The COVID pandemic has taken an emotional and economic toll on many of us. In addition to the social disruptions and health concerns that this year has brought, many of us have experienced increased financial hardships.
These challenging times can trigger stress, creating an imbalance in our overall health. Despite financial disruptions, there still may be a chance to improve your financial position and build better habits for the future. Managing your finances responsibly is key.
- Prioritize bills. Put basic needs first like food, water, shelter and insurance.
- Reevaluate general spending. Now is the time to focus on needs rather than wants.
- Review your budget. Free up any extra cash being spent on unused subscriptions.
- Ditch retail therapy. It doesn’t work! Kick frivolous spending habits that will be beneficial in the long run.
- Increase emergency savings. Add the money saved from impulsive buying and unused subscriptions to an emergency savings fund.
- Seek advice. A credit counselor or financial advisor may have practical solutions to help adjust budget.
Getting back to the basics can help prepare us for what’s to come and ease our stress levels, building better overall health!