Personal Finance

How to budget during COVID-19

The COVID-19 pandemic has been tough for communities. For many, it has resulted in reduced income or higher expenses. However, a small amount can go a long way when you spend wisely. Make a plan to stretch your income in times of uncertainty. Here are a few quick tips to get started:

Write out all of your expenses 

As a first step, we suggest estimating all of your current expenses. In order to make a plan to stretch your income, you must know exactly where all of your money goes. Add up what you pay for rent, utilities, groceries, eating out, movies, etc. Then identify which expenses are important NEEDS and what expenses that are just things you would like to have. Write down everything.

Adjust your budget: cut out non-essential spending

Now that you’ve identified everything you spend money on, cut all expenses that are not essential needs. Remove things that you just like to have. Ask yourself, what do you absolutely need to survive? For example, reduce eating outside the home. It’s better to prepare your own food and it costs less. Of course, you don’t want to remove everything fun, but in stressful times it’s best to focus on essential needs and save for an emergency.

Save on utilities

You can significantly reduce expenses if everyone at home takes steps to save water, electricity, and gas. Save water by turning off the faucet when you are not using the water, like when you brush your teeth or lather your hands or body. Save electrical energy by turning off the lights and devices that you are not using at the moment. Save gas by reducing the time you spend bathing in hot water and use the stove only as necessary. This is not only good for your wallet but also good for the environment!



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