Are you feeling overwhelmed by all the different goals you have in life? I was, too… and then I got sick with Covid! Talk about feeling overwhelmed. All of a sudden, financial independence was the furthest thing from my mind. The only thing that mattered to me was feeling better. As the saying goes “the healthy man has many wishes, but the sick man only has one.”
Fortunately my own symptoms were very mild, and I am well on the road to recovery. The whole situation emphasized the importance of health in the midst of working toward financial independence. I put together a few tips on how to recover from any illness, yet stay on the path to financial independence.
5 Tips for Surviving an Illness While Prioritizing Financial Independence
1. Keep working, if possible
Your income is the fastest way to financial independence. Keep working as long as you are able. In my situation, I found the brain fog to be pretty strong. Rather than chance making a silly mistake with costly consequences, I asked my boss if I was able to reduce my hours. He graciously agreed and I was able to reduce my hours and work part time to complete the most urgent tasks within my job description. I was also able to get the rest that I needed.
2. Use your emergency fund, if necessary.
A key pillar of working toward financial independence is an emergency fund to rely on during an emergency. If you’re sick, now is absolutely the time to use your emergency fund! What if you don’t have an emergency fund? Don’t panic! List out your expenses, starting with the basics. Then make a list of the income you have coming in and decide which expenses are truly necessary.
Check out this article for more:
How to Build an Emergency Fund from Scratch
3. Pause subscriptions or recurring bills, if possible
If you’re like most households, you have a whole host of financial obligations for services on a monthly basis. If these services aren’t directly related to your current life, you may want to see if you can put them on hold. Luxuries like Netflix, Amazon, and Hulu might contribute to your overall quality of life. However, if your illness looks like it might last longer than a month, see if you can put things like a gym membership on hold.
4. Ask for forbearance
Recovery may take time. However, this is no reason to sacrifice your climb to financial independence. If you have more costly monthly obligations, see if you can request forbearance on these bills. Credit card, mortgage companies, and state agencies are often willing to work with you if you have fallen behind on payments. Reach out to your creditors and keep them informed of the situation. Communication is key!
5. Take care of yourself!
Ultimately, the point of financial independence is to have the freedom to use your time in a way that allows you to enjoy life. Health is wealth and the better you feel, the more you will enjoy life. Hydrate, rest, and take the time to feel better.
Here’s a video update on my own journey, including my health, budget, and increasing my income to accelerate my path to financial independence.