Lately, there’s been a lot going on in the news that can feel somewhat chaotic. From the changes in the government to return to office and to inflation ticking higher, how can we find comfort. There are worries of tariffs causing prices to rise. The cost of groceries are going up. Your money isn’t taking you as far as it used to. What can you do to help ease worries through these times of worries? Have a backup plan.  

A backup plan is your “what will I do when things start to crumble?” Well, financial stability is certainly a key factor to help build that backup plan. Without financial support, any backup plan will not be sustainable. What are some of the things that worry you?  

• Job stability 
• Return to office 
• Rising consumer costs 
• Politics 
• Interest rates 
• Inflation 
• Unemployment 
• No savings 
• Debt 
• Being laid off 
• Health concerns 

To ease your anxieties, what could be a backup plan? How about, if you were to get laid off and you had enough savings to last you 2 years to get you buy? What about learning a new skill so that if something were to happen you can land a new job? How about cutting back on everyday spending and spending less on the wants and focus on the needs which will help you keep money in your pockets. What if you built a side hustle that generates income that will supplement your primary earnings in case anything happens with your job? Build up your investment portfolio so you can access whenever you need to. Possibly downsizing your home would be an effective backup plan and/or relocating to a lower cost of living.  

The ideas I just suggested have one thing in common. They all involve money. This means that in order to have a solid backup plan you have to be on good financial foundation. Do you have debt with accruing interest? Do you have loans? Are you living paycheck to paycheck? Do you have enough savings to last you 6 months, a year, or two years? Without this, you’ll likely have less confidence to tackle life situations.  

Personally, if I were to be laid off today I would not be in panic. Here’s why. 

• I don’t spend on things I don’t need 
• I don’t have any debt 
• I am able to pay all of my bills on time in full 
• My mortgage is paid off 
• I have a diversified portfolio with good dividend yields 
• Every extra dollar I have is put into either savings or investments 
• I have a real estate investment that produces additional income 
• I don’t live above my means 
• I try to limit my expenses 

My backup plan is to make sure I have the financial confidence so that I can survive any crisis or I can pivot my life when I need to without worrying. In order to do that I needed to get my financial foundation in place which I feel confident I have. This doesn’t happen overnight rather it is a journey and will take time. There is a mental shift and mindset change you have to train yourself. I have a backup plan. Do you? If not, start building one so you can also be confident to meet any challenging situation. If you are interested in following my journey and their journey, follow them on Instagram and email subscribe to get alerts of latest posts or follow me on Facebook, Instagram, and Pinterest.