Chloe is a work from home mom and writer obsessed with all things budget-friendly. She not only spends time looking for the best bargains but also learning how to manage her family’s finances! When she’s not wrangling her four girls, she’s spending time trying new coffee huts and taking too many pictures of the Pacific Northwest’s mountains. Check out her budget-friendly crafts, recipes, and more at Young Fun Mom!
Whether you’ve lost your job, had to take a pay cut, or had another disruption to your finances, a pandemic can have a huge impact on the way that you handle your money. Use these personal finance strategies for the COVID-19 era.
Organize Your Finances
Before the pandemic struck, many people lived busy lives. If you were one of those people who just didn’t have time to sit down and organize anything, the chances are that your finances might be a little out of whack. With things slowing down because of the pandemic, now is an excellent time to organize your finances and get some things under control!
Take a look at your bills and get a good idea of exactly what is coming in and going out. Now is a great time to take steps to lower your bills and to also cancel any unneeded subscriptions that you might have forgotten about. If you’ve been putting off creating a budget, you finally have a chance to do one the right way! (Grab this Family Budget Workbook to get you started!)
Stay On Top of Bills
Especially if you have lost your job or you are struggling financially through the crisis, you should still remember to stay on top of your bills. Prioritize them by what needs to be paid immediately and then work your way down. If you know that you are not going to be able to pay something, contact the company as soon as you know you’re going to be late. Many companies are setting up grace periods and giving extensions where they normally wouldn’t. They understand that the crisis has been difficult for almost everyone and may be more lenient about late payments.
During the lockdown, you may have some extra time on your hands. It’s a great time to go through your bills and reorganize your budget!
If you are in a very dire situation, you may need to rely on some sort of assistance. Local organizations, government bodies, and charities may be able to help with some essential bills. This should be a last resort, but it is often worth researching in your area.
Reduce Your Expenses Long Term
During lockdowns, did you find that you really can live without that expensive coffee? Or that you don’t actually need all the premium cable channels? Use this time to find out how you can reduce your expenses for the long term. Then, when the pandemic passes, continue on with these good habits that will help you stay financially healthy for years to come! Focus on personal finance strategies in the COVID-19 era and you’ll be able to continue focusing on better finances long after the pandemic is over!
Don’t Be Too Proud
Getting help can be hard especially for people who are accustomed to being self-sufficient, but there are programs available with the sole purpose of being able to help you when times get tough. Food banks, school meal deliveries, and other charitable options are all there to help you when you need them. If you are desperate for food or some other form of help, it’s important to put your pride aside and make the choice to get that level of help. You’ll likely be surprised that the people helping at these venues are kind and will not judge.
Still, struggling with the idea of taking a free handout? If you’re struggling because you’re out of work or have reduced hours, don’t be afraid to get help. With some of your extra free time, give back and volunteer. Or even make a plan to help out once the pandemic is over! Many food banks are short of volunteers. Lending a hand will help it feel less like you’re taking something for free and will help the organization.
Save Money by Staying Home
Perhaps one of the biggest benefits of being “stuck” at home is you’re likely saving money by not spending on entertainment, eating out, and more. If you continue to stay home as much as possible, you’ll save more money. You’ll also save more money if you’re trying out new personal finance strategies! During this time, instead of just letting the money sit in your checking account, make it work for you! If you don’t already have one, get a high-interest savings account and start stashing that money away. You can save it for a day when the pandemic is over or use it to build up your nest egg!
Keep track of all the money you’re saving with this resource.
Watch for Scams
Unfortunately, there are so many people out there who will take advantage of others. These people don’t stop doing their dirty work just because of a global health crisis. Instead, they prey on others with no regard for the pandemic that we’re all going through. Watch out for scams and safeguard your money so that you don’t have even bigger problems!
