3 Steps to Overcome Your Emotions During COVID-19

Welcome to the (almost) half-way point of 2020! Does that sound as weird to you reading it as it does to me typing it? Probably because if your year has looked anything like mine, that means a good chunk of it has been closed-off from the outside world. Let me tell you - the same view of my home office wall is getting boring. 

Not only has 2020 brought self-isolation but I’ve also had to let go of a lot of plans made. I’m going to guess you all have felt this one as much as I have. Vacations, weddings, graduations, birthdays, family get-togethers, and so much more are a few of the things we’ve had to hold off on - at least for now.  

There have been so many plans we have had to adjust in our personal lives. But is anyone talking about our financial plans? You may have gotten to this point in the year and realized you are behind in your financial plans. You may be experiencing frustration, disappointment, or even failure. Guess what? These are all normal feelings. When we set a goal, we celebrate when we achieve it. The journey leading up to the achievement is led by determination and hard-work. Well, the world has thrown a curve ball at our financial plans leaving many of us struggling to maintain our dedicated pace. It’s not that we have lack of determination or lack of hard-work. It simply comes down to the fact that something out of our control may be adding weight to our journey. Again, let me tell you that your current feelings are normal. Now, let’s discuss how we can navigate those feelings and get ahead of them. 

1. Accept That Plans Change

Whether you like this step or not, it is crucial. Just like plans change in our personal lives, our financial plans can change too. It doesn’t mean we did something wrong or right. Life changes and therefore, we should allow our financial plans to change with it. Let them be cohesive. Once you accept this, you can move on to the next steps with a positive and forward mindset. 

2. Allow Your Emergency Fund to “Do Its Thing”

I have found myself saying a lot that COVID-19 is something we will be telling our kids, grand kids, and great-grand kids about. The craziest of times are happening right now. If you are in need, you may feel hesitant to touch your emergency fund but let me bluntly remind you: those funds are exactly designed for uncertain times! Don’t be afraid to allow your emergency fund to do its thing. 

3. Revise Your 2020 Financial Plan

If you haven’t accomplished step 1, you may be turning and running right about now. If that’s you, run back to step 1 and then revisit this step. Maybe you are in a boat with many others where your income has been less than normal. Or maybe, you are in the opposite boat: you have received more than expected income and are getting closer to your goals. Either way, I want you to be reasonable with yourself and make adjustments to your goals and timelines where necessary. If you can realistically only accomplish a few goals out of your original list, prioritize and give yourself grace. If you have been able to crush more achievements than planned, stop and congratulate yourself! Whatever boat you are in, adjust accordingly and keep your head up. 

Obviously, I know this situation is what we least expected. Emotions may be feeling more intense and the continuing unknown doesn’t help. Focus on what you can control and keep moving forward. Remember: this is temporary. Use this time as an advantage to refocus your mindset to accept plans change, trust in your emergency fund, and keep powering away at your goals - even if you have to revise them. I want you to be able to look back at the year 2020 and say you hit a home run off of the world’s curve ball. I’ll be here, cheering you on all the way.