Manage Money in a Crisis
This course focuses on managing life’s transitions and major events. Because the effects can be wide-ranging with respect to your financial planning and your well-being (and the well-being of your dependents), SAM suggests using these guiding principles as a backdrop for making decisions during periods of transition:
- Control your spending. Transitions can often put your mindset into a “whatever it takes” approach. If you feel out of control or like you aren’t thinking clearly, ask someone you trust to be your second opinion before making big spending decisions. It’s OK to ask if you need help managing bill payments and daily spending. You might automate payments to lessen your stress.
- Continue saving. Events can and will happen. Keep saving in anticipation of future needs. You also might create auto-transfers to your savings account so that your savings continue to grow without much effort on your part.
- Avoid new debt if possible. Be mindful of your borrowing and continue to pay down debts as much as possible.
- Invest in yourself. Prioritize your current and future needs. If you deplete your own savings and earnings, then you will not be able to help anyone else.
- Protect what you have. Protect yourself and those who depend on you with sound advice and guidance. Insurance and emergency savings can be very helpful in a crisis.
Refresh Your Financial Knowledge
Visit SAM’s Money Basics courses to learn more about spending and saving, credit and debt, insurance, investing and employment.