Right now is a scary time for everyone. We are all scared about not only catching this horrible virus called COVID-19 or Coronavirus, but also are going to survive financially. Most of us are out of work right now or working less hours because right now most states are on a Stay-At-Home order given by their state governor. I do feel like we are all going to be okay and can come out of this on top. We just need to continue to listen to what our state governor’s order and our president.
Budget Tip #1: Coronavirus Stimulus Package
Most Americans will have the help from the Coronavirus stimulus package that was voted on and signed by President Trump on Friday. What this package includes is: a stimulus check (one time payment) where most adults (depending on gross income earned) will get $1200 single or $2400 married couple and $500 for each qualifying child under the age of 16. They are also giving an extra $600 a week for unemployment on top of their state benefit. Meaning if you are getting $300 a week from unemployment you’ll get a total of $900 with the extra money from the stimulus package. This is money is available for up to 4 months while we are going through this pandemic.
This amount of money is more than some of us make in a week. (If it isn’t this budget tip won’t apply) If that is the case, put that extra money away into a savings account to have for emergency. Don’t spend it on unnecessary things. You don’t need to get a steak dinner every night because you have the extra money or go buy new clothes and shoes. We need to shop smart during this time.
For more in detail information and questions you may have about this stimulus package, head on over to coronavirus stimulus package.
Budget Tip #2: Pick out your essential bills
When it comes to budgeting during this time, you need to come up with a special budget for essential bills only. With that being said, you may need to cancel your gym membership (or call the gym and ask about freezing your account for the time being while this pandemic is going on), cancel your hulu, netflix, HBO, etc. accounts or just pick one of them if you have multiple accounts, or stop eating out. You need to write down all your bills and what income you have coming in. Go down the list and see what is deemed essential and needs to be paid (rent/mortgage, electric, water, gas, etc).
After you go down the list and pick out what bills are essential and you feel like you still aren’t going to have the money to pay while we go through this pandemic, call you landlord or mortgage company and ask if they are able to defer your payment or postpone it. Call your utility companies and see if they’re offering anything during this time. A lot of utility companies will not shut off service if bills are late. Don’t just assume though, call them and be proactive.
Budget Tip #3: Eat/Cook at home
Right now I know my family and I are eating at home more now. I don’t trust that people are washing their hands like they should or making sure they don’t cough on your food. The best thing you can do for your safety and also for your pocket, you should grocery shop for the week or two and plan out your meals. A lot of stores are doing curb side pick up and you don’t actually have to spend the time in the store getting your groceries. You can just place the order on their website and then schedule a time to pick up. If you aren’t able to go pick up the groceries, see if your store does a delivery service.
These are some of the budget tips I have come up with for my family during this hard time. I sure do hope they help others out as well. It is not going to be easy, but if you do do some of things I have written about you will be able to survive this time. Please be safe and spend/shop smart.