During these extraordinary days, it seems like so much is topsy-turvy. Here are a few ideas.
I love the story told of St. Charles Borromeo, the 16th century Catholic saint and priest, who was playing cards with two priest friends. Someone near them asked what they would do if they knew the end of the world were to happen within an hour.
One priest said, “I would run to Church to be with our Lord.” The other priest said, “I would call upon the name of the Lord.” St. Charles Borromeo said, “I would finish this game of cards.”
St. Charles’ answer showed his sense that, “anywhere you go, there you are.” If one’s life is well-ordered, whatever we are doing at the moment can be the right thing.
This is also true with personal finance. If you have set up systems and accounts in a way that is healthy for your goals and your time of life, you should do nothing different now than you were a month ago.
That does not mean you could be as cool-headed as St. Charles Borromeo, and simply play cards and ignore the news that is happening. It is healthy to be concerned about the drastic volatility in the stock market, the effect that the quarantines will have on the economy, or the genuine worries about what the coronavirus means for our families, our health care system and our world.
At the same time, try not to make any rash decisions about your money, whether that is in retirement accounts, a planned major expense, or anything else.
What should you do instead?
Keep on doing what you were doing. Maybe you still feel you are disorganized with money or have not got it “all together.”
First, join the club. Just about everyone can see the need for improvement, especially during these uncertain days.
But, as I always say, and really mean, you are doing well with your money, and you can do better.
Therefore, take some practical steps to get organized and simplified with your money. Perhaps go back (or start for the first time) the weekly challenges in 2020: The Year of Clarity.
Back to 2020 The Year of Clarity
I considered pausing the yearlong series 2020 The Clarity Project, with all the extraordinary things happening in our world. But I am taking my advice and sticking with the program. So let’s go!
This Week’s “GIVE” Challenge: Automate Your Giving
With so many houses of worship cancelling services for the time being (the bishop of our diocese cancelled Masses through the end of March, and probably beyond), a drop in contributions is going to happen. But churches still need to pay employees, take care of their buildings, and fund other costs.
And it is likely that other charities, including soup kitchen and food banks, those who serve those on the margins, and others, are going to see a decrease in funds. Now may actually be the best time to consider this challenge.
Am I the only one who remembers fighting with her siblings to be the one who got to put the envelope in the collection basket at church each week?
I still like to bring the envelope when we go to church, but it has been a few years since there has been a check or any money in that envelope. Instead, we check off the “I give electronically” box. (And our kids are old enough that they do not fight to put it in, and I am actually a little nostalgic about that).
Giving online at most churches and charities is very easy. In this unusual time, it is not a bad idea to consider a onetime gift to local charities or others.
Still, setting up regular online giving might take a little more doing, but it is well worth it. Here are some steps to consider:
*check the charity or church’s website to see if there is a way to set up a re-occurring donation, either weekly or monthly.
*give the charity or church a call, or send an e-mail. When we set up our electronic giving, it took a phone call and a few e-mails with our church secretary.
If you need more convincing that you should focus on something other than following the news, here are a few resources to read or consider during this time:
Things to do instead of looking at your 401(k) or IRA balances
I have more ideas, but I am holding off on them for now.
14 Tasks to Declutter While You are Stuck Inside
On Digital Minimalism and Pandemics
Cal Newport makes a solid case for only checking the news once per day. It is not helpful getting constant updates on what is going on.
