5 Money Management Tips to Help You Through the Pandemic

Stacks of Coins and Change Jar
June 16, 2020
73 / 100

Money management during the current crisis is a topic that most people feel overwhelmed by. If you’re struggling to pay your bills as it is, discussing budgeting and saving might be a sore subject for you. However, there are still plenty of steps you can take to feel in control of your finances once again. Try using the five money management tips below the next time you find yourself feeling burdened or overwhelmed by your expenses. 

Organize  

It’s hard to have a clear understanding of where all of your money is going if you haven’t properly organized your expenses. There are numerous online budgeting tools and spreadsheets for you to fill out in order to stay informed and up to date on your payments. If you find that you often forget certain bills, or are shocked each month when everything ends up being due at once, it may be in your best interest to set up automatic payments or payment alerts for specific days. Get in contact with your mortgage lender, insurance company, and even your television subscription providers to ask if you can switch the date your payment is due in order to evenly distribute your bills throughout the month.  

Prioritize 

The next step in better managing your finances is taking the time to prioritize. Make a list of all of the places your money ends up going each month, and rank these categories from necessities to luxuries. For individuals who are finding that a lot of their money is going to things they want as opposed to things they need, it’s time to place higher priority on what’s important. Whether this means switching to store brand over name brand groceries or dedicating some funds to paying off your credit card bill in the coming months, now is the time to make some changes. If you’re someone who is dedicating most, if not all, of your monthly income to only necessary payments, it may be time to ask your providers for help or even research ways to make your expenses more manageable. There are plenty of relief options being offered during this time, so don’t shy away from asking about them. 

Work Smarter 

If you are an entrepreneur or a small business owner who is struggling, try reevaluating your process to make sure you’re working smarter, not harder, in order to get a better handle on your finances. Business owners should consider forgoing their office space completely in order to save during this time and in the future, while freelancers should start looking into developing a side hustle. Beyond this, look for other ways to cut costs such as canceling office parking subscriptions and any other in-person costs you might not currently be using. Identify your talents and research how to make money with them on your own. Whether you do some freelance writing or open your own Etsy shop, having a smaller way to generate income on the side can go a long way.  

Keep Track of Debt 

It’s easy to turn to your credit card when times start to get tough financially. However, racking up debt during the pandemic will only hurt you more in the long run. Stay up to date with your credit score and be sure you’re still dedicating even a small amount of money each month to pay off your outstanding balances. Whether you utilize Turbo tax or a budgeting app like Mint, it’s vital for you to stay informed on where you stand in order to reach any future goals you may have. It’s always a good idea to keep track of how your current loan payments are affecting you as well. There may be some expenses you’re saving on due to forbearance options during this time or due to government regulations. For example, the deferment of student loans at zero interest has been a huge help to those who were struggling to keep up with such payments. If you’re a homeowner, you may have other payments on top of your mortgage that you’re concerned about such as home equity or personal loans. Taking the time to revisit these payments is well worth it if you’re finding yourself feeling overwhelmed. Educate yourself on how your home equity loan works and if there are ways to defer your current payments should you not be able to keep up with them. Staying on top of the many ways you can receive help in order to manage your debt and keep up with your credit score will do wonders for your bank account and for your stress levels.  

Make it Fun 

Look for ways to make reaching your financial goals a game, as opposed to a chore. Set small rewards for yourself when you reach a specific savings amount and try to make sure your mindset is always in the right place. Whether you live with family or a roommate, try starting a savings competition to make things more interesting if you lack motivation. Or, simply work to change your mindset. If you’ve set savings goals in the past that haven’t excited you, it’s probably time to switch things up. Identify a goal you know will motivate you instead of one that feels required or boring. Even financial goals that aren’t as exciting can become motivating if you have the right mindset in place from the start. For individuals who don’t know where to start when it comes to reaching their goals, try researching online savings challenges. There are plenty of challenges you can take advantage of to peak your interest should you lack the motivation to make a change. Since there still isn’t too much to do during the current crisis, there is no time like the present to take on a financial challenge for the fun of it. 

Tackling the topic of money management during these uncertain times is not an easy task, so be sure you’re doing the proper research and putting in the work to make any necessary changes. As you organize, prioritize, and realign your focus, don’t be afraid to ask for help when needed. Thousands of individuals are currently experiencing financial hardship, so remember that you aren’t alone and always strive to work smarter, not harder.

Categories

More Posts:

How to Reduce Health Insurance Costs for Employees

As a business owner, you know how important it is to provide your employees with quality health insurance coverage. But you also want to make sure that you’re not overspending on health insurance costs.  Fortunately, there are several ways to reduce health insurance...

What You Need to Know Before Hiring a Financial Advisor

As a small business owner or entrepreneur, you’ve likely felt the pressures of finances and budgeting. If you’ve been struggling to manage your company finances, you could benefit from working with a financial advisor.  Here are a few things you should know before...

Precious Metals & Investing in Your Financial Future

Investing in different precious metals is a great way to increase your portfolio. While you can invest in silver and gold, you should also consider investing in Palladium, because it is a metal that is used in industrial applications. Gold is the most investable...

Why You Need to Be Specific When Writing a Will

No one likes to think about death, but it is something that we all have to face at some point in our lives. If you have children, it is especially important to make a will so that you can ensure that they are taken care of after you're gone.  These are a few reasons...

The Best Passive Investments for Entrepreneurs

The best way to enjoy your life on your own terms is to grow a vast and diverse portfolio of passive investments that make you money round the clock. This will give you the freedom to spend your time how you please, where you please, doing what you please. But in...

6 Ways to Ensure a Secure Financial Future for Your Family

As a breadwinner or head of your household, you understand how important it is to provide for your family financially. You work tirelessly to make ends meet and ensure your loved ones have what they need. But what about your family's future? While it may not be...

Free Crypto Portfolio Trackers for Crypto Investors and Traders

There is no single person who created Bitcoin, but there is typically a team behind it, including cryptocurrency investors and traders. A white paper, which is like a business plan for a new project, tells potential investors everything they need to know about...

The Essentials of Export Financing: International Finance Options

When export financing is mentioned, many people automatically think of exports. Indeed export financing can be a great option for businesses looking to export their products and services. But export financing isn't just about exporting; it's also about imports!...

An Entrepreneur’s Guide to Learning Financial Planning

During your entrepreneurial journey, you may have received plenty of advice on the dos and don'ts of managing finances. Sometimes you've got too much advice that itself creates chaos. As an entrepreneur, you already know what roadblocks and hurdles will come your way,...

5 Amazing Benefits of Supply Chain Finance

Financing your company and turning it into a sustainable and self-financed system is a long, hard, and challenging process. This is never easy to do, regardless of your location, your industry, and the size of your company. When it comes to the most common financial...
How to Reduce Health Insurance Costs for Employees

How to Reduce Health Insurance Costs for Employees

As a business owner, you know how important it is to provide your employees with quality health insurance coverage. But you also want to make sure that you’re not overspending on health insurance costs.  Fortunately, there are several ways to reduce health insurance...

What You Need to Know Before Hiring a Financial Advisor

What You Need to Know Before Hiring a Financial Advisor

As a small business owner or entrepreneur, you’ve likely felt the pressures of finances and budgeting. If you’ve been struggling to manage your company finances, you could benefit from working with a financial advisor.  Here are a few things you should know before...

Precious Metals & Investing in Your Financial Future

Precious Metals & Investing in Your Financial Future

Investing in different precious metals is a great way to increase your portfolio. While you can invest in silver and gold, you should also consider investing in Palladium, because it is a metal that is used in industrial applications. Gold is the most investable...

The Best Passive Investments for Entrepreneurs

The Best Passive Investments for Entrepreneurs

The best way to enjoy your life on your own terms is to grow a vast and diverse portfolio of passive investments that make you money round the clock. This will give you the freedom to spend your time how you please, where you please, doing what you please. But in...

All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips

Sales

Career Building

Family Businesses

Inspiration

Starting Your Own Business

Work-Life Balance

Communication

Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

How to Reduce Health Insurance Costs for Employees

How to Reduce Health Insurance Costs for Employees

As a business owner, you know how important it is to provide your employees with quality health insurance coverage. But you also want to make sure that you’re not overspending on health insurance costs.  Fortunately, there are several ways to reduce health insurance...

How to Avoid Tax Trouble at Your Business

How to Avoid Tax Trouble at Your Business

As a business owner, you know how important it is to stay on top of your finances and taxes. But if you don’t have the knowledge or resources to do it yourself, getting help can be the best way to make sure everything is handled properly.  Here’s an overview of some...

What to Do When Your Vehicle Lease Comes to an End

What to Do When Your Vehicle Lease Comes to an End

As your vehicle lease reaches the end of its term, you are presented with three options: return the car to the dealership, sell the lease or buy it outright. Each choice obviously has benefits and drawbacks that must be weighed before making a decision. In this...

The Power of Women-Owned Small Businesses

The Power of Women-Owned Small Businesses

     Women-owned small businesses are on the rise, and their impact is undeniable. In fact, in 2019 alone, women-owned nearly 12 million businesses that employed nearly 9 million people and generated over $1.9 trillion in revenue. From retail to technology to finance,...

Nyago Michael Emmanuel

Nyago Michael Emmanuel

We invite many people who can invest in our Akiba Ya umoja community benefit savings and investment group of Uganda to enable us expand our operations in Uganda

Soe Tun: The Copy Doctor

Soe Tun: The Copy Doctor

Autistic kid finds out that he’s unemployable and doesn’t enjoy most social settings. Decides to be a pro copywriter as a result.