Managing money in uncertain times: practical tips on how to reduce spending and diversify your income

Whether you’re dealing with money problems, facing financial uncertainty or simply feel overwhelmed by the economic situation right now, these tips should help you to feel more in control.

1. Try not to panic: “Count with me. 1, 2, 3, inhale … 1,2,3 exhale. Breathe,” Smart says. “We are all in a state of chaos, but you should not panic even if you think everything is coming crashing down. Allowing your mind to be free may be exactly what you need to think about new strategies to make an additional source of income or to cut costs.”

2. Give yourself a break: “Do things that take your mind off your money problems,” Smart recommends. “It’s important that you don’t let yourself spiral into a state of sadness or depression which money problems usually cause. So to combat this, do fun activities like painting, get on the phone to your family and friends and maybe even binge-watch your favourite TV show. Staring and panicking about the problem won’t make it go away but taking a break from it might give you fresh eyes and perspective.

3. Make a plan: “If you still have a job, that’s great – but you should still make a plan to save as much as possible over the next few months,” Smart says. “Ask yourself what the most important next step for you is. Is it calling your bills provider to negotiate a different plan? Is it sitting down to write a short e-book on marketing you can sell on social media? What’s your immediate next step – that’s what you should focus on right now. Then make a plan on the other steps that follow.”

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