Budgeting and Saving Money During the Pandemic

Many people have lost their primary source of income or had it impacted in some way by the pandemic. Loss of a job or even having hours cut back at work can lead to a significant amount of unplanned financial stress on you and your family. Unfortunately, financial stress is only the tip of the iceberg when it comes to this issue, but there are a few things you can do to make the change in income less of a stressor. 

• Get ahead of the curve and reevaluate your budget right away. Look for places where you might be able to save money, even if it’s a couple dollars here and there.   
• Seek help from outside resources. Some employers, churches or local nonprofits offer assistance with bills and necessary expenses. 
• Call your insurance providers to see if they offer any plans that are less costly or shop around. Make sure you do your research and know exactly what you are paying for whether it’s your home, life or auto plan. Mobile phone companies may also have opportunities for you to save by decreasing your data usage or the number of users on your plan. 
• Try ordering out less and plan your meals ahead. Keep your grocery shopping to the basics; make a list of what you need for the meals you planned and avoid making impulse buys that don’t fit into your meal planning. Try to keep your meal plan basic as well so that your ingredients work for multiple different meals.
• Finally, go through your monthly subscriptions with a fine-tooth comb and determine which ones you use most often and which ones you might not need. It’s astounding how quickly things like Netflix, Pandora, Spotify, iCloud and Hulu can add up, especially if they are automatic payments. Consolidate these as much as you can to avoid unknowingly spending exorbitant amounts of your monthly income.

For help with budgeting and financial counseling, contact your EAP provider at (319) 398-6694.