How to financially survive difficult times Part 1

By Coach Princess - Award in Financial Planning (CII, UK), COP (ZW), ToT (BW)

Many people have the question, ‘What can I do to feed my family and pay loans in such a tough time as the current pandemic?’ It is a pity that tough times put most people under immense pressure. During times like this, people lose jobs and businesses dwindle or close. What should individuals and firms do in

“Be humble and look for odd jobs, ego does not pay bills” – Wise woman

(WhatsApp status)

times like this to keep their sanity? In this series, I will share with you some simple and practical tips to gain and/ or maintain financial freedom. In this part one we discuss doing odd jobs, starting a business, and cutting down on costs as some crucial ideas during tough times. The other day I had a discussion with a middle-aged man whom I will call Tom. Tom told me that he had lost his job due to the current challenges and he had to advertise his technical skills so that he can be self-employed. I was impressed that Tom did not just cry foul and complain, but he took a step to run a small business. However, Tom told me how emotionally down he was because his wife, whom I will call Resego. Resego is putting pressure on Tom to get a bigger house for renting. When Tom explains that this is the wrong time to make such a move. Tom tells Resego that currently the business is struggling and making losses. However, when the business grows, he will happily ensure that the family rents out a bigger house or even buy a house. Unfortunately, Resego will not have any of that. Her friends live in big houses, and she needs to join the club. That has brought stress and misunderstanding in the home. Now back to you. Have you ever faced such pressure from your spouse, partner, children, or other loved ones? If you were Tom, what would you do? What lessons can be drawn out of the story? If you were Resego, what would you do? What should people do if they lose jobs, failed to get jobs, or their businesses are struggling? In my opinion, Tom needs to find a suitable time to openly talk to Resego and let her understand the reality of the situation. Resego should stop comparing herself to other people. Each person runs their own race, hence comparing self to another person could cause one to make unbelievable mistakes.

Another thing that Resego could do is to probably assist the husband by carrying out some business or even odd jobs to help the family, rather than demanding that the husband should get a bigger house which will cost the family more money. Furthermore, it is useful for Resego, Tom and all of us to be patient, humble and willing to reduce the standard of life. In tough times, you should be willing to downsize your standard of living. For example, if you ate bread daily, you could make home-made bread or buy beans. If you ate three meals per day, you could reduce to two. When the worst comes to the worst, meals should be reduced to one meal per day. Where possible, downsize the car you drive, the house you stay in, and cut on off some unnecessary expenses. When it gets worse, it can mean moving your dependants from private schools to government schools. Tough times call for tough measures. Remember that tough times do not last forever, so it pays to adapt to change and be resilient.

You should make up your mind to do things for yourself, start your own business - no matter how small; to become financially free. You should not be afraid to start small in business and in career. We can learn from the story that challenges can catapult one into taking steps to acquire financial freedom. What thoughts and actions do you need to tackle the current trying times? During tough times, humble yourself and be willing to do jobs or activities that are of lower level than your former level to get by. I wish you the best for the remainder of the year as you pursue financial freedom. See you in part 2. Coach Princess is a director for Success Training Africa. She is a seasoned Life Coach, Inspirational Speaker, and Author. Coach Princess is passionate about transforming the mind-sets of Africans and building successful businesses and happy homes. Over the past 20 years, she has spoken in many conferences, workshops and seminars in Dubai, Zimbabwe, South Africa, and Botswana. Coach Princess has also spoken for organisations including and not limited to Government departments, Botswana Agricultural Marketing Board, Botswana National Olympics Committee, Mapleton Finance and on Yarona FM. She has spoken and taught in bible schools in various churches such as Winners Chapel and Forward in Faith Ministries International. For comments contact Coach Princess on coachprincess5@ gmail.com or raisinggreatleaders@ gmail.com

Disclaimer: The content of this article is for information purposes only and is done as a social responsibility. The author has taken all reasonable steps to ensure that the information within this article is correct and no liability is accepted for any loss arising from reliance on it. The names of people and organizations used in this article are fictitious and for illustrative purposes.