With all the furloughs, business closures and job losses that have occurred in the wake of COVID-19, Emily Guy Birken has no patience for financial advice focused on the “coulda, woulda, shouldas.”
Birken, a money coach, finance writer and author from Wauwatosa, said some experts in the personal finance community are saying that people who lost their incomes should have been saving all along — that they could have avoided being so strapped for cash now.
“Not only is that useless, because there’s nothing you can say to that … but it also makes you feel bad,” she said. “Unless there’s a DeLorean nearby that can take you back in time and help you save money yesterday, there’s nothing you can do about it.”
Birken said more helpful advice is to deal with finances as they are currently and figure out how to move forward. She provides the following tips:
While it’s uncomfortable to assign levels of importance to certain bills, it’s an important first step, Birken said.