Keeping On Top Of Your Finances Throughout COVID-19

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The outbreak of Covid-19 has left many of us feeling anxious about the risks that it poses to ourselves and our loved ones, and fearful about what the coming months hold. On top of this, people are also worried about an uncertain financial future because it has had an impact on jobs, everyday life, and income. 

There are, however, some things you can do to help yourself keep on top of your finances through the pandemic. Let’s have a look at some of them below: 

Top Tips For Staying On Top Of Your Finances 

  • Tracking your spending and identify small ways you can make savings. 

  • Try to get into the habit of saving, even if it is a small amount it’s a good amount. 

  • Track and improve your credit score. 

  • If you are struggling to see what help you can get. 

Your Credit Score And COVID-19 

If you are experiencing financial hardship because of the pandemic then you may be thinking about how it might affect your credit score, especially if it is causing you to fall behind on payments and it’s leading you to defaults. 

If you’re worried about this some of the things you could try to help include: 

  • Approaching your lenders and creditors to see if any help is available. 

  • Pay what you can, even if it is a reduced amount. 

  • Stay up to date with your credit report, it can help you to identify problem areas and see if anything is having an impact. 

Set A Budget You Can Stick To 

One of the simplest and best ways you can keep on top of your finances is to set yourself a budget that is realistic, this way you can stick to it and keep a hold of your money. You should: 

  • Assess your financial situation - Think about reduced hours or whether you have lost your job. You need to be aware of what is exactly coming in and going out. Think about using a budget planner, you can find several for free online. 

  • Explore the benefits available to you. Whether you are out of work, or if you are on low income and have been affected by the economic impact of COVID-19, you may be able to access some help such as unemployment benefit or you may qualify for FMLA leave if your employer qualifies by meeting criteria like having 50 employees with a 75-mile radius.

  • Identify your essential expenses. Have a really good think about what really needs to be paid for during the crisis. These would be things like your rent, mortgage, groceries, and utility bills. However, there is some help from some service providers so if you are struggling, speak to them. 

Save    

Although you might think that this isn’t the right time to save, saving anything when you can is a good thing. You can’t predict the future, and saving can provide you with a safety net. If your hours have been reduced or you’re worried about the security of your job saving now could help you in the near future. No amount is too small. If you can try to save at the start of the month when you receive your pay, it makes it much easier. 

Although times are hard at the moment, try to keep positive. If you follow the tips above it should help your alleviate some of the financial concerns that you may have. Is there anything you are doing to help your finances through this time? Please share them in the comments below.