It's Time to Live on a Budget, Even if You're Financially Secure
- Dr. Larry Goodman
- May 4, 2020
- 1 min read
By Nicole Dieker
Treat your income like it’s temporary.
I’ve written about this before, but it’s an important reminder: Whatever income you are earning right now is temporary. If you are earning less than you’d like, there could be opportunities to earn more in the future (promotions, new jobs, side hustles, etc.). If you are happy with your current income, don’t take it for granted—and don’t assume there will always be more money coming in.
Saving money now is worth more than spending money later
On the subject of saving versus spending: A lot of retailers may start offering significant sales and discounts as a way to entice shoppers to start spending again—but buying something at a bargain may not be the smartest financial move.
You have good safety nets. Still, we encourage you to cut expenses and save every dollar for the next 30 days. Then, reevaluate.
Try budgeting for 30 days, then reevaluate
If you’re worried about how long your money might last during the pandemic and/or a potential recession—or if you’re simply unsure about what you should be doing with your money right now—I recommend taking the Money Moves Quiz from online financial counseling service SmartPath.
Once you know the answers to these questions, you can reconsider and refresh your budget for the next 30 days. Continue to budget, reflect and repeat while saving as much money as possible—because whether you feel financially secure or financially anxious, right now it’s essential to start preparing for an uncertain future.
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