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Money Management Tips During Challenging Times By Lily Hii

“What do we do now?”

“How can we survive within this challenging time?”

“My business is hardly surviving!”

“I am not sure how to move forward with less income.”

Are these questions resonating with you or probably more questions especially during the current climate. Firstly, I want to let you know that you are not alone, REALLY. As I am writing this, we are all at home, kids are home schooling, husband has been working from home since March. In Melbourne, we are still in strict lockdown. Holiday is postponed, no exact time when we will be back to normal, spending time outdoors and hanging with our family and friends.

My heart goes out to all the small business owners who are heavily affected. No matter which industry you are in, we all are affected in our own way. This is what is explained as crisis mode. Crisis mode means we are either fighting to trying to survive. Often, when we are in this mode, we do not think clearly and we react irrationally. That is why some people ran and grabbed toilet papers from the shelf!

So, you must be thinking if you are not grabbing the toilet paper, then what can you do?

If you know me personally, you would know that I am a true believer of everything happens for a reason, including this crisis. That is why the tips that I am sharing with you guys, not only will help you now but these will be long lasting.

TIP #1: Focus on What Matters (your WHY)

This is the time where we all want to focus on what matters most in your business and your life. This might be the only time that you can afford to take it slow and re-assess what is really important to you and your business.

You can start by evaluate these few questions:

  1. How do you spend your time on a daily basis?

  2. What is you typical habit or routine in your day?

  3. Do you focus on what matters on a daily basis?

  4. Reflect on your spending

Often, we always say to people we are busy doing this and that, but do you intentionally spend your time on things that matters most? By spending it on what matters most will help you utilise the time wisely. Instead of working hard on unnecessary matters, focus on working efficiently.

TIP#2: Review our Spending Habit

Due to lockdown and social distancing, some of our lifestyle spending might be decreased. How many of you realised that you are actually saving quite a bit of money by staying at home and spending less on socialising.

These might be exactly what your business or your personal finance need now. When you think about it, whilst we have options and freedom, we act as a magnetic to distractions. On the other hand, if we set some boundaries, then we tend to be able to resist it.

Educate yourself on your spending habits by looking inwards. Have a look at your spending trend. Prioritise your bills. Focus on what you need and not what you want. Start implement budgeting or saving plans into your business and your life. By doing this, you are creating a habit of backing yourself or your business and preparing for the just in case scenario.

TIP #3: Diversify Your Income

I came from an average household and I have always been thought to not put all your eggs in one basket, even though sometimes it seems easy. Think about what other options you can incorporate to generate revenue. For example, you might have a shopfront, due to current climate you might want to consider having your products or yours services online. Or be creative about your selling point. There is never one way of selling or serving your customers.

TIP #4: Invest in Yourself

The economy might be stagnant, but it doesn’t mean that your knowledge and your future certainly does not have to. The more that you invest in yourself, the more goodness that you are going to get out of it. Have you ever wanted to learn a new skill or pick up a new hustle? Now is the perfect time to do so.

TIP #5: Focus on the Long Haul

The tough time won’t last long, but tough people do! It is important to stay calm, be patient and shift your focus on what you can control. Don’t lose sight of your purpose and what God has for you. With the right mindset, you will be prepared and ready for when things are back to normal again.

Lily Hii


My name is Lily. I am a proud Mum of 2 beautiful kids, my daughter is 10 and son is 7, husband of 12 years and a Spoodle called Milo.

We love all things active, adventurous and fun. Aside from family, I am also Founder of Bookkeeping By Lily.

I have been an entrepreneur for 5 years and successfully built my business from $0 to 6 figures empire.

My passion is to educate and empower women business owners in knowing their number so that they can use this super power to strive in their businesses and have the clarity to make a better financial decision in both business & life.


I am also re-launching my KYN Membership in Oct 2020.

More detail HERE


The Kingdom Women Entrepreneurs is a Sisterhood Community for The Vision Builders, Boundary Breakers, Passion Igniters; Called & Anointed To Shine In Their Uniqueness & God Given - Calling.

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1 comentario

WOW! Great read :) thankyou so much for sharing :) x

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