When the times get tough and rough, it is tempting to wonder if it’s possible to survive and thrive. Like, is it possible to thrive in challenging times?
Today, the world is experiencing financial crisis. It is a big recession.
If you recently look around you, you will observe that a lot of people keep storing all sort of consumables goods. Some goods are also scarce. Many events have been postponed. Some have been cancelled. Markets are crashing and recording declines – lows that haven’t been seen for up to decade.
One thing is very clear, it is making people panic, worry, and stressing a lot out. It’s so unfortunate that individuals can’t control a recession, but we can always manage it. We can either manage recession by preparing for it or respond to it by surviving and thriving while it lasts.
For most, they neglect to plan for a financial crisis or recession. This can be risky. During economic turmoil and uncertainty, it’s of paramount importance that you defend the financial security in your care. You don’t know how long the crisis would last.
Would you like to learn how to survive and thrive in challenging times, especially during financial crisis? Keep reading.
6 Practical Tips for Surviving and Thriving in Challenging Times
1. Always See The Big Picture
The challenges you are passing through is temporary. Always have this in mind. Soon, it will be over and you will be fine again.
The big picture is that, there is more to life than this awful moment. A new beginning will surely come.
Whenever you feel depressed during challenging times, always have this hindsight. See the bigger picture.
2. Maintain a Winning Attitude/Mentality
We are still dealing with your mindset. You need a winning attitude to conquer in tough times. Financial crisis can be very depressing. You should pay a close attention to your attitude during this period. You need to be able to adapt, and sticking with the right attitude will help you go far.
Having a winning attitude will help you to come up with a winning strategy in order to survive the crisis. This is very essential.
So, instead of reacting negatively about the challenge at hand, shift your mindset to providing a solution – as if you already have it.
The tweak from the negative nature of the crisis into determination and positivity can have a great impact on how you see things thereafter.
People who easily adapt during crisis always have winning attitude. They are the ones who conquer and make it to the other side. It may not be comfortable for you at first, but give it a try, and keep practicing.
3. Embrace Frugality
Readingthis might make some people think this is a punishment. No, it’s not. It’s a very powerful move, especially during a recession.
It’s a form of discipline that will always serve you well during a financial crisis. During this period, you must control your urge to spend. Cut down expenses on dining out and entertainment. Apply other frugal methods where needed. This is just for a moment, remember.
Also, practicing a bit of frugality helps you reach your financial goals faster.
The point is, save more money. You don’t know when the crisis will be over.
4. No Distractions, Just Focus
Duringa financial crisis, it is easier to panic. Maybe you don’t have enough fund to shop. Or there are some urgent needs you have to take care of. It’s also easier to shop for “wants” and not “needs”.
You must be discipline when you go for shopping. Simply focus and care about what you spend on, and not spending without a care.
What does this means when you go for shopping? There will always be a lot of ware displayed at your favorite store(s). It’s tempting to want to grab them all. You shouldn’t be making a reckless move here. You will only have more debt to deal with later on. Shop mindfully.
Always shop with a list. Infact, have your personal finance goal with you if you can. Imagine if you can have a glance at one of your written personal finance goals during a shopping session. It helps you become more focused. Remember, impulse buying is toxical for you during a financial crisis.
5. Seek Advice from Financial Professionals
Duringa financial crisis when naira/usd exchange rate was high , seeking advice from financial professionals can help you ease the stress.
Do you have accounts, insurance, loan, or investment services with some financial institutions? It’s time to book an appointment with an advisor. Reach out to these institutions. They can help you sort things out.
It’s also important that you write down the values you got from them easier. Detail everything. When you meet them, discuss them and how the crisis might affect there services, the future of your finance, and your present financial health.
In a recession, you need to be careful about what you do with the money you have. Likewise, it’s important that you know where you should keep it. Always seek for a second opinion.
6. Review Your Spending Plan
Always maintain a budget. Whether during a financial crisis or otherwise, it’s always useful for your financial health.
Do you have a budget already? It’s time to revisit and review it. Now, adjust it to fit your current situation. You can cut down on few spendings or replace them.
If you don’t have a budget yet, now is the best time to create one. Please take it serious.
With a careful plan, you can come up with a good budget that would aid you in navigating through challenging times. Just make sure that you first take care of the necessities.
Like other financial challenges, a recession is temporary. Preparing for it is the best way to handle it. If you are not prepared, then you can still survive and thrive through it.
With the strategies discussed above, you can easily navigate your finances during a financial crisis. You don’t have to be afraid of the unknown. Your financial health will be protected when you apply these methods. And you will always come out stronger after temporary challenging times.