Speaker Articles

If You’re Worried About Money, Think About This

young woman expressing a perplexed look on her face while examining monthly bills and account balances

Sometimes, one simple shift in thinking can help us know that, whatever the challenge before us, we’ll figure it out. This week, economist and Conference for Women speaker Teresa Ghilarducci provides that reassurance on our latest episode of Women Amplified.

Here it is: If you’re worried about money, think about your future self, and take action that supports that self—not the fearful self that may be activated in this moment.

Fear triggers chemicals in your brain that will make you want to do something to blast that fear away now. But those actions may not be in your long-term best interest.

So, what should you do—especially if you’re dealing with a loss of income or feeling rocked by the volatility in the stock market?

“You have to do something, but you have to do something for your medium-term and long-term self,” says Ghilarducci, a professor of economics at the New School for Social Research in New York City.

Focusing on the future, instead of this more anxious moment, will help you take charge. And from that more empowered mindset, you will be better positioned to take constructive action—on what Ghilarducci says should be three priority areas:

  1. Spending. If you don’t have a budget, this is the time to set it up—and watch it carefully. Fortunately, discretionary spending for many items—from Starbucks to hair care—is down. And we just might discover how many impulse purchases we don’t truly care about, which could help keep expenses permanently down.
  2. Debt. If you have credit card debt, ask the company to suspend payment without extra interest for the next two months—and to lower your interest rate while they’re at it. If you have a mortgage, do the same thing: ask for a two-month suspension without any extra interest accruing.
  3. Investments. If you can, look at your 401k accounts and make sure you know how much more you need to save to get on target. And, says Ghilarducci, remember that your asset values will probably come back in a year and a half. So, be patient.

Tune in to hear the full conversation with Theresa Ghilarducci on the Conferences for Women podcast, Women Amplified.


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