It’s been a rough few weeks, and sadly it doesn’t look like things will be getting any better for a while. The pace at which everything has shut down has surprised me, and what’s crazy is how both the speed of how fast it’s spreading along with the speed of how fast mandatory quarantines are occurring. I’ve personally been doing a lot of reflecting in this time, around the world economy, the world in general, my personal finances, and how I personally and us as a society will move forward. What I’ve also really been thinking about is how I can help others during this time. I see lots of people in need around me, and I feel like you do to in your own community. I think that during this crazy time, we have a real opportunity be help others, and we should! Here’s some of my thoughts, but please comment if you have other ideas!

First put on your own oxygen mask before assisting others

I’m a huge fan of traveling, and if you’ve ever flown, you’ve likely heard during the safety announcement the phrase, “in the event of an emergency and oxygen masks fall, first put on your own oxygen mask before assisting others”. That phrase has always stuck with me, and I think it’s a great analogy for how we should operate in the time of an emergency or crisis. I think that for me (and you) to be effective and help, we first need to make sure we are in a good (or decent spot). Whether, this is financially, emotionally, healthy or something else, being in a good spot for you is important. 

So, in the midst of all this, make sure as best you can you’re taking care of yourself. Get a good night’s sleep. Exercise; whether it’s going for a run, using equipment you have around the house, or doing body weight exercises (you’d be amazed at how much burpees suck but the results they yield). At a minimum, get outside and walk. Set a step goal for yourself and try to achieve it! Try to get some fresh air and vitamin D daily. Find a way to reflect, meditate, or pray. Also, as many of us are likely working from home, try to stick to a schedule. Have a set time that you’ll open your laptop and then close it. Don’t keep working just because it’s convenient or you don’t have much else to do. Read books, watch TV, work on a hobby, clean the house – find something to keep you occupied! 

Definitely keep your financial house in order. First and foremost – make sure your emergency fund is stocked. Ideally your emergency fund is 6 months of expenses, 3 months is fine, and if you don’t have any of that, start with a goal of $1,000. A scary stat from last year was that 60% of Americans couldn’t survive a $1,000 emergency. This sobering statistic will sadly be seen here in a few weeks, if not seen already. Unfortunately layoffs will occur, and although I think once this blows over we’ll be back to full steam ahead, but in the interim things may get rough. I’ll say it again – if you don’t have an emergency fund right now – prioritize getting one started! Open a separate savings account (online banks pay more interest FYI) and start stashing money. Don’t let a financial emergency derail you! 

Also, I realize that people will get laid off during this troubling time. Hopefully you have an emergency fund to fall back on, and/or can collect unemployment. The normal side hustles I’d recommend (working for: Uber, Lyft, DoorDash, Grubhub) might not be as accessible right now, but worth considering. (I do have a referral link with Lyft that if you’re trying to sign up, I’d appreciate you using my link). Get creative, do research online, figure out your options and find something to make it work! Of course if you are in a financial bind, really consider scaling back your spending. There are two ways to improve your financial situation – either earn more or spend less. 

If you are in a good spot once your put your own oxygen mask on, then I would recommend trying to help others. This is a very unique, very scary, worrisome time, and if you can do a little good to help, do it! Let’s explore two types of ways to help out: 

Ways you can give back financially

Assuming you are financially able to, I would recommend still spending money where you can, at stores you love. Although many businesses are hurting right now, I’d imagine that it’s the small businesses that are really hurting and may not have the resources to fully weather this storm. If you’re still receiving a regular paycheck, please consider spending where you can. Whether it’s buying a coffee or bag of coffee from your local coffee shop, grabbing takeout, ordering delivery, or even buying a gift card – anything can and will help! For example, we walked to coffee earlier this week (at an appropriate social distance), I’m grabbing a 6-pack from a local brewery that put out a desperate post, we had a BBQ restaurant load up a truck and stop by our neighborhood, we grabbed 2 sandwiches, and I’m also doing takeout tonight.  I’ve seen some stuff on the internet on ‘tipping the total’ – which might be a little more than I feel like I can afford, but perhaps you’re in a different spot than me, but regardless be as generous as you can.

Also, I’m sure you have a lot of services in life, and many of them may be small businesses. Consider continuing to pay them during this difficult time. If you belong to a gym (Crossfit in case I’ve never mentioned it), keep your monthly membership active (my gym actually let us borrow equipment). Same with daycare, a cleaning service, as well as any other regular charitable donations you make.

Of course make sure your own financial house is in order, and then keep spending as you’re able to! A little bit here and there can really go a long way. 

Ways you can give back non-financially 

Perhaps you’re not in as good of a spot financially, or just are looking for other ways to give back. The good news is that there are plenty of other non-financial ways to help out too. Peruse your local neighborhood or condo Facebook group to see if anyone is in need. Perhaps you can pick up groceries or prescriptions for a neighbor that’s not able to go out. Perhaps it’s taking out the trash, or cutting someone’s grass. Maybe it’s just calling family members and friends more often to spread some cheer. For example, my grandmother lives alone and has been affected by this quarantine pretty hard. She is higher risk and also my grandfather lives in a nursing home and she hasn’t been able to visit. So, BabyMoneyFinance and I face time NanaMoneyFinance everyday to check-in. She really seems to appreciate it! Stay alert, stay kind, give grace and help out neighbors in need! 

It’s a weird and crazy time we’re in. However, we’re all in this together. If you need help, reach out to others to ask for it, and if you’re able to give help, be sure to lend a helping hand! 

I’m not sure how much I could help at a time like this – but I’ve got lots of good financial guides available, and I dropped the price to $0.99 for all of them. I also offer 1:1 financial sessions which I’ll do for free during this crazy time – just reach out via the Contact Us page! Stay safe out there!