Here’s Five Helpful Tricks for Budgeting During COVID-19
This pandemic has caused many people to pay closer attention to their finances. With money being tight for a lot of us, we thought we'd let you in on a few different tricks to help with your budgeting during this crazy time we're facing.
Some financial experts offered a few quick money and budgeting tips to help get you in the right direction:
- See what help you qualify for. If you've lost your job of been furloughed, file for unemployment and check with your credit companies to see if they'll put a freeze on your payments for a month or two. The government offered an extension on student loan payments through September, so that's some good news for those who are in that pool.
- Re-vamp your budget as a whole. Check your last bank statement and see if you have auto-pay on anything that you don't really need right now. If you qualify for a stimulus check, use that towards food and rent first. Not subscriptions for any unnecessary things.
- Browse for free/cheap ways to pass time. Your Hulu or Netflix subscription is definitely worth it right now. But keep in mind there's a lot of free ways to pass your time as well! As the weather gets nicer, you can spend more time outdoors. Many libraries are letting you sign up online for access to digital books and movies for free!
- Don't borrow from your 401k unless you have no other choice. When the market rebounds you'll be at a loss. Many people are making the mistake are borrowing it to pay off credit cards, but then they go bankrupt anyway. Retirement plans are usually protected from bankruptcy, so don't go there unless it's absolutely necessary.
You also might want to consider if you don't have one already: starting an emergency fund. Obviously during a time like this, that will only come in handy for so long, but that way you have something to help get you through even if it's for a little while.
Hang in there. This is just a bump in the road - we'll get through it soon.