Are you wondering where, or whether, to spend your dollars given the economic uncertainty at the moment?

I hear you. I’m getting that question a lot these days.

Last night, I opened up the doors to my Women’s Money Group Office Hours to non-members and one of the questions a guest asked had to do with this very topic.

One woman has been saving money for two large purchases and she wondered if it makes sense to go through with the spending or not?

Here’s what I said:

Spend your money on things that will give you an immediate return on investment financially – as in, will help you make money within the next 90 days or will help you move the needle forward in your finances in some other way.

Defer, reduce, renegotiate or eliminate all other spending

For my guest, that means holding off on the big purchases, neither of which will provide her with a financial benefit.

Why? Because we have no idea how long it will take to get through the impact of Covid-19.

It could be many months before the world regains a sense of normalcy.

This isn’t panicking; it’s being prudent.

At the moment, I would prioritize building up your financial foundation if you’re in a position to do so.

If you have a stable income, double down on your Emergency Fund. Some writers in the personal finance space recommend a three-month buffer, however Covid-19 is showing us that that may not be sufficient.

Personally, I find it more prudent to target a buffer of six months to a year.

In other words, have access to enough cash that you could pay your essential expenses without a dime of income coming in. Ideally, it won’t come to that, but you’ll have resources set aside just in case it does.

When we’re past the threat of Covid-19 and a sense of normalcy is reestablished, then you can press ‘Play’ on your planned spending and carry on without any concerns.

Insider access

In a couple of days, I’ll reach out again with ideas for those of you who have little to no income coming in. I’ve been working with a number of women in this situation. There are definitely strategies to survive and cope. More on this soon.

I am also opening up the online doors to this month’s Women’s Money Group Workshop for my online community. The topic is How to Set Up Your Finances to Thrive During Covid-19 and Beyond – a Strategy and Coaching Session.

If you are a woman on my mailing list, you will have free access to the workshop on Tuesday, March 31st, from 6:45 pm – 9:00 pm. (I’ve already emailed you the sign up details through my newsletter.)

This is the process, adapted for Covid-19, that I walk my private coaching clients through to ensure that they are rock-solid financially regardless what happens personally and in the world at large.

You will receive the core methodology that I use to help people:

• Understand how to structure their finances
• Evaluate and minimize vulnerabilities
• Prioritize spending
• Determine the best use for their money
• Create a system to grow their income

The WMG monthly workshops are normally reserved exclusively for my members and paying guests, but in light of the extraordinary circumstances, I will open the doors to all the women on my list, for free.

You just need a computer, a headset or earbuds, an internet connection, and a private space from which to participate. I will email the handout directly to you next Monday, March 30th.

If you’re not currently on my mailing list, no problem! Just click on this invitation to access the Free Financial Coaching Workshop.

If there’s anything else I can do to support you during this challenging time, please reach out. I’m here for you.

The YFL Blog is written by Doris Belland, who believes that Money Changes Everything. Doris helps women change their lives by taking charge of their money, getting rid of corrosive debt, and building the confidence to make financial decisions for a better future, using a No Shame, No Blame, No Judgment approach.