What To Do With Your Money When Crisis Hits: A Survival Guide

by Michelle Singletary

From pandemics to recessions, bear markets to energy crises, life is full of financial setbacks. The hard truth is that it’s not a matter of if there will be another economic downturn, but when. The important question to ask is this: how do you prevent a crisis from turning into a full-blown catastrophe?

Drawing on years of experience as an award-winning personal finance columnist, Michelle Singletary shares her expert advice for weathering a financial storm. In this book, she answers the most pressing questions that crop up when money suddenly becomes scarce, like:
What bills need to be paid first?
When is it right to dip into savings?
What are the best ways to cut back on spending?
How do you keep from panicking when the stock market is down? 
Is this “opportunity” a scam in disguise?
This hands-on guide covers debt concerns, credit card issues, cash-flow problems, and dozens of other common financial matters. Whether you’re in the midst of one crisis or preparing for the next, this book provides the tools to secure your wealth and your future. 

Genres: Finance, Nonfiction, Personal Finance, Money, Self Help, Economics, Business

224 pages, Hardcover

First published May 18, 2021

Reviews

[Bookgrrl · Rating 4 out of 5]

This is a different kind of personal finance book. It’s not for setting up your first budget, or how to invest in the stock market, etc. This is for when the S hits the fan and you’re trying to bail water out of your sinking ship with a teacup. There are a wide range of topics covered, and as such this is a fairly basic book; even the author states that these subjects are not covered in depth, and if you want broader coverage of the topics to do additional research. Some of the items covered are how to prioritize what to pay after a job loss, how to handle family money problems (such as family asking for loans or children needing to move home), the gig economy, and how to watch out for the bajillions of scams that are out there right now. I think the book is well written and presented in a no-nonsense way that should appeal to a wide range of readers.

Thank you to NetGalley & Houghton Mifflin Harcourt for this advanced reader copy. All opinions expressed in this review are my own.

[Mohd Nordin Che Omar · Rating 4 out of 5]

A must read book for all of you who are struggling financially. Full of practical and easy to read and implemented though it is based on the American case study.

[Katherine · Rating 4 out of 5]

I really enjoyed this! Some of it was information I already knew but there were plenty of resources, information, and advice I haven't heard of that will benefit me. It's definitely inspired me to be more in control of my finances and a lot less afraid of crisis and money itself. I like the caring, but no nonsense tone from the author.

[Madeline · Rating 5 out of 5]

Singletary tells you to have an emergency fund, but she also explains how and what to prioritize if you're already behind AND how to build real security for the next big national or personal economic crisis.

[Ruby Escalona · Rating 3 out of 5]

Good, quick read - more like a what to do in case of x scenario comes to play.
Has excellent tips on what to do and what not to do in case of certain situations
I did get a few tips on debt repayment strategies and of course, retiring early.

[Yvonne · Rating 4 out of 5]

Respected journalist and financial advisor Michelle Singletary offers practical advice in a voice both authoritative and sympathetic. Readers need not fear that her words are only for high-risk, Wall Street investors or aggressively entrepreneurial narcissists out to create a "brand." The best thing about this book is that the author *wants* her audience to understand finance and the ways everyone can develop a healthy relationship with their own money. Perhaps the most valuable thing about this guide is that it carries a lot of good suggestions (and resources) for everyday saving. This is a great guide for young people, newlyweds, or anyone wanting to strengthen their financial standing and build for the future.

[Shawn Skonberg · Rating 3 out of 5]

Average book. It is good if you are looking for actual resources to more specific problem. This isn't really that in depth about the psychological nature of money. If you are looking to solve spending habits or setting up systems to help control your money I would look elsewhere.

[Fetcher · Rating 2 out of 5]

Good how to book if you know nothing about money and a crisis hits. A bit too basic and entry level for what I was looking for.

[Janet · Rating 3 out of 5]

Really 3.5. I liked the question and answer bit to this book. You can pick and choose what you need.

[Joanna · Rating 3 out of 5]

Many of the specific situations weren’t relevant to me, but the first part of the book was helpful.

[Kassandra · Rating 5 out of 5]

Straightforward and thorough. Exactly what it says it’s going to be. In the intro she says it’s more of a Q&A and, well, it is. I think this is something that’s useful to read when one isn’t in crisis and then refer to if they find themselves in one. Covers everything a person can consider when trying to figure out how to shovel themselves out of a financial hardship, including the thought: is this actually that bad or am I panicking?

[Graemme Boone · Rating 5 out of 5]

Excellent book, especially part three, The Future and especially for seniors. I am a Senior and I have been scammed once, never again, and for a relatively small amount of money. I thoroughly enjoyed Michelle's first book, so my finances are in good order. However, I did pick up some other great tidbits that I have passed on to people while reading the book. I would refer this book to everyone!

[Karen Ng · Rating 4 out of 5]

A fairly good beginner's book about money management and making the right decisions. As oppse to older investment books, it included chapters on the gig econocomy, selling online, paying down debt and how to prepare for hard times as the pandemic. It'll make a great gift for a young person who needs a crash course on finance.

[Darya · Rating 4 out of 5]

I've book with plenty of practical advice. It is based mainly on a question -answer system and is well structured. The book answers the questions on different areas of money. The only thing is it is mainly IS focused but still a lot of good information.

[Meg · Rating 5 out of 5]

A timely guide for survivors of the COVID-19 pandemic, this book provides information that is both practical for our times and a dose of general financial common sense. Singletary's tone is direct and the book is full of advice good for perusing by topic, or fun for a fast cover-to-cover read.

[Cindy Mo · Rating 5 out of 5]

I love the practical advice the author gives. There is already a ton of books that go into the psychology of saving and managing debt, but this one offers actual resources you can look up to manage your budget.

[Syndi Siahaan · Rating 4 out of 5]

4.5 stars from me. This book gave some suggestions of which part of our lives need to be prioritized when money was scarce. The suggestions were practical and understandable. However, many part of her suggestions were only applicable in US

[Jo Stephens · Rating 4 out of 5]

fortunately, most of the advice in this book doesn’t apply to me atm, given that i am not on the verge of bankruptcy. but if i ever find myself in that situation i’ll be sure to pick this one back up again

[Cathy · Rating 3 out of 5]

Probably good for a beginner in hot water, but nothing new covered here for me.

[Joe · Rating 4 out of 5]

Solid personal finance tips without the heavy handed holier-than-thou proselytizing that some authors peddle.

[Marilyn Sue Michel · Rating 5 out of 5]

Much of this material has been published elsewhere in the past, even by the author, but it can be helpful to review the basics which have been updated for the Pandemic.

[Rev. Ed · Rating 5 out of 5]

Clear and concise

Very helpful especially as the threat of a recession looms. Fundamentals are clearly delineated. Priorities clearly outlined. Definitely a helpful primer.

[tangela cosey · Rating 5 out of 5]

great book

Great I enjoyed the book.some things don’t apply to me but it good to know.learning about the scams was beneficial

[Mark Danowsky · Rating 4 out of 5]

Reasonable overall advice. Covers basics. Stays in the right lane. Doesn’t make any wild promises.

[Rachelle · Rating 2 out of 5]

What to do with your money... this is a basic financial book for people with no common sense. Very simple suggestions for abstract scenarios that aren't relevant for most people. Question and answer format with some sections providing lengthy details of prioritising bill paying in times of crisis