It has been a year since the start of the pandemic, and there is not a single American household that has emerged unscathed from the horror of Covid-19.

Whether you have beaten the virus, watched a loved one be hospitalized, or have had to close your small business, there are multiple ways this pandemic has affected American health and economy. Covid-19 has created what experts are calling a new kind of financial midlife crisis; many are having to make a career pivot due to the pandemic, or reassess their financial future entirely.

While there are indeed tangible strategies to build wealth and recover financially in the wake of Covid-19, sometimes your mental state can be just as pivotal in your money management tactics. Let’s explore how changing your mindset can be a powerful asset to chaining your financial situation.

Envision Your Future To Define What You’re Fighting For

It can be difficult to define what you want for the future when you’re wrapped up in the needs of the present. When faced with unprecedented loss in the face of a global pandemic, a bright future where your family enjoys financial freedom may seem like a pipe dream.

Challenge yourself to envision the future you desire by picturing your perfect day. Are you laughing with family and friends in the beautiful summer breeze? Are you able to afford lush solo vacations? Whatever you envision, that’s what you’re working toward.

Before you’re able to gain control of your finances and rise above hard times, you have to center your vision for your future so you have a clear picture of what you’re fighting for. This vision is the beginning of your financial freedom.

Practice Saying No To Take Control Of Your Time

Many find it extremely hard (or even impossible) to say “no.” But did you know that many financial experts believe your time is just as valuable as your money, if not more so?

Social Psychologist Susan Newman hypothesizes that the act of the compulsive “yes” can be like an addiction, causing negative mental and physical health ramifications. By all means, show up for others at work and in your personal life when you’re needed. However, saying “yes” all the time can drain your resources and keep you from focusing on your priorities, passions, and your goals for financial freedom.

When you feel the freedom to say “no,” you take back control of your time and your life while making room for your vision for your ideal financial future.

Make Sacrifices Now To Benefit Your Future

Retired NFL player Jerry Rice once said, “today I will do what others won’t so that tomorrow I can accomplish what others can’t.” If you want to secure your future, you have to be willing to make sacrifices in the present.

Small sacrifices that benefit your future can be mental, like choosing to let go of a grudge or giving someone you disagree with the benefit of the doubt. They can also be tangible, like foregoing a vacation or cutting back on everyday spending to ease your financial burden this month.

Finding the strength to admin you need help can also be a sacrifice. When you set aside your pride and ask for help, you’ll realize you’re not alone. Many are facing joblessness and small business closure. MS is one of the top states for unemployment and bankruptcy, but Americans are suffering financially coast to coast. If you are in a dire financial situation, the best thing you can do for your future is to ask for help. Consider contacting a financial advisor or a bankruptcy law firm to get back on track.

Align Your Spending + Values To Bring Meaning To Your Money

One of the best strategies to create financial freedom in your life is to align your spending with your values. Are you falling prey to the consumer mindset that urges you to spend all of the money you make?

Consumer society teaches us that we need to have the most expensive clothes, latest technology, and hottest new cars to be happy. USA Today reporters found that the average American spends $18,000 per year on nonessentials. If you put even a portion of that amount into savings or investments, you could begin to save for retirement, pay off student loan debt, or save for a downpayment on a house.

If you’re experiencing lean times due to the pandemic, use this opportunity to re-evaluate your relationship with your money. Start by evaluating your spending; create a budget that aligns with your values so you can bring meaning to your money and make it work for your future, not just your present.

Conclusion

Motivational speaker John Rohn once hypothesized that you become most like the people you surround yourself with. If this is true, we should all the more take care of what we are saying to ourselves each day within the chamber of our minds. With a mindset shift, we have the power to affect change within our own lives, the lives of others, and in our financial state.