When money is tight and uncertainty looms, it’s easy to feel overwhelmed.
Financial struggles can be stressful, making it hard to see a way forward. But even in difficult times, to build hope is still within reach.
The key is to focus on what you can control.
Small, steady steps – like creating a simple budget, building an emergency fund, and setting realistic goals – can bring a sense of stability when everything feels chaotic.
Finding creative ways to cut costs, embracing free activities, and leaning on loved ones for support can also make a big difference.
This article will walk you through seven simple but powerful ways to build hope and regain control of your finances.
No matter where you are right now, you can create a path toward financial peace. Let’s explore how to stay strong, stay positive, and move forward – one step at a time.
7 Ways to Build Hope in Tough Financial Times
1. Maintain the basics.
When unpredictable financial times come about, focusing on the simplest things are important.
If you’re worried about your finances, stick to the basics, like paying your bills, not splurging on big ticket items, maintaining your savings and not going any further into debt if you are in it.
Weathering the storm is your top focus. However, there are basic financial principles that you can still follow to make sure you are stable now and reassess bigger goals later in the year.
2. Set a simple budget.
Setting up a simple and easy to maintain budget can go such a long way.
This can help you with a level of certainty to know that your basic needs are being met. Don’t complicate your budget because that can cause more stress. Find out your basic cost of living.
Your cost of living will include your:
- rent/mortgage
- electricity
- transportation
- food
It’s just the basics. Budget for these basics and everything else can be put towards your savings or to use for another spending. If you know your basic needs are met, then you can feel more at ease.
3. Add to your emergency fund.
If you’re doing a simple budget, all of the money you’re not spending on your basic needs can be put into an emergency fund. During these challenging times, it’s crucial to have an emergency fund to put your mind at ease if you really get stuck.
Try to set up your emergency fund sooner rather than later. If you can only save enough to cover one to two months of costs right now, that’s a great start!
Once you get the hang of it, you can slowly work on saving the recommended three to six months.
4. Set simple goals.
Give yourself a simple goal to work on for the near future.
This can be something like setting up your emergency fund or saving up for a certain expense you know you have, like your home owner fees or taxes.
Don’t set any goals that will be a challenge for you to reach or detract from the basic expenses that you have.
5. Maximize coupons and sales.
When handling your expenses, use coupons and sales for your essentials.
For example, grocery costs are high but join your store’s loyalty program to get access to sales on items you are buying and coupons.
This can help you save some money at the store and lower your overall cost of living. Lower costs can help reduce some financial stress.
6. Have fun with free.
Focus on the free things that you can do to have fun.
Activities and events don’t have to cost a lot – or anything.
- You can go to the library and find a new book to read.
- You can go to the park and walk around with your family.
- Find ways to have fun without spending a lot of money.
These can be new family traditions and activities that you look forward to on a daily or weekly basis. You’ll create memories and help save money.
7. Surround yourself with loved ones.
Family and friends can be the best way to lift yourself up.
Spend some time with those around you who make you feel good. They can be there for you when you are down and vice versa. Set up monthly or weekly get togethers with certain people that you enjoy being around.
This goes along with having fun for free but earned its own spot because isolating yourself during a challenging time can make things even harder.
You could also join forces with your loved ones. Sharing bulk groceries, pooling services, having pot luck meals, watching each other’s kids or pets so you don’t have to pay for services – support can come in many forms!
You Can Build Hope in Tough Financial Times
Focus on the areas that you can control.
You’ll find that these areas can give you the most peace of mind, as well as the most support. For example, basic financial principles are fundamental when there are times of uncertainty.
Setting up a simple budget, building an emergency fund, and setting a simple goal can help you feel a sense of under among all of the chaos. If you know your basic needs are met, you can focus on family and friends.
Do things with those around you that don’t cost a lot and find new traditions. Build hope – being around those you love can help during these times.
Editor’s note: This article was originally published Nov 22, 2022 and has been updated to reflect economic changes.
