Tips to Budget During a Crisis

Watch this video to learn budget tips when a crisis hits your life—and your bank account

Recorded during the COVID-19 outbreak and volatile environment, watch this video to learn more about budget hacks and planning during an uncertain time.

1. Pause. Take a breath. And get to a place where you can look at your finances with a rationale mind.

2. Take note of your cash flow. Have a good sense of what your current budget is. What’s coming in (earning) and what’s going out (spending)?

3. Determine what’s a need and what’s a want. Before you start slashing your budget, make a decision on items/purchases that you need, and therefore can’t cut, and what you simply want, and may be able to cut.

4. Make substitutions when you can. Organic veggies and pricey gym memberships are great! But, hey, canned veggies and free YouTube workouts also work.

5. Find debt relief. Make a plan, pay down high interest credit card debt and if you’re still having trouble, contact your credit card company or debt providers and see if they’ll work with you. Many institutions are providing more forgiveness and leniency than they typically do.