When you live below your means, are debt-free, and have been investing in your future, it frees you to become the best possible version of yourself. You are in a position of strength. If your work disappears overnight (as it has for many during the COVID-19 pandemic), it allows you to not go into complete freak out mode. It allows you to gather your composure and to reset. You are ok. Now it’s time to plan for your future.
If you have been living paycheck to paycheck, and are feeling unusually stressed at this point in time, now is the time to reorganize your finances and put things into perspective. Can you find ways to earn more money (changing careers, working side jobs, or selling things around the house that you don’t use)? Can you find ways to cut your expenses (not buying/renting more house than you need, owning a car outright – even if it’s not as nice as you’re used to, cooking your own meals instead of ordering out, or just not buying things that you feel like you “deserve”)?
If you’ve never budgeted before, try it out today. See what you’re actually spending money on (maybe some subscriptions that you never actually use) and you’ll be amazed at how much money you can “find.” Practice living below your means and you’ll soon find out that it doesn’t feel like a life of deprivation. No, living below your means will actually free you, and you’ll be much happier in the long run.