Struggling with financial uncertainty in 2025? With massive government layoffs and a trickle-down effect impacting various industries, it’s more important than ever to take control of your finances. In this guide, money coach Natasha shares five crucial financial moves to help you survive and thrive in today’s economy. Need personalized help? Read the summary below or watch the video for expert financial advice. And make sure to stick around for a bonus tip at the end!
Acknowledging Economic Changes (00:00 - 01:08)
- Government layoffs are happening at an unexpected rate (35,000 job cuts).
- The private sector is also experiencing a trickle-down effect.
- Now is the time to prepare and protect your financial future.
Getting Real About Your Spending (01:08 - 04:10)
- Track your expenses to understand where your money is going.
- Use budgeting tools like Monarch Money, Empower, or NerdWallet.
- Categorize spending (e.g., groceries, dining out, entertainment) to identify areas for adjustment.
Building an Emergency Fund (04:10 - 06:38)
- Aim for 3 to 6 months’ worth of expenses, but start with small contributions.
- Use high-yield savings accounts (e.g., Ally, SoFi, CIT Bank) for better returns.
- Saving even $20–$30 per paycheck helps build financial security.
Cutting Unnecessary Expenses (06:38 - 08:42)
- Reduce costs on recurring bills (e.g., switching to cheaper phone plans like US Mobile or Mint Mobile).
- Negotiate lower rates on services like internet and insurance.
- Identify spending habits that don’t add value and cut them.
Having a Financial Plan (08:42 - 10:45)
- Create a monthly budget that includes saving, spending, and investing.
- Develop a backup plan for income loss (e.g., alternative job options like substitute teaching or gig work).
- Maintain an emergency fund and additional financial safety nets.
Staying Connected with Others (10:45 - 11:46)
- Relationships and community support are crucial during uncertain times.
- Networking and personal connections can provide job opportunities and emotional support.
Bonus Tip: Cancel Amazon Prime (11:46 - 12:18)
- Having Amazon Prime may encourage unnecessary spending.
- Consider canceling or pausing it to reduce impulse purchases.
These steps aim to help individuals navigate financial uncertainty in 2025 and build long-term stability.