"The Way My Bank Set Up..."

Ladies, 2020 has either brought us closer to our financial goals or derailed them altogether. Despite your circumstance, I’d like to encourage you to not postpone your financial goals any further. Make a plan to work on either of the following objectives this year: saving, investing and/or debt cancellation. Honestly, I’ve been focusing on 2 for the last 3 years: getting rid of credit card/installment debts and investing for my future retirement. I’m not at a place to focus on savings and really prefer not to be liquid -- I’m too generous if you know what I mean.

As a social worker, I’m really great at finding resources for folks in dire situations. I’ve helped many clients, friends and family find relief for their living expenses, business needs and etc. during COVID. Here are some small steps to take if COVID negatively impacted or currently impacts your income flow:

1. Obviously, keep on searching for work.

2. Call your utility company and ask if there is an imminent hardship option or elderly and/or disability discount program. I was able to get my client’s past due electric bills spread out for the next 6 months to ensure her heat/electric wasn’t turned off. In addition to that, I was able to get her 15% off her monthly bill indefinitely.

3. Contact your credit card/loan companies and see if they can work out payment plans and/or lower monthly payments (if applicable).

4. We are driving less these days, why do we have to pay full car insurance!? Contact your car insurance and see if they have COVID-related discounts and/or payment options.

5. Contact your internet service providers and see if there is relief or special programs for your household. Usually there are subsidized programs for homes with individuals who are elderly, school age or disabled

6. Contact your City or Municipality, local churches/mosque/temples and other nonprofits and see if there are rent assistance services/programs.

7. Are you a small business owner, check out your local Chamber of Commerce to see if there are relief programs. Also, Congress passed a new round of COVID relief packages for businesses. Apply for a grant and/or loan at https://www.sba.gov/.

8. Revisit your budget:

a. Make a list of all your monthly expenses.

b. Place a star next to all the expenses listed that are necessary

(rent/utilities/food) and sum them up.

c. For all the non starred expenses, highlight those that are required for

work/school and sum them up.

d. For all the non starred and non highlighted expenses, sum them up.

e. Make a list of your income sources [including any cash benefits (i.e.

unemployment)] you are currently receiving.

f. Pause/cancel all non-insurance services that you did not star or highlight.

g. Use the extra funds (if any) and work on paying down your debts using the

snowballing method or building your emergency savings. Your choice.

BREATHE… just because funds are low doesn’t mean you can’t find joy in the day to day.

1. If you live alone, dedicate some time to your often neglected hobbies.

2. Make cooking more fun. DoorDash, GrubHub, UberEats & Favor really do burn the bank. I’m even weaning myself off the convenience of it all cuz it really inconveniences my long-term goals. Minimize the eating out and try a new recipe for fun.

3. Stay connected to your friends and family virtually and telephonically. Stepping outside my house without a solid plan for activities can rack up your spending lol. With COVID, we shouldn’t be going outside (around people) too much anyway.

4. Go for walks as much as possible. We need sunlight to keep depression at bay. 2020 gave us many reasons to be depressed. The more sunlight you get the better you can maintain your healthy serotonin levels.

5. Music is free… sing or put on your favorite playlist.

6. Practice gratitude. You made it to 2021. Many people worldwide did not. Make it a habit to start your day by listing all the things going great in your life.

No matter how your bank is set up right now (how small your accounts are right now), you can still work towards your financial goals without falling deep into a negative place (fiscally, emotionally/mentally). Remember, an inch forward is still progress. 2020 is gone, let’s embrace this new year.

What tips are you going to take this year? Share your tips with the I Am B Woman community below.