• Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer
  • Home
  • Meet Mêtis Money Matters
  • Getting Started Series
    • Your Personal Finance Journey
    • Bettering Your Budget
    • Fundamentals of Life Insurance
    • Establishing an Emergency Fund
    • Saving for Retirement 101
    • Be Intentional with your Investments
  • Opinion
    • Book Reviews
    • Product Reviews
  • Personal Finance
    • Budgeting
    • Investing
    • Retirement
    • Saving Money
  • Privacy Policy & Disclosures

Mêtis Money Matters

Everyday Family Finances

You are here: Home / Personal Finance / A Practical Financial Strategy during COVID-19 (or any emergency)

A Practical Financial Strategy during COVID-19 (or any emergency)

Last Modified: October 6, 2021 by: Tim MBA, ALMI, ASRI

Being prepared, washing face masks, is part o fa practical financial strategy during covid 19 (or any emergency).

Are you financially and practically prepared? Here are 8 Steps to a Practical Financial Strategy during COVID-19 (or for any emergency!)

Personal Financial Wellness: Assess Your Current Situation

Table of Contents

  • 1 Personal Financial Wellness: Assess Your Current Situation
    • 1.1 A Good Practical Financial Strategy starts with an Honest Self-Assessment:
  • 2 Put your Refined Financial Strategy Into Action!
    • 2.1 A Good Practical Financial Strategy continues with these next 4 Questions:
  • 3 Stay Safe, and Stay Focused!
    • 3.1 Share this:
    • 3.2 More related content, please!

Remember, before any of us can be of any sustainable and productive help to those in need (family, friends, even immediate family) they need to have a practical financial strategy as a bedrock and the base of their plan. That is where the application of Mêtis comes into play. This isn’t just for finances! You need to prepare in a practical sense as well.

Here are some considerations to review, and to start working towards if they aren’t already in place. Keep in mind, this is the same progression recommended for just such an occasion as this pandemic. If you don’t have this outline in place, consider starting right now. If this is something you’re already working on, keep it up!

Fan the flames and accomplish your goals! Put these 8 Steps to a Practical Financial Strategy to work during COVID-19. With these in place, you’ll be well on your way to thriving during this difficult time.

A Good Practical Financial Strategy starts with an Honest Self-Assessment:

Honestly, and I mean very candidly ask yourself these 4 Questions and rate your progress:

  1. Do you have a functioning, well-written budget setup? 
    • What areas are working and what areas are lacking? (Keep in mind, there is always room for improvement).
    • Take stock of what works, be encouraged by progress, and then take the next step).
  2. Do you have an emergency fund with enough for an emergency? 
    • A lot of people are going through very difficult times on the job front especially during this period of uncertainty. Remember, anyone could lose our job in an instant.
    • Do you have some money set aside to keep yourself afloat? Personally, I used to think “that’s what credit cards are for!” I propose that is not a great idea because eventually those credit cards are due. If you don’t pay them when they become due, you’re now in a double-emergency!
  3. Are you drowning in credit card debt? What about non-mortgage debt? 
    • While easier to identify and call out, dealing with them is hard work. Make some hard choices. If you are struggling with credit cards – STOP USING THEM.
    • No time like the present to roll-up your sleeves and get started. Cut all non-essential spending (good-bye cable, down-grade the phone plan, don’t go out to eat, etc.) and you’ll be there soon enough! 
  4. If you qualified for the government stimulus and/ or got a tax return what did you do with it? 
    • Was it put to good use, productively employed? Check out my post on bonuses!
    • This one hits home for a lot of people. I remember several years ago my wife and I realized that we were basically just treading water each year. Money-in… Money-out for a shiny new something… Rinse and repeat. Don’t fall into the trap!

Put your Refined Financial Strategy Into Action!

Now, based on those responses you are ready for this next step. Action, my friend!. The next point is near and dear to me, and while not directly related to money per se, it is related to Mêtis: preparedness.

As we look at these next 4 Questions, think about being prepared in a practical physical sense, in addition to being financially prepared. Some of this comes from my time in the military; some of it is from my hobbies of being prepared, survival research, and my love for being outdoors. (Note, this is a quick-start, and not intended to be exhaustive.) In all things remember, being financially prepared will in turn allow you to be more prepared on all other fronts!

A Good Practical Financial Strategy continues with these next 4 Questions:

  1. Being Prepared: Do you have a good 3-6 month supply of essentials?
    • Food, water, toiletries; the basics
    • Basic tools around the house for repairs and maintenance
    • Some extra cash
  2. Get that budget setup! If you’re already proficient on that topic, take a look at areas you can improve based on question #1.
    • Read a book on budgeting or another topic of interest.
    • Give a little more to charity
    • Look for new ways to save a few bucks
  3. Be ready to invest some money
    • If you’re already strong on the budget and are giving back in time and charitable donations, then think about how you can invest strategically for the future by taking advantage of the opportunities when they arrive.
  4. I’ll conclude with you spiritual and mental state (that is not to say it is the least important).
    • These are unprecedented times – make time to be thankful with you family and loved ones. Together, think about what you have, be genuine, and say it out loud.
    • Make some memories doing something you’ve never done!

Stay Safe, and Stay Focused!

Thanks for checking out this article! I hope this was helpful, thought-provoking, introspective, and encouraging. Remember, keep Mêtis in Mind by implementing these 8 Steps to a Practical Financial Strategy during COVID-19.

Challenge your thinking by asking: “What are you doing today to better yourself, your family, and those you care about?” Life doesn’t ask permission before throwing a curveball our way.

Share this:

  • Share
  • Twitter
  • Pinterest

More related content, please!

Tagged With: Family Finances, Opinion, Personal Finance, Filed Under: Budgeting, Opinion, Personal Finance

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

About us

Tim is passionate about uncovering and sharing family finance truths! His blog is designed to support you on your financial journey and seeks to promote a realistic and practical implementation of money matters. It is infused with the desire to help and to spread financial knowledge so that others can find financial freedom and independence for their families. Read More…

Getting Started Series

family standing in the sunset

Family Finances reinforced by Family Financial Planning

Family Finances are important and should be given careful thought and consideration. Have you thought about Family Financial Planning, or using a … [Read more...] about Family Finances reinforced by Family Financial Planning

money growing in investments

Be Intentional with your Investments

Being intentional with your investments is critical. Intentional wealth building begins with you, my friend. Here's what helped me, and I hope they … [Read more...] about Be Intentional with your Investments

couple sitting on park bench enjoying retirement

Saving for Retirement 101

In this post, our blog covers essential information on Saving for Retirement. Start today, and carefully consider the tools at your disposal. You’ll … [Read more...] about Saving for Retirement 101

More Posts from this Category

BOOK REVIEWS

copy of extreme ownership and cup of coffee

Looking for a way to ignite motivation, and take command of your finances? Use the concepts of Extreme Ownership to take control of your individual … [Read More...] about Extreme Ownership: How U.S. Navy SEALs Lead and Win – Book Review

my copy of beginners guide to bitcoin and cup of coffee

Matthew Kratter’s ‘A Beginner’s Guide to Bitcoin’ is an excellent resource. At the time of this book review, Mr. Kratter is quite bullish on Bitcoin … [Read More...] about “A Beginner’s Guide to Bitcoin” by Matthew Kratter | Book Review

my copy of the beginners guide to the stock market and cup of coffee

The Beginner’s Guide to the Stock Market is a fantastic introductory resource for anyone looking to add stocks to their family’s finances. Find … [Read More...] about Matthew Kratter’s “A Beginner’s Guide to the Stock Market” – Book Review

Featured On

Modest Money Top Finance Blogs
Camp FIRE Finance logo

Secondary Sidebar

Join our Community

Get the latest blog posts, and updates sent right to your inbox!

Please wait...

Thank you for sign up! 

Categories

  • Getting Started Series
  • Opinion
    • Book Reviews
    • Product Reviews
  • Personal Finance
    • Budgeting
    • Investing
    • Retirement
    • Saving Money

Tags

401(k) 529 Plans Annual Budget Bitcoin Bonuses Book Reviews Budgeting Career Checking Accounts Christmas Budget Credit Cards Cryptocurrency Debt Due-Diligence Emergency Fund Estate Management Family Finances Finance Journey Financial Goals Getting Started Series Health Savings Account Holiday Finances Inflation Investing Life Insurance Managing Finances Motivation Net Worth No-Spend Challenge Opinion Passive Income Personal Finance Product Reviews Psychology of Investing Retirement Roth IRA Saving Money Silver Social Security Stock Market Student Loans

Footer

CATEGORIES

  • Home
  • Meet Mêtis Money Matters
  • Getting Started Series
    • Your Personal Finance Journey
    • Bettering Your Budget
    • Fundamentals of Life Insurance
    • Establishing an Emergency Fund
    • Saving for Retirement 101
    • Be Intentional with your Investments
  • Opinion
    • Book Reviews
    • Product Reviews
  • Personal Finance
    • Budgeting
    • Investing
    • Retirement
    • Saving Money
  • Privacy Policy & Disclosures

Archives

Follow us on Social Media!

Join our Community

Get the latest blog posts, and updates sent right to your inbox!

Please wait...

Thank you for sign up! 

Copyright © 2023 · Mêtis Money Matters, LLC