Getting through a tough time often requires making sacrifices including financial ones.
The pandemic has presented particular challenges to so many people.
5 Tips for Creating a Bare Bones Budget During a Crisis
1.
Cut Out the Nonessentials
Paring down your budget means making difficult choices.
What you better cut may not be obvious.
You may be so used to coloring your hair that it seems like an essential cost.
But you have to ask yourself: Is this expense important for my survival?
Could I get by without it?
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Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
The extent of your financial situation will determine how strict you have to be about your budget cuts.
Robust savings orpassive income streamsmay allow you to reduce your spending while keeping a few luxuries.
Fortunately, you dont have to permanently cut some expenses.
you’re free to restart service later when your financial situation is back on track.
Did you know?
Continue to make minimum payments as they come due, but refrain from paying extra for the time being.
Save money on groceriesby using coupons, eliminating convenience foods and buyingstore-brand products over name brand.
Cut utility costsby reducing usage.
Lower transportation expenses bysaving on gas.
Try aprescription discount cardto find cheaper prices for your medications.
Take a magnifying glass to all your essential expenses, and brainstorm how you might shave down your spending.
Ask Creditors, Financial Institutions and Others for Help
SeveralU.S.
banks have responded to the coronavirus pandemicby offering financial assistance.
Some have waived or lowered fees.
Others sent out statements asking customers to contact them for help on a case-by-case basis.
That could look like a credit limit increase, adjusting your payment schedule, waived fees or more.
Create a budget that works for you with ourbudgeting bootcamp!
Nicole Dow is a senior writer at The Penny Hoarder.
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