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09.01.2020 / Budgeting « Back to all articles

3 Tips for Budgeting During a Crisis
Woman stressed out doing budget during a crisis

If your job has been put on pause due to the COVID-19 pandemic, or if you have suddenly found yourself unemployed, you might be reluctant to look at your budget. Don’t hide from your money: You have more control than you think! When you are faced with a crisis, there are ways to reorganize your expenses to alleviate at least a little bit of your stress. Here are three tips for budgeting during a crisis that will help you get the most out of your money: 

 

1. Invest in Money Management Software 

If you want to take control of your finances during a crisis, you might need some help. Consider using budgeting software to better understand where your money is going and to see if there are any expenses you can cut from your monthly spending. With this approach, you will be able to locate your budgeting weak spots, cancel unnecessary subscriptions, and develop a better financial plan for the upcoming month. 

 

2. Utilize All Options for Debt Relief 

If you have credit card debt, consider approaching your card issuer or financial institution about being granted temporary relief from payments. If you are a current or former student who has a student loan balance, your payments might have been put on pause during the pandemic, but you will want to double-check. Additionally, don’t be afraid to speak to your landlord or mortgage lender about suspending payments during the crisis. If you are currently not employed, file for unemployment as soon as you can. It can take government workers several weeks to process unemployment claims. If necessary, after you have exercised all of your available debt-relief options, you can consider other options like short-term loans to make ends meet. 

 

3. Prioritize Your Expenses 

If you’ve spent your adult life developing a budget for yourself or your family, you’ve likely used a template in which you’ve allotted a certain amount of your income to housing, another portion to food, and another for necessary household bills like utilities and internet. Consider where your other money is going – do you really need an extra pair of sunglasses right now? What about those four TV streaming subscriptions? If you usually get takeout two or three times a week, consider cooking at home to free up some of your budget for more important expenses. 

Remember to stay positive. The crisis will not last forever. However, when you’re budgeting, you need to plan as though your new situation could be long-term. Start doing small things, like cooking at home, using budgeting software to manage your expenses, and avoiding unnecessary purchases.  

12.01.2020 / Lifestyles

Couple Goals - Managing Money Without Conflict
Money can be a touchy subject, and many people choose to keep their financial habits and plan to themselves. While that…

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09.01.2020 / Budgeting « Back to all articles

3 Tips for Budgeting During a Crisis
Woman stressed out doing budget during a crisis

If your job has been put on pause due to the COVID-19 pandemic, or if you have suddenly found yourself unemployed, you might be reluctant to look at your budget. Don’t hide from your money: You have more control than you think! When you are faced with a crisis, there are ways to reorganize your expenses to alleviate at least a little bit of your stress. Here are three tips for budgeting during a crisis that will help you get the most out of your money: 

 

1. Invest in Money Management Software 

If you want to take control of your finances during a crisis, you might need some help. Consider using budgeting software to better understand where your money is going and to see if there are any expenses you can cut from your monthly spending. With this approach, you will be able to locate your budgeting weak spots, cancel unnecessary subscriptions, and develop a better financial plan for the upcoming month. 

 

2. Utilize All Options for Debt Relief 

If you have credit card debt, consider approaching your card issuer or financial institution about being granted temporary relief from payments. If you are a current or former student who has a student loan balance, your payments might have been put on pause during the pandemic, but you will want to double-check. Additionally, don’t be afraid to speak to your landlord or mortgage lender about suspending payments during the crisis. If you are currently not employed, file for unemployment as soon as you can. It can take government workers several weeks to process unemployment claims. If necessary, after you have exercised all of your available debt-relief options, you can consider other options like short-term loans to make ends meet. 

 

3. Prioritize Your Expenses 

If you’ve spent your adult life developing a budget for yourself or your family, you’ve likely used a template in which you’ve allotted a certain amount of your income to housing, another portion to food, and another for necessary household bills like utilities and internet. Consider where your other money is going – do you really need an extra pair of sunglasses right now? What about those four TV streaming subscriptions? If you usually get takeout two or three times a week, consider cooking at home to free up some of your budget for more important expenses. 

Remember to stay positive. The crisis will not last forever. However, when you’re budgeting, you need to plan as though your new situation could be long-term. Start doing small things, like cooking at home, using budgeting software to manage your expenses, and avoiding unnecessary purchases.  

Need a
Loan?

Loans from $120 to $15,000. Get funded as soon as today!

12.01.2020 / Lifestyles

Couple Goals - Managing Money Without Conflict
Money can be a touchy subject, and many people choose to keep their financial habits and plan to themselves. While that…