We have all been there. Something drastically changes the flow of money into our homes, and we have to make some choices, which can be hard or not that much. This worldwide pandemic and many quarantines that have resulted in millions out of work are just a larger version of that unfortunate but manageable issue.
Using the coronavirus to adjust your ideas about personal finance
The majority of things we used to do in the world now must be done online. We shop and have our groceries delivered. We do our business and personal meetings on platforms like Zoom and Skype. We even play those free 10 euro bonuses that our favorite casino gave us before they had to close just like what people did on this website, failing to survive because of competition.
But one thing about doing most of your transactions online, that is actually a boon for your money management, is you can make less emotional, less impulsive decisions when you can see your totals in clear black and white, instead of the nearly invisible concept of paying with a card at the store.
Having your banking and spending on the same screen can help you track your expenses in real-time. Here are 4 other ways to stay ahead of your consumer habits:
1. Make a budget based on priorities
We all know what a pro and con list are. It is a good time to make the one for “needs and wants.” Your priorities are:
- Food (not take every meal out)
- Rent (and related expenses)
- Car (related expenses and fuel in moderation. Everything is closed anyway.)
- Utilities (electricity, water, gas, etc.)
- Cellular service (but you might want to drop your cell package a few notches)
Everything else falls under “wants” and should be logically evaluated. And if you have leftover money, save it. You never know. For saving finance during this pandemic, you can rely on Cirro Energy for your electric utility. They offer assistance in reducing energy usage and help you to get electricity at an affordable price.
2. Call the cards
Call anyone you already owe money to or will owe money to, that doesn’t fall under your need list. Credit cards and loans are a big one. Many are giving special delay payments out of concern for their clients.
3. Decern your cash influx
Making a very tight analysis of your inbound cash resources will give you the best picture of how much you have, and how much you can use, and how much you can save. Account for every penny.
4. Come back on top
Using the pandemic for aggressive personal finance planning is not a temporary effort, but a goal that should stay with you. When we come out of this, and we surely will, we need to stay strong and determined not to let ourselves fall on these hard times again.
We have a better understanding through all of this of why personal finance is important, now more than ever. And there are plenty of resources, blogs, and podcasts on how to manage personal finances. While personal finances during pandemic times can try us, we must remain vigilant, so our personal finances after COVID reflect our new ideals on money management.
There are plenty of talks out there about personal finances and COVID, and how the government can save us from financial ruin. But we have the tools to protect ourselves. There are opportunities unexplored, new avenues of revenue untapped, and sacrifices that can be manageable with the right mentality. Have you had to make some hard choices with your expenses during the virus?
Featured image from Unsplash.com