Mentally Prepare For The Coming Economic Crisis

By now, we all know that an economic crisis is looming and that few will be spared from its effects. This is not the time to deceive ourselves, but rather to prepare ourselves in the best way for what is to come, although this coincides with a global moment of generalized fear and limitations due to quarantine.

Although mostly adverse, the effects of the crisis will be individual. However, basically (speaking of the wage earner) one of two scenarios will have to be faced: the total lack of income due to unemployment, or bankruptcy of enterprises; or the significant reduction in income.

An economic crisis is a problem in the material sphere, but also a strong effect in the emotional sphere. One is closely related to the other and both fronts must be assumed to cope with the situation in the best way.

Here are some guidelines that may be useful so that the situation does not become excessively problematic for you.

First thing to do: keep and cultivate calm

Faced with a problem as serious as the one that affects all of humanity today, the first thing to do is to remain calm. Of course, it is easy to say and very difficult to do, but in reality it is very important because unbridled anxiety or uncontrolled anguish  only leads us to make mistakes.

Even if it is not our strong suit, it is time to be patient. And patience means “wait in calm.” There are and there will be difficult moments, which are beyond our desire and our possibilities of control. It is a good time to find means that allow us to regain serenity, when we feel that it is escaping.

The tools most at hand in the current situation are meditation  and exercise. If you don’t know anything about it, it’s a good time to find out. They are expeditious ways to regain control of emotions and avoid falling into states of mind that do not help us at all. A calm mind, think better and execute more efficiently.

Find out about the aids

In one way or another, and even with serious flaws, the truth is that there are government entities, and even private ones, that are looking for a way to help alleviate the economic crisis. So a good starting point is to find out what offers are on it.

Most likely you will not find a perfect formula, or something that completely solves your situation. However, every contribution that you can access counts and counts for a lot. From stores that offer discounts on some products, to government programs to serve the hardest hit segments.

Likewise, it is very likely that as the situation progresses, new alternatives will appear. This can be expected to be the case, as many people are affected and this will lead to new relief programs. Do not expect them to be ideal, but they can improve your situation somewhat.

Austerity to cope with the economic crisis

These are times of austerity, even if you are not yet feeling the effect of the economic crisis. The prices of many consumer staples are expected to rise, and this will hit a lot of people’s pockets. Therefore, it is time to tighten the budget as much as possible.

The best criterion is to buy only the essentials. This is not the time to invest your money in luxury goods or accessory products. Saving is worth it, even if you have limited income.

More than ever, an emergency fund can make a difference at any given time. Don’t despise saving, however modest it may be.

Explore new alternatives

For now, and especially for those who have lost their jobs, it may be necessary to change lines of work. Although the crisis makes some tasks impossible or useless, it is also true that it creates new needs.

Ultimately, people in quarantine continue to have diverse needs, each of which can be the seed of an opportunity. Be careful, there will probably be no opportunities to make a great fortune, but there will be opportunities to find new sources of income. You can identify this by observing, researching and analyzing.

The most important thing, in any case, is to assume a change that is inevitable. Do not nurture ideas such as: “I want everything to go back to the way it was before”, or “it was fine and not now.” Although both postulates are true, it is not worth bothering you for what was and is no longer. Help yourself to look ahead, with patience, but also with hope.