Financial Advice to Battle COVID-19

This post may contain affiliate links. Please see my disclosure to learn more.

I think it has become apparent to all that the up-hill battle which we face against COVID-19 has only just begun and will not go away any time soon. When whispers of a lock-down first spread two weeks ago, I truly believed that it was a wave we were all going to ride out, and normalcy will once again return within a week, maybe two. But the summit still has not been reached, so I believe it is time to talk about planning for the long haul.

I originally published my Mastering a Budget course here for free when I first heard of people halting work in order to protect the majority. That course will continue to remain free, but apart from budgeting, there are a few other financial topics to be discussed. Advice, if you will.

As always, take it or leave it as it pertains to your particular situation. I do not claim to be a financial guru, neither do I believe in one solid path. However, for the general public, these are my thoughts.

Financial Advice to Battle COVID-19

  • Start saving, if possible. For some of you, this is beyond what’s possible. Many people have filed for unemployment insurance with the EDD(which I highly recommend if you have suddenly found yourself temporarily or permanently laid-off), and saving is a ship that has long sailed. I understand that. For those who are still fortunate enough to work, I would highly recommend saving every penny possible. Now is not the time to go on an online shopping spree. These are volatile days, and no one really knows what tomorrow holds. For those who are without work, you still can save the dollars you have. Just because you have more time doesn’t mean you should be scouring the internet for sales (there will be many, I would presume). And this advice doesn’t apply to saving just dollars. Start saving pantry items, start saving worn-out clothes, learn to mend your way through. My favorite blogger who writes about working with what you have is Erin Boyle of Reading My Tea Leaves. Work with what you have, and save what you can. Which brings me to my next point…
  • Reduce spending. I am a strong advocate for frugality, and if there was ever a time to practice frugal muscles, well, now would be it. I have published a plethora of frugal challenges, as well as an Ever-growing List of Things I Have Given Up In the Name of Frugality (which happens to be my most viewed post!). Reducing spending is easy, once you get used to it. Like I said above, this is not the time to spend your days-off browsing the internet for sales and new clothes. This isn’t even the time to order delivery for fancy dinners at night. I know you already aren’t paying your cleaners (in the name of social distancing), and hopefully you stopped paying for gas and transportation now that you’re working from home. The stay-at-home mandate actually makes it easier to reduce spending if you are wise about it. Cut where you can, and put what you would normally spend into your savings.
  • Stop extra debt payments. This advice is what kills me most to say, but it is actually the smart thing to do if you are without work or find yourself with less income. If you continue to work like normal and earn the same amount as before the pandemic, maybe you can maintain extra debt payments. However, be sure you have enough in your savings first! You never know if tomorrow you will be so lucky to have the same job as today. Perhaps you will be without work, regretting spending what you thought was “extra money” on paying down debt that didn’t need to be paid. As many of you may well know, I derived my nickname “TheDebtist” after graduating with an astounding student debt – $575,000 to be exact – and deciding to pay it down aggressively. I am here to say that even I have decided to pause extra debt payments during this time of uncertainty. Currently, the President has mandated that federal student loans be waived their interest fee for the next sixty days after March 13, 2020. Therefore, deciding not to pay down the debt right now is a good move because I store that money as liquid cash, available for emergencies. We do not lose anything because the interest is waived and therefore the loan amount isn’t growing. When this is all over and the interest resumes, I can pay that lump sum that I haven’t been paying now towards loans and not prolong my trajectory towards freedom. This isn’t to say, “Don’t pay off debt and spend the money instead”, by the way. Overall, to me, stopping extra debt payments make sense. Now, this is different from not paying down credit cards in full every month. Barring severe emergencies or a shortage of funds, I think that credit card payments are not considered “extra” payments. They are actually the reflection of what you already spent. If cash is tight or if there is no interest rate, then I get it. But if possible, do pay off credit cards in full, otherwise you will simply be accruing debt and make life harder for your future self. Other areas where you may be aggressively paying down debt include but are not limited to: home mortgages, auto payments, and medical debt.
  • Use time wisely. I know, I know. I have been saying this past week that this time off is a much needed gift, something the world has been craving for ages. This is the time we need to take for ourselves. However, this does NOT mean “use this time to turn into a vegetable as you watch Netflix on the couch, scroll through Reddit or Instagram, constantly chat with your friends on Zoom or Skype, create dance videos on TikTok (twenty times over until it’s just right)”, et cetera. This time is meant to be used wisely. A time for self-discovery and introspection no doubt, but also, a time for growth. I shared an ability for my readers to access Skillshare for FREE for two months so that they could learn something new. Some of the skills on there can create a new job for you. If you are recently jobless, it would behoove you to discover what skills you have to share with the world. Create a business walking dogs on Rover. Or make money blogging (here’s how). Read plenty of books, some self-help to inspire you to create a new job position, some fiction to inspire creativity itself. Organize your home, thus organizing your mind, priorities, and the self. Take care of the paperwork you’ve been neglecting, or set yourself up for financial or professional success. Update your resume, or look into refinancing your home to get a lower rate. The world is yours for the taking.


  • Don’t touch long term investments. I cannot say this enough. Do NOT, DO NOT touch long term investments such as a 401K. Try all avenues before even thinking about doing this. The effects of touching these long-term investments are grand. It would make imaginary losses a reality. It would hurt any financial goals you’ve worked on building. Please, if you can, do not pull money out of these investments at all!
  • Create a budget. Off course, with the extra time on your hands, you can FINALLY sort out your budget. If you don’t have one, then I suggest making one ASAP. I personally use YNAB to budget (get your first 34 days FREE here), but if you take my free Mastering a Budget course, you will learn multiple other ways to budget without having to sign up for an online budgeting tool.
  • Stay Calm. Lastly, stay calm. Panic will lead you to rash decisions and regrets. Do not sell all your stocks at once. Do not hoard stuff because you are afraid. Do not sell the house or the car. Just. Stay. Calm. Think about the life you want after all of this is over. Then work backwards and think of how to make that happen using what you have today. Get help, if you must. I am here, for anyone who wants to talk.

Don’t know what in the world to do with student loans? Get help! Student Loan Planner is my number one recommendation for student loan help. Although this is an affiliate link, I am honest when I say that I would not recommend ANYTHING that I do not personally love or have not tried. Travis Hornsby saved us thousands of dollars! Scheduling a call today would be a very smart move. The financial frontier is daily changing, and you definitely need someone with the most up-to-date expertise to navigate through these waters.

Productivity In Times of Quarantine with SkillShare

This post may contain affiliate links. Please see my disclosure to learn more.

On the heels of the previous post regarding creating separate spaces between work and home, I thought I would be completely inclusive here and address people who, like myself, have recently found themselves at home without work, undoubtedly the greater of two evils. Not knowing how long the hiatus will last, it becomes difficult to spin this quarantine into more positive lighting, but spin this I will try.

If you are finding yourself suddenly at a loss (of words, a job, and/or purpose), may I suggest making quarantine time a time of productivity? I have partnered with SkillShare to give those looking for something to-do something to learn. Using this sign-up link, you will receive two months of FREE access to their Premium membership, because seriously, who knows how long this will last?!?

An ideal day of quarantine for me would include a morning of yoga, a rejuvenating shower to face the day ahead, a cup of mindfully made coffee, and a late morning lesson on SkillShare. All of this followed by a healthy lunch, writing for the blog, meditation for the mind, reading for the self, and tending to our home for the soul.

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SkillShare is a platform that features some of my favorite bloggers teaching others their life skills in a succinct series of videos. This list includes Erin Boyle’s course on Minimalism and Kathryn Kellog’s course on Going Zero Waste (now’s the time!). If you for some reason find yourself jobless indefinitely, there are also lessons on SkillShare teaching SEO, how to create branding on social media platforms, how to edit videos and photos, how to launch a fashion line, how to design your first website, and more. Of course, if you wish to take this time to start a blog of your own and are looking for ways to make money, this course on How to Monetize a Blog is by far my most favorite.

I hope that this is helpful somehow to people who are finding themselves with unprecedented time on their hands and aren’t sure what to do. I hope the skills you encounter on this site will fuel your energy towards something fruitful, whether that be a hobby or a new profession. Either way, I hope to help in any way possible, and I think sharing resources for the first few months of uncertainty is a good way to go at it.

Likewise, for those interested in learning budgeting, you can find my own course on Mastering a Budget FREE for all. For those interested in minimalism and creating a lifestyle of zero waste, you can always ask me questions below, or DM me on my Instagram.

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Every time someone signs up for a free-trial on SkillShare, TheDebtist will earn a small commission that will support the continued work in this space, which includes but is not limited to, a sharing for resources for all so that we can rise up from difficulties such as those presented by the COVID-19 pandemic in togetherness. Thank you for your support of this work.

 

How Cyber Monday Can Grow a Blog

It was around this time last year that I got serious about turning this blog from something entirely personal to something more helpful to the general public. I would say that it was this exact weekend that I implemented a number of changes and additions that eventually led me to publishing TWO courses this past year (How to Create a Budgeting Tool That Works and Mastering a Budget). While there are other cyber Monday deals out there that you can spend your hard-earned dollars on, here are a few that actually gives back in terms of profit, making it more like an investment rather than a purchase.

Teachable – the platform I used to create both my online courses

If there’s anything I know, it is that you have valuable skills, experiences, and expertise in something. Every one of us, including you, has something to share with the world — something that others would love to learn.

And while creating an online course is one of the fastest ways to leverage on your time and increase your earning ceiling — it’s also one of the best ways to help more people.

When you create an online course, you’re able to change your student’s lives.

So my question for you is: who’s going to be grateful for you this year when you create your course and share your knowledge with the world?

Yes, you can earn a side-income from your course. Maybe even a full-time income from your course eventually. But there are so many other benefits to creating your course and sharing what you know with the world.

A surprising number of people have found that having their own online course becomes an amazing creative outlet. You get to share your passions and knowledge with the world!

And best of all, you get to do it on your own terms. You get to be your own boss, and you can pursue your biggest, craziest ideas without anyone saying that you can’t. When was the last time you had that kind of creative freedom?

On top of that, you’ll find it’s a real joy to interact with your students. 

Whether you have a course on parenting, or building a vegetable garden…watercolor painting…or even playing the guitar… (yes, these are all real courses on Teachable). 

You’ll find yourself losing track of time. You’ll be fully immersed in the course creation process, and you’ll get to talk all about a subject you love. (With people who love to listen!) 

You don’t need to be a big recognized expert to make a big impact on the world. 

We’ve seen it time after time. Newbie course creators will start off filled with self doubt, but then they take the plunge and share something.

They have zero expectations at first. But all of a sudden, one person enrolls…then ten more…and eventually hundreds, or even thousands.

These course creators are thrilled beyond belief. They never thought “lil’ old them” could be in demand like that.

The bottom line is this: You have hidden talents that the world needs you to share. 

You deserve to feel great about doing work you love. 

You can be the one who helps other people reach their goals. 

I 100% believe this.

That’s why I want you to take advantage of Teachable’s best deal of the year.

Not only do you have a chance to get annual access to Teachable for just $299 (saving $169), but in a couple of months, when you put in the effort, you’ll be able to ask yourself, “Who’s grateful for me?” And there will be a whole bunch of students excited to raise their hands. (And hey, you can be earning a pretty nice side-income as well.)

So if the idea of creating an online course excites you—if you’ve even thought about it for a second—you gotta check this deal out.

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ConvertKit –the platform I use to build an email following

It helps to have an email following. Subscribers are people who have a genuine interest in hearing what you have to say. They are a great group of people to connect to and if you are hoping to teach a particular topic to an audience, there is no better collection than your squad of subscribers.

My followers are amazing, supportive, interactive, and optimistic. They ask a lot of questions about budgeting, paying down student debt, and living a simple lifestyle. It is very gratifying to be able to help this community, and it is because of them that I continue to write.

Having an email following is also useful if you want to reach out to people en masse, or if you have something to share with like-minded folks. Convert Kit has an easy way of organizing people by category, so that those interested in simple living will not get emails about budgeting.

I would highly recommend Convert Kit to any online writer who wants to build a community.

There is a 30 day free trial for Convert Kit for those who are unsure about Convert Kit, but one thing is definite: do not wait to create an email following! It is something that I wish I did early on. It has brought me closer to my readers and has made my writing more meaningful, both to me and others.

After a year of trying it out, I have finally switched from a month-to-month subscription to an annual subscription today, thus saving me $86.

PicMonkey – the site I use to create banners for the blog and Pinterest

PicMonkey is an easy-to-use website for creatives using visual aids to accompany their work. It is especially useful for Pinterest if you want visually captivating banners. Most people who go to Pinterest are in search of something in particular. The ability to catch their attention and redirect them to what they are searching for is key.

Many bloggers underestimate Pinterest as a social media platform, but it is actually the most useful platform to bloggers. Imagery makes it easy to catch the attention of users who are searching for something, and the linking can redirect them to a specific blog post or page.

Off course, PicMonkey has other uses. I specifically use it to create banners for my website, or to create imagery that promotes my courses.

I will even use PicMonkey for personal things, such as invitations to parties or holiday cards. It’s as easy as Paint, but with more functions.

You can try PicMonkey for FREE for 7 days, and then decide if it’s useful to you.

Making Sense of Affiliate Marketing – the course I took that taught me how to monetize a blog

All of this, I learned from a course called Making Sense of Affiliate Marketing written on Teachable by Michelle Schroeder-Gardner. I have spoken extensively about how this course helped me monetize my blog, so if you are looking to invest in a course about blogging, I think this is it!

Off course, the final Cyber Monday deal that I’ve got to offer is one that is my own.

Get 75% OFF my course Mastering a Budget by doing the following:

  1. Subscribe to TheDebtist below

2. Follow TheDebtist on Instagram.

 

All subscribers and followers will receive a discount code in their inbox tomorrow that will give them 75% OFF of the course. This is my way of saying Thank You to all my followers. I couldn’t be here without you.

Also, I would like to open the conversation up to those who wish to see something different or new in 2020. Reach out to me below, or just say “Hi!”