The coronavirus pandemic has created a number of financial concerns for people from all walks of life. You may have lost a job, seen your hours reduced, or be having a difficult time trying to hammer out a workable budget. Ensure you have your finances in hand by seeking financial relief where eligible and being mindful of your mental and emotional health. Looking for ways to generate passive income can also be a savvy approach to creating an overall, long-term money management strategy. These tips from the Haywood Chamber of Commerce can help you with all of these financial health to-dos.
Examining Your Financial Picture
Before you make any major financial decisions, it’s important to understand your financial picture in its entirety. According to Navy Federal Credit Union, this includes going through your budget to be sure you’re accounting for every expenditure, as well as designating what’s a necessity and where you can cut back if necessary. If you lost your job, you may be eligible for unemployment compensation. Contact your state department of economic security for more information. You might also be eligible for temporary deferment of payments to your mortgage company, your auto lender, and your credit card companies. For best results, get in touch with these creditors before you fall behind on payments.
Save Money Where You Can
If you’re struggling financially during the pandemic, even after you get your budget in order and take advantage of benefits you’re eligible for, it’s time to cut costs. Non-essentials, like going out to eat, traveling, or making high-dollar purchases may have to wait for the moment. You can also save money by shopping at discount stores, cutting back on subscriptions you rarely use, and using online coupons and promo codes when purchasing necessities. Even the little things add up, like washing your car at home instead of the car wash, coloring your own hair rather than visiting a stylist, and using an online library and streaming services in place of buying books and movies.
Looking for opportunities to trim your monthly spending is especially important for seniors who are living on a fixed income. In addition to the money-saving strategies above, seniors should also aim to utilize senior and veteran discounts, reduce transportation expenses, and evaluate their current healthcare plans, including Medicare. It’s ideal to find a plan that covers your needs to reduce your out-of-pocket costs but that doesn’t include benefits you don’t need, since you’ll pay higher premiums without reaping any rewards.
Prioritize Self Care
Small luxuries and personal self-care items that allow you to be mentally and emotionally healthy should remain in the necessities column of your ledger. Set aside time and resources for self-care, but also look for non-financial avenues when possible. Learn how to dance via online video tutorials, teach yourself how to paint, or partake in solo nature walks at public recreation areas to give yourself some personal peace and quiet. The Center for Mind-Body Medicine also recommends low- and no-cost activities like exercising, eating healthy, and getting enough restful sleep, which can all help you stay positive, stress-free, and focused on better days to come.
Up-sizing Your Income
These uncertain economic times forced many people into temporary or part-time second jobs or gig economy work. The silver lining is that many people have been so successful in their side gigs that they’re choosing to stick with them for the long haul. If you’re hoping to grow a business in Haywood County, connect with the Haywood Chamber of Commerce. We offer business and economic development programs, business relationship building groups, and other events to help you achieve your entrepreneurial dreams.
COVID-19 has wreaked havoc on the finances of many families, businesses, and individuals. Careful management of your income and your assets can help you weather the storm.
Written by: George Miller