This economic slowdown has left millions of people around the globe without a job, now the question is do you know how to manage your expenses?

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I’ve got some good news for the economic crisis is over!

Not exactly, this economic crisis is far from over, but the good news is there are things you can do to protect your finances, because we don’t know how long this economic crash is going to last.

Right now, you have tens of millions of Americans without a job, a third of tenants in America are behind on their rent, and to top it off, before this whole crisis started.

Only three out of ten Americans, had over a thousand dollars sitting in their bank account to protect themselves from emergencies, and if I had to guess, I would assume that number is even smaller now.

That’s why in this blog, I want to go over nine things that you need to do to protect your finances, so you have less money leaving your bank account.

Make sure you read to the end, because you don’t want to miss any of these tips.

1. Recession Isn’t the End Of All Business

Economic downturns are a part of life, and every successful business is likely to meet one at some point.

A recession had been predicted for a while – in January, Forbes published an article warning of recession in the USA.

While technically the definition of a recession requires two-quarters of economic decline, it seems highly likely that COVID-19 will have brought the world into one.

Falling interest rates, bankruptcies, and defaults, stock market downturns, lower wages, and unemployment are all key indicators.

But these certainly don’t mean that every business will fail. Understanding the market and the needs of your customers is crucial to success.

And, along with solid financial planning and effective cost-saving measures, you should have the tools to not only survive but thrive when you reach the other side.

Kristalina Georgieva, Managing Director of the IMF, announced that the outlook for global growth in 2020 is negative.

She added that we’re entering “A recession at least as bad as during the global financial crisis or worse. But we expect a recovery in 2023”.

While times may be tough, they won’t last forever. You must consider ways you can recession-proof your business now in order to reach the other side.

2. Expand And Adapt What You Offer

Focusing on what you do best and making sure you do it as well as possible should of course take priority.

However, if there’s an opportunity to create something new to sell or offer, you should aim to diversify to mitigate risk. Things are changing around the world, so make sure you’re keeping up with what your customers need and want.

Don’t rest on your laurels: what was relevant and popular before coronavirus and before a recession may come to a quick end.

Know your market, know your competitors, and work out how to offer something above and beyond that meets new needs.

Examine your industry and think about what’s missing or what others are doing badly. Use these conclusions as an opportunity to strengthen your own position.

Maintaining strong relationships and dialogues with suppliers and customers is crucial at this moment if you want them to return when spending power resumes and risk appetite grows.

If you offer a service, can you now create a product that your existing customers can use? For example, could you repurpose what you do in an online course?

This is a great way to display your expertise while also boosting revenues and staying in your customers’ periphery.

3. Build Your Business To Sell It

Build your business with the intent of selling it. That doesn’t mean you have to sell it, of course! But it means you’ve built your business successfully, without it revolving 100% around you.

For business owners, that means truly understanding your business and whom you serve, and putting systems and processes in place in each part of your business engine.

That’s what makes it easier for you to step back and hold the vision as the CEO. When you’re the driver of the car (Your business), you better keep an eye on the dashboard as you navigate through any ups and downs our economy may throw at you.

4. Get Your Home In Order

Millions of Americans are behind on their rent or their mortgage, if you’re facing a similar issue there are things you can do right now to help protect yourself.

But you want to make sure that you do it the right way, because if you don’t it’s going to cost you a whole lot more in the long run.

Start by calling up your bank or your landlord and explain your situation, the whole world knows that we’ve been in lockdown, so they’re not going to be shocked if you tell them that you lost your job.

Then ask for a specific relief, states around the country have put a stop on foreclosures and evictions temporarily, but that doesn’t mean that your fees don’t keep adding up.

I’m a real estate investor, and pretty much every real estate investor that I know is running into the same issue, tenants have lost their jobs and they don’t have money to pay rent.

Well, I and some of the real estate investors that I know, have created a relief program for our tenants, which essentially says, if you have been paying on time and you’re facing hardship now, you can get relief on your rent.

I mean it’s not worth it for me to just evict a whole bunch of people and then try to find another qualified tenant when nobody has a job.

If you’re facing hardship ask your bank or your landlord for relief, without having to pay any late fees or penalties.

And maybe you can get a free month too, make sure you ask for this specifically, because lots of banks have said, that they’re suspending foreclosures which is good news.

But, that doesn’t mean they’re not racking up the penalties, the last thing you want to happen, is that you get three months of relief.

Then you find out that not only do have to make regular payments monthly, but you must pay back payments, plus thousands of dollars in fees and penalties.

Not everybody’s going to agree to this, some banks and landlords are going to say.

“Screw that, you’re on your own, I’m not helping you at all!”

But it doesn’t hurt to ask, the worst-case scenario is they tell you no, and you’re back where you were five minutes ago.

According To Investopedia.com…

“In 2019, the failure rate of startups was around 90%. Research concludes 21.5% of startups fail in the first year, 30% in the second year, 50% in the fifth year, and 70% in their 10th year.”

(Source: https://www.investopedia.com/articles/personal-finance/040915/how-many-startups-fail-and-why.asp#:~:text=Key%20Takeaways,70%25%20in%20their%2010th%20year.)

5. Say No To Extra Bling.

What have you got against bling Adventago!?

I love a bit of bling, but if you don’t like the idea of living paycheck to paycheck, look I’m an investor, and I run a financial news and education company.

But I have no idea as to how long this economic slowdown is going to last, normally when you have an economic crash, you can fix this economic issue, with some sort of financial stimulus.

Unfortunately, we can’t do that here, right now we have financial problems, and we could throw as much financial stimulus as we want at it. (I mean we’ve already done a record of it), but, unless we stop people from getting sick this financial issue isn’t going to get any better.

Here’s the thing, if people don’t spend money, then businesses don’t make money, if businesses don’t make money, they can’t invest in their business.

And that means they can’t hire more employees, and if people don’t have jobs, they won’t have any money to spend, and that keeps unemployment high.

This means you need to take better care of your money now! More than ever, which means you might have to start saying no to extra bling.

Nooooo not my bling!

Right now, you need to cut back on everything that you don’t need to survive, your monthly massage plan, different movie subscriptions, eating out, and your shopping spree, need to be put on hold.

Let me get this straight Adventago, not only do you want me to stop buying bling, but you want to stop eating caviar?!

Listen, if you do not have a bare minimum of $2000 saved, up you should not be ordering anything that you don’t need to survive.

Right now, your finances are at risk, and you need to do everything you can to save up as much money as possible.

It’s not the funniest thing to do, but it’s a short-term sacrifice, for a better tomorrow.

6. Homeowners Stop Overpaying!

When you want to buy new glasses for your kitchen, you spend hours trying to find the best glass, and you read the reviews, that way you can make sure you’re getting the best deal.

Well, how come you don’t do the same thing for your home insurance? I mean it can save you a whole lot more money, lots of Americans are overpaying for their home insurance.

But never shop around for a new policy, well I have some bad news for you, if you’re not shopping around on your home insurance, at least once every three years, chances are you’re overpaying, on your home insurance.

You need to have home insurance to protect your home and belongings from a tragedy. (I think you understand that right?).

But that doesn’t mean you have to be ripped off! I mean some insurance companies are going to charge you a whole lot less, for the exact same plan and coverage.

Here’s what I want you to do, spend five minutes and call your insurance company and see if they can give you a discount or better yet, shop around, so you can make sure you’re getting the best price possible.

7. Be Cheap

While we’re talking about bills, I want you to be cheap.

Did you just call me cheap?

No, I’m telling you to be cheap, my dad is from Jamaica, and the interesting thing about shopping in Jamaica versus America is when you’re buying, anything is negotiable.

What, there is no way I’m paying that much for Plantain!

I want you to do the same thing, and that’s to negotiate on your bills, you won’t believe how much money you could save on your cable bill, internet bill, phone bill, and other utility bills If you just asked.

One of my real estate properties had a waste removal company charging us almost four hundred dollars a month for garbage pickup, it seems crazy to me, so I did my research.

And I found out that their competitors were having a promotion going on, where if you went with them, they would charge you a hundred and fourteen dollars a month.

So, I politely called up my waste removal company, and I told them that I felt like I was paying too much money, and that a competitor was charging a lot less, and I wanted to know if they could beat the other company’s price.

A Little Tip: Customer service reps tend to be yelled out all day, so if you’re nice to them, they’ll be nice to you.

A Little Tip: If your customer service rep doesn’t reduce your price low enough, ask to talk to the manager, because managers have more wiggle room in pricing than customer service reps.

But remember to be nice, that’s exactly what I did, and I was able to get my garbage pickup cost from four hundred dollars a month down to about ninety dollars a month.

And my property manager was mind blown, because he had no idea that you could negotiate the price of your bills, now it’s your turn to start being cheap and stop overpaying!

8. Create A Financial System

Many people have a financial system, where they make money, they spend money, and then they wonder where all the money went, that might explain why three out of four Americans live paycheck to paycheck.

No more of that!

From now on, before you order another thing, you need to know how your dollars are going to be spent, that way you have a plan for your money, which means creating a financial system, so you know where money will go.

And, that means only buying things you can afford, just because you could buy something with the help of easy credit and financing, doesn’t mean you can afford it, a simple rule of thumb to know, if you can afford something, or not is to follow the rule of five.

Which says, if you can’t buy five of them you can’t afford one of them, living below your means, is the first step to living a financially healthy lifestyle, it’s not the funniest thing to do but, once you know how to spend less than what you make.

Then you can start working on how to expand your means, because now you know how to use your money the right way.

I mean you can make as much money as you want, but if you don’t know how to save and invest your money, you’re still going to be broke.

9. Use The Situation To Your Advantage

It’s impossible to predict what will happen to business in the long-term, but we know the effects won’t last forever.

Keeping credit or loan facilities available to you and maintaining strong relationships with your suppliers and customers will help you weather any storm.

Right now, innovation counts. With clear financing in place and good management of your financial strategy, strong leadership, and clarified messaging, you’ll be in good stead to get through tighter margins and an uncertain short-term.

Focus on the positive: this is not the situation forever. Plan long-term and be realistic about how to proceed.

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This is what financial education is all about, if you’re looking for a proven and easy way towards your financial education, then I have a book, on how you can avoid going bankrupt, having to work long and miserable hours just to keep your business alive, and not being able to support your customers and staff.

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