Goals – Page 12 – mardihumphreys.com

The First Step

The glass ceiling is cracking thanks to so many women beating our heads against it. The light filtering through these cracks reveals that the ladder we’re climbing to get there has a broken rung.

What is it?

At the beginning of 2020, for every 100 men who stepped onto the corporate ladder by accepting their first role as a manager, only 85 women were hired and/or promoted from individual contributor to manager. That statistic refers to white women; the statistics for Black women and Latinas are even worse. The first rung on the corporate ladder is broken for women and it has a negative effect on our talent pipeline. While more women are getting hired for senior management, there aren’t enough at junior management levels to promote. This lack of diversity in management denies our organizations an array of ideas, input, and solutions which adversely affects our bottom lines.

Why Does it Happen?

Women are subject to unconscious gender bias. Adapting to work during COVID-19 has awakened us a bit. Who hasn’t been on a Zoom call where someone (male or female) commented on a female coworker’s children playing in the background? When schools went online and daycares shuttered for months, working moms took on the majority of both housework and childcare. The statistics are worse for single moms and moms of color. Because of the pandemic, over two million women are considering an extensive leave of absence or even leaving the workforce. This makes the broken rung even harder to repair.

How Do We Fix It?

Continuous Development – Women need skills including strategic thinking and negotiation to level the playing field. If your company doesn’t have an official leadership development program, find your own. It’s a good investment of your T.E.A.M.

Get a Mentor – If your company does not offer an official mentoring program, seek one outside the company. Research shows mentees were promoted five times more than an employee who didn’t have a mentor.

Network – Collect people: mentors, coaches, sponsors, peers. A support network makes it 2.5 times more likely you’ll be seen as a high performer and ready for advancement.

Visibility – Share what you’re learning in leadership development with your manager during your 1:1s. Forward reference materials to colleagues and copy your manager. Bring up your development plan during reviews. Post about your progress on LinkedIn. Let the world know you’re taking responsibility for your growth and are ready to serve as a leader.

Stand up for Yourself – If you get passed over for promotion, ask why. Your manager should give you clear feedback regarding what you lack. If you feel the suggestions are vague, press for specifics. Is it a skill? Learn it. Is it not enough experience? Ask your manager to give you assignments that will help you gain it. Make these your immediate goals and achieve them before your next promotion attempt. Keep your manager apprised of your progress.

Have you experienced unconscious gender bias? How did you call attention to it? Have you ever been unconsciously gender biased? What are you doing to be more aware? Please share in the comments.

More Precious Than Gold

In a former life, I volunteered as a worship leader in the elementary ministry at a church in south metro Atlanta. (Fun fact: if you can motivate 5th grade boys to participate in worship, you can do anything.) At every service, we quoted our bullet-pointed mission statement. One of those bullets was The Golden Rule (TGR): Treat others the way you want to be treated. Flash forward to the present where a flaw in logic has reached my attention. TGR assumes others want to be treated the way I want to be treated. You know what assuming does (if not, DM me). Turns out, there is a better rule to follow: The Platinum Rule (TPR). It says: Treat others the way they want to be treated. How can following TPR help you interact with your work team?

Everyone has a unique personality, but a few common traits dominate. When you identify those traits, you can predict how to both communicate with colleagues and motivate them to do their best work. How do you find out how people want to be treated? First, you have to know your own behavioral style so you can adjust it to build rapport with those different from yours. Then, you can ask, observe, and experiment.

Ask

If you’re a manager, what are your direct reports’ goals, motivations, values, and learning styles? You can find out by having them take a personality assessment (DISC, CliftonStrengths, Ennegram, Meyers-Briggs, etc., there are a ton). The resulting data helps you better tailor employee incentives. For example, If money motivates Jack, giving him a raise should make him more productive. But, if Jill is motivated by a flexible schedule, giving her a four-day work week instead of a raise would make her more productive.

Observe

Identify a coworker who follows TGR. They are treating you the way they want to be treated. (Mind. Blown.) Look for patterns and habits. What is their vocabulary like? Do they openly share their feelings? Do they dress casually or more suit and tie? How is their workspace designed? Interact with them in various environments: meetings, social situations, continuing education training. For example: In a brainstorming meeting, who likes to throw all kinds of ideas out for group discussion and who likes to sit quietly and process one idea at a time?

Experiment

Make note of how your manager responds to public praise, a thank-you note, or when you make time for a huddle they request. Ask questions like,“Would you rather this conversation be a meeting or an email?” and “When you’re doing deep work will you turn your IM to Do Not Disturb so I know not to bother you, please?” Try different communication mediums and notice which they reply to the quickest: Email? Phone call? Text? IM? Video chat? In conversation, mirror their non-verbal cues. Do they relax? When you make people comfortable, they know, like, and trust you faster.

TPR requires more work than TGR, and brings more reward. TGR is easy because we know what we like, but for building relationships, TPR is better. How do you want to be treated? Please share in the comments.

You’re Asking For It

Our daughter called to tell us that a high-profile initiative she discovered and shepherded right up to the president of the international company’s office was approved. We celebrated then asked if this could lead to a promotion. She reminded us she was promoted in the last round of reviews and no one receives consecutive promotions. I suggested that may be because no one brings this level of business development to the company until now. (You expect her mother to say that, right?) Our conversation reminded me how difficult it can be to ask for promotion.

Problem

Society conditions us to believe our work should speak for itself and our employer will automatically reward us. Your manager’s job description may include developing you professionally, but they don’t have time to ask themselves, “Did my direct reports do anything promotion worthy today?” You are in charge of your future. If you’re doing next level work, you deserve promotion. Just because it’s not normal doesn’t mean you shouldn’t discuss it with your manager. You may be a catalyst for change.

Solution

Study the job description of the position you want. Do and document that next level work (especially your successes), then ask for the promotion at the appropriate time. Prepare for it by answering these questions:

Who profits from it? Promotion has to benefit your team, manager, other departments, the company, your clients, and you. What do others gain from your promotion? Leadership? Loyalty? Labor? Are other people going for this promotion? What makes you different? Do you have more: Certifications? Creativity? Connections? Be prepared to address how you’ll arrange handing off clients, working with teammates who may be jealous, and prioritizing multiple projects.

What have you done to earn it? Know the metrics by which your job performance is measured and track them weekly, quarterly, and yearly. Use this data to quickly and easily build your case. For example: How much money did you save the company? How much revenue did you bring in? How innovative is your solution to a perpetual challenge? What are your department’s KPIs?

When is the best time to ask for it? Traditionally, formal annual job performance reviews are the best time to present your case. If your company evaluates more frequently, don’t let receiving a promotion last time stop you from asking for another this time. If your company doesn’t do annual reviews, request one. You need to know at least every 365 days if you’re doing the quality of work that leads to promotion.

Why should you get it? Think of the objections your manager may raise and prepare for them. For example: Objection: No one receives consecutive promotions. Your Answer: No one brings this level of innovation to the company. Know your company’s top goals. Explain what you did to move the organization toward them using specific illustrations from your data.

How should you ask for it?

Do:

Act confident – make eye contact, sit up straight on the edge of the chair, speak in a conversational tone of voice
Control your emotions – if you feel nervous, convince yourself you’re excited
Be positive – you’re offering your manager the opportunity to shine by recognizing a rising star when they see one

Don’t:

Apologize – you aren’t imposing on your manager; your professional development is part of their job
Give your manager an out – Example: “Maybe this isn’t a good time, but…”
Play the victim – Example: “I need this promotion because (insert personal problem here)”

Result

If you receive the promotion by the end of the discussion, congratulations! But, don’t be stressed if you get a cliffhanger. It’s a good sign when your manager wants to contemplate your case instead of immediately saying no. If this happens, follow up in a week’s time. If you’re denied promotion, ask why. Is this a bad time for the company? Schedule a follow-up meeting for next quarter. Is there something lacking in your current job performance you need to work on (e.g., emotional intelligence, project management, leading a team)? Ask for projects showcasing those abilities. Do you lack the skills or certifications required for promotion? Set goals to obtain them. At the very least, this conversation makes your manager aware of your desire to contribute at a higher level.

What do you think is the most challenging aspect of asking for a promotion? Please share in the comments.

Let the Sun Shine

Daylight Savings Time is upon us and I am not a fan. The pessimist in me thinks, “What’s one more hour of lost sleep after all the hours I’ve lost thanks to COVID-19?” The optimist in me thinks, “Yay! Spring!” Since we can’t control time, let’s concentrate on saving something we can control: money. Our financial goals fluctuate with the seasons of our lives, but we sleep better if saving is always one of them. Here are three rules of thumb that give me financial peace of mind: live within your means, fund your future, and be generous.

Live Within Your Means

I’ll state the obvious. Make more money than you spend. Having said that, there are some maybe not-so-obvious ways to save more of your means. Do you use a cell phone? Internet? Cable TV? Satellite TV? Can you live without one of these? If not, are you getting the best plan for your budget? You can check and adjust accordingly. Finding a cheaper plan doesn’t necessarily mean you have to switch providers. You can contact your current one and ask them to match their competitor’s rates. Do you use a travel rewards credit card? If earning points for travel no longer fits your lifestyle, switch to a card that does. For example, while you may not be traveling as much right now, you’re still buying gas and groceries. Switch to a credit card with cash back rewards for those purchases.

Fund Your Future

If you’re getting a tax refund of more than $2000 (the average refund for 2019 was $2535), consider filling out a new W-4 with your employer to have less tax deducted. Some tax payers I know purposely overpay income tax so they’ll receive large refunds. They use the money to pay for big ticket items, and that is a choice. Another choice is a short-term savings strategy for big ticket items. For example, direct depositing that extra amount into a high-yield savings account instead of overpaying income taxes. A tax refund check seems like free money. It’s actually money you give the government every month, it uses for a year (interest free, btw), then finally allows you to have what’s left. If that money stays in your paycheck, you have the option to invest it in your employer’s 401(k) plan, or your personal IRA, or another long-term savings option. This both removes the temptation to spend the money, and invests it for your future.

Be Generous

You feel good when you help others. Think about how good Ebeneezer Scrooge felt when he was generous with his money. But you don’t have to give money to be generous. For example, when your grocery has non-perishable items on sale and you have coupons, buy the limit, keep a couple for yourself and donate the rest to a local food pantry. Do you have clothes you haven’t worn for two years? (Not wearing them in 2020 doesn’t count.) Bag them up and donate them to your local thrift store. When you don’t have a lot of money, you still have something to give; even if it’s just giving a smile to a stranger; with our eyes, because, you know, mask. Our abundance isn’t always measured in money.

What do you do to maintain financial peace of mind? Please share in the comments.

Knowing Me, Knowing You

Even though Presidents’ Day honors all U.S. presidents, we usually focus on celebrating George Washington and Abraham Lincoln; holding them up as examples of honesty and integrity. They aren’t remembered as salesmen, but wouldn’t you have to be an excellent salesperson to lead a country through war? The hallmark of a good salesperson is being known, liked, and trusted. Discussing all three would be lengthy, so let’s take the next three weeks to break them down. First up, how do we want to be known?

What They Know

Before the internet was born, consumers had to rely on a salesperson to learn about a product or service. If they were lucky, they had friends who used it and could ask them about their experiences. Even here in the digital age, recommendations, word of mouth, and reviews are the most trusted facets of marketing. In terms of information availability, we’re on a level playing field with our customers. People can quickly and easily fact check the stories marketers tell them, and they expect sincerity from everyone: big corporations, small businesses, healthcare providers, higher education, etc. Consumers don’t want to waste time listening to our sales pitch when they can go online and find out all they want to know about us with a quick search. Businesses can no longer put up a front. We can’t say we prize a certain value then behave like we don’t. Thanks to social media, there are no secrets. Customers have the power and they know it. Ignoring that fact makes us tone deaf, so our outreach should reflect our respect. People want to purchase from businesses that share their beliefs. We have to state ours in our media messaging, then live up to them every day. For example, if a company says they are earth-friendly, but 25% of their product includes petroleum-based ingredients, they will get backlash. People notice when we don’t mean what we say, and they remember when it comes time to purchase.

What We Want Them to Know

Not practicing what we preach leads not only to customers mistrusting the product, but also mistrusting the company and its employees; especially its sales force. People are smart and self-interest is obvious. They want to know the company they give their hard-earned money to is worthy of their trust, and we want to be that company. We get to know each other through conversation and connection. We need to answer the questions they aren’t necessarily asking, but we can see on their faces: Is this business ethical? Reliable? Transparent? Genuine? Honest? Does their representative seem different in person than her online presence portrays? Why does she work for this company? For example, I see people in pain and I’m driven to relieve it. The company I work for is in the IT space. Everyone has data. Eventually, managing it becomes cumbersome, especially for SMBs. My company gives me the freedom to relieve those burdens. As a result, I don’t see potential conquests. I see colleagues with challenges I can help solve.

What’s in it for me? A rising tide floats all boats. If they succeed, I do too. Am I a nice person? Yes. Do I need to make a living? Yes. Are these two goals mutually exclusive? No.

Does the public have the impression of your business you want them to have? Please share in the comments.

Resume Refresh

Multiple companies in my networking groups are hiring and there are a plethora of position postings on my social media platforms. Sufferin’ Succotash! This seems to be a hint to update our resumes.

Then and Now

When our grandparents first entered the workforce, they looked through newspaper help-wanted ads, typed up a resume and cover letter, mailed it to the hiring company, and waited by their rotary phones to be called in for an interview. Technology has exponentially streamlined the job hunt. Networking is a major factor, but that is another post for another day.

Individualize

Best practice is to get your resume into the email of an ally who will personally forward it with a recommendation to the hiring manger. If you must use a job search website, (Indeed, Monster, etc.) be prepared to sift through scads of subcategories using keywords to drill down through their specializations and/or certifications. Edit your resume to match the job descriptions of the returned results. It takes a lot of attention, but tailoring your resume to fit each position you apply for is essential.

Short is Sweet

Your resume is an advertisement enticing recruiters to call you for interviews, so leave them wanting more. It shouldn’t be longer than two pages and one is preferable. If you need to cut something, make it the reference section; save those for the interview. Only list your job history for the past 10 years unless the experience you gained is crucial to the job for which you’re applying. If the applicant tracking system (ATS) doesn’t force you to list beginning and ending dates of past employment, omit them. As for hard copies, if you aren’t Elle Woods, stick to black font on white paper. Proofread your resume multiple times before hitting send. Have a friend proofread it. Read it out loud. Print it off and read it. Let it sit for an hour, then go back and read it again.

By the Numbers

Hiring managers want to see you’ve either made your employers money or saved it, so quantify your accomplishments when possible. For example, “My outreach efforts increased my company’s revenue by 3% last year,” or “I initiated the move to an online fax service saving my company about $2000 by not purchasing paper and ink.”

Hello SEO

Even if you have an ally in the company campaigning for your hire, you’ll likely still have to apply for the position on the company’s website. The ATS scans your resume looking for keywords from the job description. Match your skills to the role using the words they use. For example, if the job description says, “Fluent in Spanish,” make sure those exact words are on your resume.

Entry-Level Irony

Many jobs require experience, even for entry level positions. Experience you gained as a volunteer counts. Were you the president of your fraternity? Did you manage a household budget for five people? Have you moved your local animal shelter’s donor information records from spreadsheets to a CRM? You can also showcase your soft skills. List examples of problem-solving, communication, and/or teamwork.

LinkedIn Better

Yes, I just used LinkedIn as a verb. LinkedIn is an interactive resume and interview combined and on steroids. It’s one of the main resources recruiters use to vet candidates, so be sure to put your LinkedIn URL on your resume. Audit your LinkedIn profile. Invest in a good headshot. Follow companies you want to work for and look at the marketing or sales employees’ profiles. Model yours after theirs (e.g., add appropriate keywords from their headlines to yours) so their recruiters can find you. Start a conversation: congratulate them for an award they won, thank them for posting an insightful article, or mention a non-profit you both support.

Have you updated your resume lately? Please share your suggestions in the comments.

Still Dreaming

On Monday, January 17, 2000, all 50 states began recognizing the third Monday in January as a holiday. Most celebrate it exclusively as Martin Luther King Jr. Day. Media typically highlight one of King’s most famous speeches. We haven’t yet realized his dreams. We still have lots of work to do. My dreams revolve around the American workforce. Here are five of them.

Earnings

I dream of equal pay for equal work. The disparity we hear about most is probably the wage gap between women and men. The latest statistics I found are from 2019 when, on the average, women earned $.80 for every $1.00 earned by men. But, employees of color, employees with disabilities, and LGBTQ(IA+) employees experience even wider wage gaps. The U.S. Department of Labor has been trying to fix this since the 1960s and is still working on it; which leads me to my next dream.

Child Care

I dream of safe, dependable, economical, quality child care for every family. Since the 1950’s, the number of women entering the workforce (including mothers) began to rise steadily, peaking in 2000. The cost of living meant a significant number of families required more than one income to survive. Consequently, parents had to pay someone to watch the kids while they were at work. In 2019, around 10% of a family’s income went to pay for child care. There is plenty of research out there on this topic. Here is an insightful article about why child care is so expensive. Here is an article on why America resists universal child care.

Health Care

I dream of available, affordable, and accessible health care for all workers. I have no answers; only questions and research. Why is this so hard? Why does it cost so much? Other developed countries have figured it out, why can’t we?

Inclusion

I dream of every employee having the opportunity to not only voice their opinions, but also have them heard, acknowledged, and taken seriously. It’s time to make diversity in the workplace a given. American companies should employ genders, religions, ages, races, other-abilities, etc., at least as varied as our clients. Our companies’ workforces ought to reflect the people we serve. How can we produce relevant user experiences if we limit our knowledge to how someone like us uses our product? We need to take the next step and embrace inclusion. This goes beyond diversity. If our workplace is diverse, but only one or two group’s opinions matter, the marginalized groups will take their talents to our competition.

Work Week

I dream of workers being compensated for results instead of time. With so many of us homing from work, er, I mean, working from home; haven’t we proven the forty-hour-work week is as dead as the Wicked Witch of the East? The eight-hour workday was invented by Henry Ford in the early 1900’s to recruit talent who were used to working 12-hour days. With the availability of technology, project-based solutions, and team-based problem solving, the current model is no longer best practice. The organizations who develop compensation criteria for productivity based on results will likely attract the best workforce talent.

How would you revamp the current conditions for America’s workforce? Please share your suggestions in the comments.

Keep Your Eye on the Money

We’re celebrating our daughter’s 24th birthday. The occasion makes me ponder both her life’s journey so far and how adulting is going. Things sure have changed since I got my first significant job, and it made me wonder: You have your first full-time job and regular paychecks are rolling in. What’s the best use of that money?

Budget

Pick a plan and stick to it. Pay attention to money both coming in and going out. Make more than you spend and plan your savings. Most banks allow you to have multiple accounts and your employer likely can direct deposit your paycheck into these accounts for you. In addition to your debit account, set up an account as an emergency fund. Unexpected expenses like job loss can bankrupt you if you live paycheck to paycheck. Setting aside three to six months worth of living expenses is a good rule of thumb. Also, direct a percentage of your income into a long-term savings account for future big-ticket expenditures (e.g., car, house, MBA). Revisit your budget at least once a year. Are you saving enough for emergencies, a long vacation, professional development? Remember to set a little money aside to reward yourself for reaching your savings goals.

Loans

Do you have student loans? Typically, you have six months after graduating from college before you’re required to start payments, but interest accumulates during that grace period. Starting repayment right away saves six months worth of interest charges. Are the loans federal or private? For federal, can you consolidate them? For private, can you refinance them at a lower interest rate?

Credit

Build your credit history by paying your bills on time and don’t miss or skip monthly payments. Try not to carry a balance on your credit cards, but if you do, pay more than the minimum listed on the statement. Set up alerts for your bank to notify you if weird amounts (e.g., less than a dollar) are charged to your account, or if the charge originates far from your location (btw, alert your bank when you travel more than 200 miles from home). Check your credit score annually.

Insurance

You’re young and healthy, but what if your body gets busted up in a car accident? Here are some things to think about.

Retirement

Yes. It’s a long way off, but if you begin saving now, you don’t have to put aside very much and it has years to grow. Take advantage of your company’s 401(k) plan especially if they offer matching contributions (e.g., if you invest 3% of your annual salary in the company’s 401(k), they contribute another 3% to your account). Also, open an IRA. If you can arrange direct deposits for these measures, you won’t even miss the money you’re saving.

Give

Whether you support your local PBS station with a financial contribution, donate your gently used clothes to Goodwill, or volunteer your time at the Humane Society, set aside time or money (or both) to give back to your community. You now have the power and responsibility to make a difference. When you help others, you get more than you give.

How did you adjust to the money you made from your first full-time job? Please share in the comments section.

You Can Do Hard Things

Merriam-Webster defines resilience as a noun meaning “1: the capability of a strained body to recover its size and shape after deformation caused especially by cohesive stress and 2: an ability to recover from or adjust easily to misfortune or change.” Thanks to the pandemic, I can apply both of these definitions to my life. 1: My strained body needs to recover its shape after the deformation caused by COVID-19’s cohesive stress. 2. I strive to adjust to pandemic-induced change, but the constant pivoting makes me nauseous.

TMI

For this discussion, let’s stick with the second definition. We talked about a form of resilience in this earlier post. Other ways to think of resilience are Viktor Frankl’s theory of Tragic Optimism, Friedrich Nietzsche’s adage what doesn’t kill you makes you stronger, and even the Serenity Prayer. (I like Erma Bombeck’s version at the bottom of page 11.)

IRL

It’s physically, mentally, and emotionally exhausting to think about our ingrained routines and adjust them for COVID-19. For example: Let’s say you’re a mom with a husband and two kids, one school age and one younger. You work in an office and your husband is a trucker. Every morning pre-pandemic, you:

Kissed your husband goodbye
Dropped your younger child at daycare
Dropped your older child at school
Hit your favorite coffee shop
Went to the office

Now, your husband is constantly on the road, your children are home, and your favorite coffee shop is closed. You’re working from home, but need faster internet to accommodate both your teleconferences and your older child’s online school. Overwhelmed? Resilience is taking baby steps toward solutions.

Buy some quality coffee and make yourself a pot
Call your internet provider and upgrade your speed
Tell your husband you’ll be thinking about him while he’s on his route today
Color with your youngest
Listen to your oldest’s struggle with an assignment
Email your manager. How is he doing? What is the one thing he’d like you to accomplish today?

Whew, you did it! You made it through the day! Take a deep breath and relax.

FTW

COVID-19 fatigue is real. You can get through any trial when you know it’s going to end; like a pregnant woman in labor. With no end in sight, you have to adjust your goals. In his book, Survival Psychology, John Leach describes transitioning from short term survival behavior to long term survival behavior. It seems very similar to the grieving process (e.g., shock, denial, anger, acceptance). One key is self-discipline, but be careful of thinking in absolutes like, “I’ve blown my diet by eating one cookie, so I may as well eat the whole bag.” One lapse does not ruin anything. Try again. Another key is your value system. Keep reminding yourself who you are and what you do. For example, say out loud to yourself:

I’m (your name)
I’m a (what you do) for my clients (or team)
The most important task for me to accomplish today is (your number one priority)
The next step to getting it done is (you get the idea).

Silly? Maybe, but it helps you to both focus and prioritize. Filter your priority list through the company’s current mission statement, which may have shifted because of COVID-19. (E.g., your company went from producing rum to hand sanitizer.) The company’s purpose should drive your daily tasks.

How is your company helping you be resilient? Please share in the comments section.

Thank You, Future Self

As the global pandemic drags on and reshapes our economy, I’ve learned a few things. Spending our money on local small businesses is more important than ever, I can make really good coffee at home, and I should not look at my 401 (k) statement right now. What are some things you can do to financially sustain yourself through this seemingly endless crisis?

Reduce, Reuse, Recycle

Reduce – It may be difficult to increase your income right now, but you can find ways to save it. You aren’t driving your vehicle as much as you did pre-COVID-19, so you’re saving money on gas, oil changes, and wear and tear. Working (or not) from home eliminates the need for walking around money (e.g., money spent on coffee shops, lunches out, parking fees, etc.). You’re saving money simply by not being able to spend it. This should have added up fairly significantly eight months into the stay-at-home order. Move that money to your long-term savings account where it will earn interest.

Reuse – Stay away from online shopping. Yes, those yoga pants you found on Amazon are cute, but don’t you already have three pair of cute yoga pants? Cancel automatic renewals. Don’t you have enough goodies from Watch Gang, Trendy Butler, or BREO BOX to last a while?

Recycle – Compare your monthly expenses from February to October. Note any savings and why they happened. Can you sustain any of the circumstances that caused those savings once the world opens up more? For example, you saved money by working from home. Is it possible to make remote work more permanent? You’ve probably already thought about it, so take the next step and make a list of what it would require. Then, you’ll be ready with a plan to present to your manager when the time is right.

Let’s Make a Deal

Credit card companies make money selling debt and counting on you to pay it back with interest. If you have run up over $5000 in charges, (especially if you’ve lost your job) call your lender. Ask them to suspend payments for two months and to permanently lower your interest rate. Do not take them up on their offer to sell you more debt. With so many borrowers unable to repay due to COVID-19, credit card companies are in a bind and willing to work with you now more than ever. Take this opportunity to renegotiate the terms of your credit agreement. A new arrangement will protect your credit score.

You Can’t Touch This

Your assets are low right now, so don’t sell them. If you have a 401(k) and/or an IRA and get scared easily, don’t look at your account statements. If you get another stimulus check, consider putting it in your IRA if you can currently live without it. The people who managed to save money back in the recession of 2008 are still hitting their long-term savings targets. You have more financial support from the government than during the last recession. It’s not a lot, but it’s useful.

It feels like the pandemic will last forever, but nothing does, so resist the urge to live for today and think of your future self and what that person will need: food, clothing, and shelter. Even if you move just $25 a week to your long-term savings account, after one year, that’s $1300 your future self can live on.

How are you resisting the urge to panic over your budget? Please share in the comments section.