The COVID19 pandemic caused the closures of most businesses and other public places. As a result, a lot of people are dealing with financial hardship. The Government is trying to keep the financial system stable. However, there are still people who try to make ends meet. They try to manage their budget as much as they can. Here is some advice that can help you manage your money during the pandemic.
1. Identify Available Resources
Analyse all the available resources and take advantage of those that fit your needs. You need to identify all your available resources to spend your money properly. Don’t forget to put aside some money for emergencies, food and other important supplies.
2. Establish a Priority-Based Spending Plan
Once you finished analyzing your available resources, create a spending plan by prioritizing all the supplies you need for a living. When creating your priority-based spending plan, consider your bill first. Then, consider your monthly expenses such as mortgage, food, insurance, transportation and medication.
3. Use an App to Better Control Your Spending
Using a mobile app can help you manage your budget. You can have a quick look at your daily or monthly spending at any moment. An app allows you to better control your monthly expenses. Plus, it helps you stick to your budget.
4. Contact Your Creditors
If you’re struggling or if you’re not stable financially, you need to contact your creditors. When it comes to mortgage or other loans payment it’s essential. Some programs are already in place to help stop evictions and foreclosures. Explain your situation and ask for assistance. Creditors might offer reduced payments and fees or deferred payments.
5. Stick to The Basics
Try to buy things on a budget when it comes to food. Stick to the bare essentials to reduce your spending as mush as possible.