It’s been a little while since I’ve written on the blog, I’m still getting back to it after we had our child, but I want to say I appreciate all of you for continuing to check out the podcast and read older articles!
The last few podcasts (which I’ll link to below) have centered around one concept; change. Change is constant, but lately it feels almost unrelenting so I wanted to give you all some tips on how to adapt when the world doesn’t seem to want you to keep up!
No matter the situation you’re in, change is hard but I’ve found that when those moments of change happen, and you don’t deal with them is often when folks get into the most trouble.
Life happens, and sometimes what happens is negative, you get injured and can’t work, you lose your job, any number of things can dramatically change your world. As well, with the mountain of changes coming with inflation and interest rate increases we’re all in a very different world now then we were five years ago.
That’s why it’s so important to have a regular routine for keeping on top of your finances. If you can look ahead and see how your day to day expenses are going to change then you can prepare before hand. If you know your mortgage rate is increasing this year, you can take steps to address it before hand.
Often the differentiator between ending up in a bad financial situation and a positive one is how you handle change. The hardest part of inflationary times is the uncertainty, it’s harder to plan and thus harder to adapt. However that doesn’t mean it’s not worthwhile.
Here are some questions to ask that will help you take stock of where you stand today:
- Are you expecting your income to not keep up with higher inflation?
- Will your mortgage rate change in the next year?
- Are you carrying any variable rate debt?
- Will you be facing a change in family situation? (new child being born, child going to post-secondary education etc.)
- Will you need a new vehicle or other large expense?
- Are you in the middle of a large project for example a home renovation?
If you’re going through that list and find yourself answering yes to any of these questions then you’re facing potential challenges to your financial situation. The more you answered yes, the more difficulty you’re likely to face.
No matter the situation you find yourself in being prepared before hand will always be better then stumbling ahead without a plan. Some of the answers to those questions might require some time and consideration to figure out and put in place. Don’t leave yourself scrambling deal with it all before it gets out of hand, and you’ll thank yourself later.
If you’d like to learn more about how to deal with any of these situations you can check out episodes 29 and 31 below:
https://spotifyanchor-web.app.link/e/o7dD8lvePwb https://spotifyanchor-web.app.link/e/o7dD8lvePwb