Achieving Financial Resiliency
Five Tips to Help You Bounce Back!
written by: Kathy Jo Pollack, Certified Life Coach, Trainer & Speaker
To help you achieve financial resiliency, consider these five tips. I know that as we strive to become more resilient with life’s often stressful challenges and complexities, being able to have financial peace of mind, may seem illusive. Maybe you are worrying about your future financial picture, especially with this economic downturn we have all experienced. These five suggestions may give you strategies to help you bounce back.
1. Continue to learn and grow. This is ongoing. Do not become stagnant with your finances. Stay abreast of the economic situation and be familiar with current rates of savings and lending. Schedule a meeting with your financial advisor to become more knowledgeable on your current and potential investments. Ask questions. Consider taking an accounting class or attending a money management seminar. Also, don’t forget about the basics. Have a monthly budget that lets you know what money is coming in to your household and what is going out. Investigate spending and learn about options that may maximize your money. Remember, we are trying to achieve financial resiliency! Never stop learning about your money.
2. Talk with someone who has weathered a serious financial storm. Whom do you admire for his/her financial resiliency? Why? Make a list of his/her traits and qualities and see how you can apply these to your life. You may consider someone who has coped with
financial stress
and lived through tough times. If the person is in the past or out of reach, consider researching for information on this person. We can always learn a lot from others who have experienced similar challenges. The past presents us with information for the future.
3. Anticipate potential economic changes in your life and be ready. Look at your life. Be pro-active. What is ahead? Create a checklist of financial challenges looming in your future. If you are losing sleep worrying about money, find ways to build an emergency cushion. If your child will be going to college soon, what financial arrangements have you made? Retiring soon? Are your finances in order? Stay flexible and be ready to make changes within yourself as well. Again, this is all part of financial resiliency. Try new things and remember that in order to change your routine, you need to stay with it.
4. Keep good company. If finances are weighing heavily on you, check your circle of friends both at work and in your personal life. Find positive, upbeat people with whom to associate. If the negative water cooler talk is fueling your own negativity, don’t go there. Take a break somewhere else. If your friend is constantly complaining about the money he/she lost in her retirement account, consider limiting the conversation and spend time talking with a friend who is more positive.
5. Realize that change is inevitable. Nothing stays the same. Do all that you can to think of change as an opportunity. In addition, realize that there are things you can control and things which you cannot. What is within your realm? We probably cannot change Wall Street, but we can have a realistic budget, build a savings account, and plan for retirement. Remember the power of a positive attitude, and also patience.
All of these
financial stress tips
apply not only to achieving financial resiliency, but to other stressful challenges in life as well. Realize that stressful challenges are a part of everyday life, and it is your choice how you deal with them. Once you have successfully weathered some tough times, you will find that you have become more resilient in life and stronger to handle what comes next. For further information about my work as a life coach, visit my website,
www.kathyjopollack.com.
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