Pause Paying Off Your Debts
If you expect or are going through a loss of income, it’s okay to stick with making just the minimum payment on your lower priority debts for now. Those usually include credit card debt, medical bills, and student loans.
By paying at least the minimum payment, you can remain current on your accounts and keep your credit score mostly on track. If you can’t afford to pay the minimum, you can call your credit card or loan company to see if you can have your payments deferred for an agreed-upon amount of time.
Just be sure that you’re aware of any fine print, and how any such agreement might affect you long term.
Discover Comfort in Routine
When people go through tough times, they often resort to material comforts. This can result in overspending during a time when you really should be saving your money instead.
To help combat this, you can try to develop new routines to help fill your time, and find other ways to provide comfort. This can be something as simple as making sure your bed is made each morning, adding a new exercise routine, or spending more time chatting with friends.
Find Ways to Better Yourself
Instead of looking at this time in a negative light, try to find a little positivity instead. Focus on bettering yourself, which can include challenging yourself to become better at managing finances. Take a more active role in your financial life and find ways to save money, while creating a reasonable budget that can help you tide the coronavirus outbreak.
All you need to do is sit down and list what you must spend money on each month, vs your typical unnecessary expenditures. Write down how much money you bring home each month, and figure out how much you have to spare if any—you can set that money aside in savings, or to help pay the next month’s bills.
From there, create a budget that will allow you to pay for what is needed while weeding out the things you don’t really need.
When your finances aren’t exactly in check, sometimes it’s hard for you to find peace of mind. And when the world is literally going through a pandemic, you might find yourself feeling weighed down enough already. Having finance issues on top of that doesn’t exactly help matters.
However, there are a few things you can do to help keep yourself afloat, both financially and mentally—even during the toughest of times. Here are our top three tips: