Financials Tips During the Covid-19 Pandemic
It’s a difficult time in our country right now. Many have been faced with unemployment or even the fear of becoming unemployed in the near future. Remember you are not alone, and we will get through this time.
By now, many have already received their stimulus payment, but it is important to make practical decisions on how to spend the money you receive. Food, utilities, shelter and transportation are the most important pieces of your budget currently. Be sure you can cover the cost of those first. A practical rule to keep in mind is to always consider needs verses wants. If you are still employed, but fear what is happening in our economy, it might be best to put the money into a savings account to help build your emergency fund. This pandemic has proved to be a great example of why it is important to have an emergency fund.
You may consider paying down debt with the money you receive. Always start with the debt with the high interest rate first. Being able to pay down debt will help to save you money in the long run.
Our local economy is very important, so we suggest supporting local businesses. Remember our neighbors who are struggling to stay afloat. Order take-out from your favorite local restaurant, buy a gift card from your favorite shop, pay for your child’s dance class that they didn’t get to take this month, shop local stores online, or donate to your favorite local charity or organization.