Many of us have had to suffer consequences such as having our hours cut or getting laid off during this global pandemic. As such, we’ve had to tighten our purse strings and throw traditional budgeting advice out of the window. Extraordinary times call for extraordinary measures.
A lot of us have heard numerous experts relay advice on how we can save a few extra dollars here and there during the pandemic, but how effective is that advice if our dollars are substantially reduced? We could get depressed and curl up under a ball awaiting the debt collectors to come knocking at our doors, but don’t do that just yet. I’ve found a few ways to save you a few bucks and ease the load that’s bearing down on your shoulders.
Pause your savings.
Important bills never go away and unfortunately, they never degrade in priority. Make sure to keep a small savings account but hold back on the rest until the current pandemic stabilizes.
Eviction Moratoriums are in place to protect you from getting thrown out onto the street. It is in no way or form excusing payments altogether. The best option is to contact your landlord and reach a mutual agreement in terms of affordability. This can also be done with service providers as well as creditors.
Each institute that you contact will have different policies and procedures. When contacting them to query the relief options, be sure to ask relevant questions and understand the finer details to ensure that you’re not buried underneath mountains of lump-sum payments at the end of it all.
With takeout no longer being an option and all meals being served at home, it’s not far fetched to say that groceries are eating into your pre-existing budget. Combat this by sticking to a list of needs rather than wants.
Times are tough and as much as you’d like to give up and throw your hands to the wind – remember that it will pass. Money isn’t constant in life; it comes, and it goes. All we need to do is manage it properly when it finally does come so that when it goes, we’re still in a position to survive.
Written by: Talia Jeethendra