COVID-19 was an unexpected occurrence that not only has affected individuals but many businesses. In addition to your physical health, the health of your finances is also important. We share five ways to help keep your finances healthy.
Build an Emergency Fund
As you are able, start stashing money away for future emergencies. Having 3-6 months’ worth of expenses in savings will give you a cushion when the unexpected happens.
Manage Your Debts
Debt can be troublesome, especially if you aren’t earning as much as you used to. If you are struggling to pay off your credit cards, consider looking for a new credit card that has a low introductory rate.
Create a New Budget
If you have been able to maintain your job, you might even be spending less money right now. Review your existing budget or create a new one and see if there is any extra money you can save.
Check Your Accounts
This will help you have a better understanding of how you are spending your money. And should there be any suspicious activity, you can catch it quickly.
Even though it may be challenging staying home all the time, you are likely spending less money on eating out and traveling. By spending less, it gives you more money to pay off debts, put in your savings, and allocate towards the items you view as essential.