If you don’t feel like the month of September has metaphorically keyed your car, you are not invited to read this newsletter.
If you’re still here – holy f*ck. I’m with you. And, luckily, with good news at that. Mercury is in retrograde! I repeat! It is all Mercury’s fault! In searching for validation for feeling so upside down and backwards, I stumbled upon this astrologer on Reader’s Digest (credible) who claims:
“Mercury is the winged messenger of the gods in [Roman] mythology. That imagery indicates the intellect, because we use our intellect to communicate: writing, spoken word, email, contracts, agreements, etc. The planet closest to the sun is associated with conveying messages, as well as means of conveyance (i.e., transportation). So, while a Mercury retrograde may get you into an argument with your significant other or delay your train, it’s not the reason your toaster broke this morning.
Odds I can send this to my boss as evidence I can’t write anything worthwhile until October 1st? Men in the financial industry love astrology.
In any case, and as my jacked-up spin instructor would yell, the only way to go forward is to go through. So, I’ve put together an adorable how-to-check-in-with-your-financial-life-and-mitigate-stress list to combat some of this retrograding Mercury business…
4 tips to increase your financial resilience:
- Check how you’re doing (but in a real way, don’t lie to yourself)
Before letting your financial stress materialize as just avoiding your credit card statements at all costs… Get a reality check on your current accounts. If you’re worried about what this will look like, I recommend red wine or whiskey.
This check-in can include:
- Reviewing your budget to make sure you’re still able to cover essential expenses
- Reviewing your credit card statements to confirm there are no surprise transactions and you’re able to pay all balances
- Checking your progress on short-term savings goals (vacation to Portugal? Emergency fund? Things like that…)
- Meeting with your financial advisor (if you are your own financial advisor that is such a cool girl move – have a meeting with yourself) to confirm your progress on long-term investment goals
This little check-in can help you focus on your next steps and see what needs to change, if anything at all. The devil you know and all that…
- Redefine your personal financial goals
Are you included in your own financial goals? Not to be that girl, but seriously, what’s the point of aggressively saving for a million-dollar 800 square foot apartment in Vancouver if the person who’s going to be in it isn’t happy? Instead of changing your financial plan, you might want to make sure your personal needs are part of your budgeting.
For example, do you have enough money allocated for the things that alleviate stress – my go-to’s are yoga and therapy but if a metal concert or Barry’s Bootcamp class is what does it for you – to each his own. (But we probably aren’t friends because I think Barry’s is insane).
If you’ve discovered you’re doing much better than you thought, you might be able to budget for a few more personal extravagances. (But also, if you’re doing “much better than you thought” I already told you, you’re not allowed to read this newsletter. This is a pity party).
It can be overwhelming to be working towards several financial goals at the same time. For instance, I’m saving for an imaginary 2-month trip to Portugal, a loft, my retirement, my magnum opus film, and a pair of highly coveted, unrealistic boots. These are not all immediate, relevant goals. As much as it may hurt, reducing the number of goals you have at the current moment can help you be more focussed and less stressed.
I am expert at lying to myself. A real “everything is fine!” type as there are explosions going off behind me. Be honest about the areas you can adjust. If you’re making large contributions to your retirement fund but having trouble paying essential monthly expenses, that’s something you can change.
- Make your budget work for you!!!
I feel like an actor on the Disney channel who has 500x too much energy for this world.
If you’re having trouble meeting your essential spending needs:
- Rent or mortgage!
- Groceries!
- Prescriptions!
- Other absolutely thrilling things that I love talking about!
Then it’s worth reviewing your current spending and savings goals…
If your day-to-day expenses have risen but your income is the same (f*ck), then it may help to:
- Look for non-essential expenses you can reduce (an $8 matcha latte is an essential expense, don’t worry)
- Prioritize your savings goals or spread out the frequency of your contributions
- Reduce your monthly savings contributions until your income situation changes
- Look for other ways to save – if you’re a normal person with a normal job, you could earmark your tax refund for your retirement savings! If you’re a freelancer, I’d love to drink away my sorrows with you in April.
- Talk about your financial stress
Fun little fact: problems often feel more manageable if you know you’re not alone facing them (aww!). This is why none of you stable people are allowed to be reading this right now.
If you’re having trouble managing things on your own, find someone — or a few someone’s— who can listen. (I am working on taking my own advice here).
It’s not unusual to have setbacks in your financial life.
In fact, if you don’t, again, f*ck you, you’re not invited to be reading this. The path to financial resilience looks a little different for everyone. If you’ve found yourself drifting away from your goals or falling into unhelpful habits, you can still get back on track. Ultimately, your money should help you live the life you want — both now and in the future.