COVID-19 is chaotic, your finances do not have to beBy The MoveCU Team
In this global time of uncertainty, there is a lot we do not know. But we do know that our community is committed, compassionate and ready to move forward.
Here at MoveCU, Inc. we have taken this time to dive into our mission, values and goals. We have been focusing on what matters, YOU. This time will pass and as we move back into a world of ‘normalcy’ we want you to move with ease and with less financial strain.
We hear your needs and are creating the tools to help you succeed. As we gear up to share some exciting news, we want you to know that we are here with you and for you. Keep an eye on our social media outlets and subscribe to our monthly newsletters as we gear up to launch new resources for you, such as personal loans and credit cards!
In the meantime, here are some tips for creating and maintaining a budget during these hazy times.
1.Take stock on your current income situation
Unfortunately during this pandemic many individuals have had reduced hours or been laid off. For those whose income is not currently affected, it is best to plan ahead and consider making a budget for unanticipated cuts or loss down the line.
2.Explore the benefits available to you
Many state governments have expanded unemployment benefits and various financial assistant programs, such as food aid and health insurance. Visit your state government’s website to see what you may qualify for.
3. Define essential expenses
Essential expenses are the things you HAVE to pay for; ie housing, utilities, groceries, loans and insurance.
Several companies have temporarily suspended payments, allowed postponement or small payments with no additional fees, so check with your bank, creditors, utility companies, and rental management to see what aid they are offering at this time.
4. Track spending / Cut back
Record your daily/weekly spending. Take note of how much of your money is going toward non essential items and write down ways you can cut back. With the current shelter in place order cutting back on nonessential funding like eating out, travel and entertainment may be less of an ordeal.
Budgeting software like Mint.com and Truebill are great tools to track and cut spending. You can set amounts per category (such as eating out, entertainment and travel) and get notified when/if you have exceeded your limit.
5. Set goals
Set your short term and long term financial goals. For instance, in the short term you may want to avoid accruing more credit card debt by cutting back on dining out; in the long term you may want to set aside money monthly to put into a savings account or toward emergency funds.
6.Savings – healthcare, emergency, security
Allocate your savings for specific funds. Unsure of your financial security with the current COVID pandemic, set aside money every paycheck toward your emergencies such as emergency or security reasons.
The right budget can help you minimize financial damage and prepare you for unforeseen financial challenges. As we continue through these unprecedented times we wish you health, wealth and happiness.