working as a waitress while we were in survival mode. After the corporation screwed me I wasn’t interested in going back to corporate desk job life.
Especially because I could make the same amount or close to the same amount of money working as a waitress and have a bit more flexibility in my schedule.
The downfall to this was, you never knew what business was going to be like. A slow day at work could throw off your entire months budget.
This is why you absolutely can not budget and plan the same as others when you are in survival mode.
SURVIVAL MODE BUDGETS
Survival mode budgets are a little different and typically don’t have the option to pay down debt or put money into savings. At least not until you are able to increase your income. A little more on how to do that later.
PAYING BILLS
When we knew that we were going into survival mode I knew we would need to really study our bills and plans to pay them.
We found out what the late charges on all of our bills were, the date they would need to be paid by, how long till services would be shut off, and we prioritized our bills.
Since we were living week to week and day to day, if I had a slow week I knew we could hold off on paying one bill to pay another. This helped us to avoid higher late fees on certain bills by making sure we weren’t falling behind on those bills.
FOOD SHOPPING
We clipped as many coupons as we could, but to be honest, shopping generic was still the cheapest route to go. But you had to shop generic at the right times and check around with different stores.
While Aldi always has the best deals you can sometimes find things for cheaper at the other stores during massive sales.
The stock up game needs to be strong too. When you find amazing deals on items stock up on that item if you can for 3–4 months. Finding spaghetti for $0.50 meant stocking with at least 1 box a week for 3–4 months worth, add a couple extra for more as needed.
By the time you run out, that same store will probably have that item back on sale at that lower price.
This post here features frugal foods to keep stocked in your kitchen.
COOKING ON A BUDGET
Go vegetarian or vegan 3 nights a week. Chickpeas, black beans, and red kidney beans are excellent sources of protein that mix in great with chilis, soups, casseroles, curries, and rice dishes. This will help minimize the amount of meat you need to buy.
Make the meat you have go further by embracing casserole dishes like chicken and rice. Use only one chicken breast shredded or chopped up in the dish to really maximize how far the dish goes.
THE MENTAL HEALTH STRUGGLE OF SURVIVAL MODE
Financial survival mode can be absolute hell on your mental health.
Between not knowing exactly when you’ll have enough money to pay rent, or pay bills, and the inability to afford little luxuries can leave you feeling broken.
While I recommend keeping additional expenditures to a minimum, sometimes you need a mental health break.
THE THINGS THAT HELP GET YOU THROUGH
Self care is important, however, certain luxuries may not be affordable anymore. Find alternatives, natural solutions, things that can still allow you to still take part in your self care at a cheaper cost.
Every person who speaks about budget planning always talks about how you should eat at home and avoid eating out. I’m going to tell you to give yourself goals and rewards.
Eat at home for a month then celebrate and enjoy not needing to cook for a night. We would like to do $5 sushi deals, $5 pizza from Little Caesars, or dollar menu dinners.
It was a small thing, that gave us a bit of joy. Just because you are in survival mode doesn’t mean that you shouldn’t have some joy in your life.
HOW TO GET OUT OF SURVIVAL MODE
Getting out of survival mode is not quick and not easy. You can choose to take on second jobs to get caught up while you look for a better paying one job. You can take on the art of the side hustle to business. Or you can downsize.
Any option can work, but no matter what they are hard. How much effort you put in can help you to succeed in what you are looking to do.
THE SECOND JOB
If your first job isn’t paying enough for you to make it, consider taking on a part time second job to help get you through for a time being.
While the second job option is never ideal it helps you keep your head above water for the short term. Keep improving and sending out resumes to get a better job that covers all your expenses with money left over.
Use custom cover letters, custom emails, research the companies you are applying to, and keep trying. Eventually you will land the interviews and land the job you want.
THE SIDE HUSTLE TO BUSINESS
I’m a big believer in having a decent side hustle. First, a side hustle — even if you aren’t in survival mode — allows you to put money into some savings and help pay off debt.
Side hustles can range from starting an Etsy shop, starting a service business, or starting a blog. All three options require some skill sets so do your research to see if there is a business option that is right for you.
Turning a side hustle into a business is not easy but it is worth it, especially when you end up turning your side hustle into your main income generator and possibly make more than you ever have.
But not everyone wants to run a business, so you can take your side hustle, or your business, as far as you actually want to.
DOWNSIZE YOUR LIFE
Downsizing is not an easy choice to make but, saving over $100-$200 a month in rent means you have money to make your bills or get food.
It often means selling furniture and additional items you no longer need. You can downsize to a cheaper apartment, or you can downsize to live with family for a short period.
We did it all. It started with a cheaper apartment for a while and got back on our feet. Then when family needed us, our expenses were lowered even more when we moved in with them.
Downsizing can help you to get back to a more normal lifestyle faster. But it’s often a big sacrifice.
WHAT TO DO WHEN YOU GET THROUGH IT
When you finally get past survival mode and you are able to pay your bills on time and possibly have a bit of money left over, it’s time to make some changes.
The first thing you should do is celebrate your survival with a dinner out. Don’t go overboard but get some enjoyment and embrace the moment.
Then pay your bills on time, keep to a tight budget, then put any extra money you have at the end of the month into a savings account. Start building a safety net for tight months and emergencies.
Keep up with your side hustle or growing your business or choice. If there is one thing I know for sure, it’s that even when things feel secure, we are one disaster away from financial insecurity and survival mode.
Always keep a side hustle going to continue to grow your wealth so if a disaster does happen, you and your family will be ok.
FINDING WAYS TO PREVENT FINANCIAL SURVIVAL MODE IN THE FUTURE
If you’ve been lucky enough to avoid unemployment during this current climate there are some things you should do to prepare for a future that is currently uncertain.
Get a side hustle going now, the money you make from a side hustle should go into a savings account for now.
If a side hustle is out of the question right now, go on a tight budget. Any money you can save while on this budget will help if things go south.
Make sure you keep your resume updated and your ears open at your job. If things are looking bad, be prepared to hit the job market. You and your family come before any job.
FINAL THOUGHTS
Financial survival mode is one of the most trying periods of your life. It takes a lot out of you, causes gray hairs, and I wouldn’t wish it on anyone for any reason.
However, you can come out of it and when you do you will have a new skill set. This skill set gives you the knowledge on how to prevent financial survival mode in the future.
It also gives you the peace of mind in knowing that if things fall apart again, you will get through and survive it.
What tips do you have for surviving financial survival mode? Let me know in the comments below. Follow me on Pinterest for more like this and pin this to your favorite save money boards.
Source:
https://www.mommythrives.com/how-to-survive-financial-survival-mode/
