It’s a scary time right now. The world is experiencing something we haven’t really ever had to deal with before, and it’s a stressful time for everyone. And as someone who is no longer getting a regular paycheck, like many who have been laid off, the added stress of thinking about your finances only makes this time even scarier.
So, I wanted to help ease that stress by offering a few simple things you can do now to help feel more in control of your finances in this crazy time. These steps have helped me adjust my mindset towards spending during this Covid19 period.
Review Your Expenses
I know, this can be scary. But in order to make sure you will be ok for the foreseeable future, you have to understand how your spending has been up until now. Look at the last two months and review all of your bank/card statements and mark the expenses into two categories, essential vs non-essential. Things like rent/mortgage payments, groceries, and utilities are essentials. That sweater that was on sale was non-essential.
Cut Out Non-Essential Spending
First, take a break and give yourself credit for doing the first step. Its tough to do that, and now you know what your spending is like and you can make a plan.
Now, look at your non-essential spending, and note what these purchases are. And then stop making them. It’s easier said than done, I know, but you will look back in a few months and be grateful. Also, think about ways you can adjust your spending. Love eating out and ordering in food, do some research on recipes for your favorite foods and try cooking them at home!
Look into Local and Federal Programs
The perhaps one upside to all of this is that the government has stepped up and passed a huge relief package. And that’s just at the federal level. States are also doing things to help out with those affected during this time. So look into these programs in your state and see if there is any financial aid available to you.
This whole pandemic seemed to ramp up quickly, and that has required us all to change a lot, especially our mentality towards spending and finances. I know this was the case with me, and it has been difficult. But by going through the steps above has helped me adjust my mindset, and I hope they help you as well! Is there anything I can help you with right now? Let me know in the comments!
