Your Money: How Long Will It Last?

September 29, 2020

If you're reading this, I'm earning money in some way. I was compensated with money and/or product. Thanks for helping to feed my family. I also may have a financial interest in companies named. Please see our disclosure for more information. Also, any advice provided is for informational purposes only. I'm not an accountant, lawyer, doctor, fitness expert, or nutrition specialist. So, talk to a professional before acting on anything you read, watch, or listen to below. Get your own advice and do your own research. Email me at [email protected] with questions.

The coronavirus pandemic taught us a valuable lesson:

You need to expect the unexpected--especially when it comes to your money.

In fact, it may not surprise you to know that 50% of Americans would experience financial trouble if they had to cover an emergency expense of $1,000 or more. That's according to a Charles Schwab Financial Literacy survey.

Pandemic and emergency expenses aside, money management is a real problem for us Americans. So, what do we do? Below, we have a few key tips you will want to make note of as you resurrect your financial literacy and outlook.

Get a financial education

If you've visited my site often, you know I'm a huge proponent of financial literacy. All of us need that knowledge of money to make it in this world.

You are no different. But, it comes down to making it a priority.

Yes, I know what you might be thinking. When am I supposed to figure it out?

Well, you won't figure it all out in one day. However, you can spare 15 minutes or a half hour a day and do some research.

I even know how you can get it: cut down on social media time. I say this as someone guilty of it as well. Not easy, but doable.

Learn about money:

Consider a personal loan

While this may not be the first option you would to consider, personal loans might be a fit for you during the pandemic. Obviously, you're not using this to buy "wants" over "needs" like a new television. But, a personal loan could help with paying off debt or allow you to keep up with bills.

If a personal loan is something you're thinking about, I'd recommend checking out Pigly. They have tons of free calculators for you to use--including estimating the monthly payments for your personal loan.

Related to personal loans:

Start an online business

Yes, that's right. Start a business in a down economy with little money.

Are you unsure how to get going? Well, I have a ton of resources on how to start your own business.

This will help you pay off debt and add savings to your name. No, it's not a quick and easy fix.

However, if you go with a personal loan, let's call that short-term thinking to help you right now. But, the side business is a long-term game plan to add household income and boost savings.

Here's some articles you'll want to review for making money online:

Ready to have a plan for your money?

No, this hasn't been an easy time for anyone. But, it can still be something we all learn from.

It's time to readjust our thinking and make financial awareness a priority again. Whatever your money situation currently is, it can look a lot different 6 to 12 months from now if you are proactive.

Take that first step, and see where it leads.