Budgeting During a Pandemic

Over the past few months, we have seen a rollercoaster of a stock market and the numbers of coronavirus cases rising and falling as well. One of the best ways to feel confident in your finances is to budget—the right way. We have put together the top four ways to budget during a time like this. Keep reading to learn about them!

1. Analyze Where Your Money Goes

When it comes to your spending habits, you need to take the time to analyze exactly where your money is going and how much you are spending. There are numerous apps that can help you track your spending, or if you prefer to handwrite down your expenditures, that works, too! Here are some apps you can try in the meantime:

· Mint

· PocketGuard

· You Need a Budget (YNAB)

· Wally

· Goodbudget

· Simple

· BUDGT

· Mvelopes

(Source: https://www.nationaldebtrelief.com/best-free-budgeting-apps/ )

2. Make a List

Having a steady list of your wants versus your needs will help you in the long run when it comes to budgeting. Right now, it might be difficult to differentiate between your wants and your needs. Being stuck at home, whether you are working or not, has served to be a great distraction for some. In fact, online purchasing has seen a huge spike since the start of the COVID-19 pandemic. While the sales and lack of indoor shopping can be tempting, remember to consider only what you absolutely need to buy online instead of new things that pop up on your browser.

3. Pay Down Any Debt

Right now, if you can, keep paying down your debts. Whether that is from old student loans or credit cards that need to be paid off, keep paying them down. Right now is a great time to refinance your loans and debts if you are unable to totally pay them off. Many lenders and companies are open and willing to working with you to refinance your monthly payments to be a more comfortable amount than they were before, especially pre-pandemic.

4. Keep Saving

While this tip might seem like an unreachable goal, it is doable. Once you have your debts under control and have some wiggle room, rather than online shopping or purchasing things you do not need, put away that money. Allocate that money for things you will need in the future. If the stock market is down, the more your savings go up as you invest.

We know that the coronavirus pandemic has been difficult. We want you to know that we are still here for you, and we are happy to help you plan out your financial future for yourself and your loved ones. Give us a call at (972) 726-9888 and let's get your finances in check.