How to Save Money During the Coronavirus Pandemic
Come out on top financially by being mindful of your spending
As many states ease COVID-19 restrictions and some Americans find themselves reopening their businesses or going back to work, financial concerns remain constant. What will the future look like for the people that are unemployed or currently furloughed by the companies they worked for before the pandemic forced closures to take place nationwide? What about the self-employed who lost a portion, if not all of their income, because they relied on customers that lost their jobs to buy products and services from them?
If you're in a scenario where work doesn't appear to be coming quickly enough for you, there are things you can do to protect yourself financially during the COVID-19 pandemic.
Below, we'll highlight some of the most solid advice given by leaders in personal finance. That way, you're able to avoid some of the fall out that occurs with earning infrequent income. It's a way to safeguard you and your family from potentially harmful situations that threaten your level of comfort and security.
Bolster your savings.
Nicole Lapin notes the importance of socking away the extra money that you would typically spend on outings and other monthly luxuries. If you've already been budgeting, you know that 70 percent of what you earn and spend goes toward food and housing, 15 percent is for saving and investing, and 15 percent goes toward any extras needed throughout the month.
During times of financial uncertainty, however, opting to give five percent of the budget for things such as coffees and massages instead of 15 percent can significantly improve your financial outcome in just a few months.
Check your consumption of everyday items.
David Priest, a writer for CNET.com, provides many helpful household tips that prevent you from being so wasteful. Among the list are ideas such as growing your kitchen herb garden, lowering the temperature on your hot water tank to 120 degrees Fahrenheit, and accessing your public library's online resources for books, movies, and other forms of entertainment for free. Coming up with an alternative for every expense that you'd generally acquire is one of the fastest and easiest ways to save money now and into the future.
Work with Madison Monroe to settle debt.
If being in debt has been a concern of yours for a while, it's time to look into options that allow you to ease the burden of it. Madison Monroe & Associates is available to assist you with debt settlement. Scheduling an appointment through our online form allows us to speak to you directly about the options that exist to help you.