![]() ![]() “Try to focus on your four basic walls: food and medicines, housing, transportation, and utilities,” Chesnok says. As recommended by Chesnok, I am on a "Bare Bones Budget", which hones in on what we need to survive. With everything closed, I wasn’t spending money on coconut margaritas or fancy dinners. I began by cutting my expenses in half, which wasn’t difficult. I knew I had to become more financially responsible in the midst of a pandemic. I am now among countless Americans that are unemployed. I had to find a way to bulk up my emergency fund and pay off my student loan debt despite uncertain economic times. I am fortunate that I did not lose my job back in March, although I am now among countless Americans that are unemployed. When the pandemic hit, I only had $1,200 in my emergency fund, and that wouldn’t even cover my rent for a month if I lost my job. ![]() According to Katia Chesnok, Personal Finance Educator and Money Expert, "a scarcity mindset deeply affects our relationship with money, because it creates a barrier between us and our future achievements.” My scarcity mindset dictated every poor financial decision, including racking up credit card bills, ignoring student loan debt, and hardly saving a penny. ![]()
0 Comments
Leave a Reply. |