In most instances, humans, by nature, prefer to be in control. This is particularly true when it comes to our funds and daily activities. When we’re thrown into an uncertain situation – say, a global pandemic, for example – it can be easy to feel like we have completely lost control. This can lead to a lower sense of well-being that isn’t much fun at all.
While we technically have lost some control thanks to the lockdowns, changing global landscape, and economic fluctuations, we do still have a decent amount of leverage on a personal level. Today, we’re looking at how to exploit that leverage to feel more secure in uncertain times.
Switch to a Self-Managed Retirement Fund
While it may seem odd to suggest taking on extra responsibilities to deal with stress, switching to a self-managed retirement or superannuation fund can help you feel more in control of your future.
While you’ll obviously want to do this with the assistance of an SMSF accountant or other relevant finance professional, making the switch can be empowering as it allows you to control exactly where your money is going and what it’s doing.
Have an Emergency Fund
This may be easier said than done if you’re currently living paycheck-to-paycheck, but having an emergency fund can help you feel more secure. The general advice when it comes to saving is to put aside a minimum of 10% of your income, and we suggest applying this to your emergency fund until you reach your goal amount.
For example, if your income is $1000 a fortnight, you would place $100 in long-term savings and $100 in your emergency account, then live on the remaining $800. This is, of course, an ideal situation, and your contributions to your emergency fund would generally cease once you have enough in the account to feel comfortable, but whatever percentage works for you is better than nothing, so get started with whatever you can.
Get on Top of Your Taxes
With tax time having just passed, you’re probably not thinking about anything in relation to taxes other than your return, but by getting on top of things early, you can avoid any surprises later on, thus improving your financial security. If you’re unsure how to do this, it’s time to find a trustworthy tax accountant to get the ball rolling. You may even be able to increase next year’s tax return simply by getting organized early, so it certainly pays to be prepared.
Practice Self-Care
Finally, there is a certain amount of peace that comes from accepting whatever is going on around you. We’re not saying that you should just sit back and let life happen, but we are saying that accepting that which you cannot change is freeing.
Get into the habit of practicing a little self-care each night, even if it’s something as simple as switching on an aromatherapy diffuser and inhaling its calming scent while you shower. While this won’t technically give you any more control than you had previously, taking the time to look after yourself will help improve your well-being and reduce your stress levels, even if the world around you is a mess.
If we let it, uncertainty breeds further uncertainty and stress, but it doesn’t have to be that way. Following the tips in this article won’t magically make everything go back to the way it was in 2019, but it will help you feel more secure, and any step in the right direction is a good one.
The post Surviving Uncertainty – 4 Tips to Help You Feel Secure in Uncertain Times appeared first on Greetings from Beacons.