When COVID-19 first arrived - suddenly bringing our industry to a screeching halt - nobody saw it coming. We were all instantly thrown into a sea of unknowns and had to learn how to adapt and survive in a completely new world. By now, you’ve hopefully made adjustments in your everyday life that have helped you get your feet back on the ground - whether it feels like “normal” or not. The saying goes, “Those who do not learn from history are doomed to repeat it.” As some parts of the country approach what feels like a looming second wave, we have two options: we can ignore it, or we can prepare. We do not know what the future will bring, and we can not prepare for what we do not know, but we can take a look at the past and ask, “If I had known, how would I have prepared myself and my business differently?” Many say they would have put more in savings and been smarter with their finances. If that feels like you, keep on reading. Don’t wait until you’re in crisis mode to get prepared. Start now with these 6 ways to set yourself up for financial stability through financially unstable times. 1. Track Your Spending The first step to preparedness is awareness. You want to understand what you are currently spending - both in your business and your personal life - so you can have a clear baseline of what you need to survive and what sort of cushion you have to fall back on. This way, if you do have a dip in your income, you know immediately what you can afford to lose and still be able to cover the necessities. When tracking your expenses, make note of your fixed expenses (the ones that don’t change from month to month like your rent/mortgage, health insurance, utilities, car payments, student loans, etc. )The others, mark as your variable expenses (the ones that can change from month to month like food, online shopping, entertainment, etc.). (@thethrivingstylist) Also, indicate which expenses are discretionary (you don’t need them to survive). These could include a subscription streaming service, workout membership, etc. vs non-discretionary. If the time does come to start cutting back, you can instantly see what discretionary expenses you can cut first. When it comes to your business, using a salon management software like SolaGenius can take the guesswork out of this by tracking your business expenses for you! (@mariahs_styles) 2. Simplify & Save With a potential second wave on the horizon, now is not the time for retail therapy. Don’t deprive yourself of what you need to survive, but get creative in finding ways to help your dollar stretch a little further! With the holidays around the corner, change things up this year with some inexpensive to no-cost DIY gifts. Write letters to your friends and family or treat your loved ones to an at-home spa day. Maybe offer your closest friends a free treatment in your salon. Not only will you save some money, but it could also remind them to come in and visit you and possibly upgrade their service, too! (@bravebeautyspa) This time of the year doesn’t have to be an unnecessary financial burden. Remember, the best gifts come from the heart, not from a store. 3. Know Your Options It’s always easier to process information when we aren’t in a state of panic. Don’t wait until you’re in desperate need of a loan to start your research. Have a list of banks and associations you c