Strategies for Managing Money During a Strike

Our family is currently experiencing my husband being on strike and the uncertainty sucks! Deja-vu to 2020 again! Fortunately we have some temporarily solutions to keep us afloat during this swell time.

Managing your money during a strike can feel like trying to balance on a tightrope while juggling flaming torches—stressful and slightly dangerous! But fear not! With the right strategies, you can navigate this tricky time like a pro.. Here are some practical tips to help you maintain financial stability:

1. Budget Like a Boss

Start by assessing your current financial situation. List your income sources and essential expenses. A clear budget will help you prioritize spending and identify areas where you can cut back.

**If you are currently experiencing a drop in income, and don't have an emergency fund, then you can temporarily stop investing and saving until the strike is over. **

2. Build an Emergency Fund

If you don’t already have one, try to set aside some money for emergencies. This fund can provide a financial cushion during a strike, covering essential expenses while you navigate the situation. Remember that emergency fund is for such a time as this!

3. Cut Non-Essential Expenses

Review your monthly expenses and identify non-essential items that can be temporarily eliminated. This might include dining out, subscriptions, or entertainment costs. Get creative with meals and

embrace your inner chef! Who needs takeout when you can whip up a gourmet meal from whatever you have in your pantry? That can of beans and half-eaten bag of chips? Voilà! You’ve just created a new culinary masterpiece: “Chips and Beans Surprise!”

4. Seek Alternative Income Sources

Consider finding temporary or freelance work to supplement your income during the strike. This could include gig jobs, part-time positions, or utilizing skills you have for freelance opportunities.

Organize your storage room or garage and start selling your unused treasures that you forgot you even had.

5. Communicate with Creditors

If you anticipate difficulty in making payments, reach out to your creditors. It never hurts to ask and many are willing to work with you to create a manageable payment plan or defer payments during tough times. Just be aware that a deferral may cost you more interest in the future. Sometimes, the creditors forget to mention that detail.

6. Access Community Resources

Look for community resources that can provide assistance, such as food banks, financial counseling services, or local charities. These resources can help alleviate some financial pressure. There is no shame in using these resources. This is their purpose!

7. Stay Informed

Keep updated on the strike situation and any developments that may affect your job or income. Being informed can help you make timely decisions regarding your finances. But don't become too obsessed and start checking your email every hour. Stick to once a day!

8. Stay Positive!

Remember, this too shall pass. Keep your chin up, and try and see this as an opportunity to re-evaluate some of your financial matters. Good luck, and may your budget be ever in your favor!

9. Focus on Long-Term Financial Goals

While managing immediate needs is crucial, don’t lose sight of your long-term financial goals. Use this time to reassess your financial plans and consider ways to strengthen your financial health once the strike is over.

By implementing these strategies, you can better manage your money during a strike and emerge stronger on the other side. Remember, it's important to stay proactive and focused on your financial well-being.

Now Go and Be Intentional with your current resources!