We are all looking for the best way to take care of our finances during the COVID-19 pandemic. One of the best ways to weather the storm is to make sure that you have taken these 5 steps:
1) Reduce the number of nonessential items you purchase.
Now that several retailers are offering discounts on various items, it can be very tempting to purchase things you don’t necessarily need. Take a good look at your budget to ensure that you are not overspending.
2) Cancel subscriptions that you don’t need.
Many of us are paying for subscriptions month to month that we may or may not even be aware of. Check your App Store and bank account for any unnecessary charges. 10-15 $5 app purchases canreally add up! Although many fitness centers are closed, if you have a membership, consider either canceling or request a freeze until you are ready to resume payments.
3) Pay for takeout or delivery online.
Some restaurants are continuing to offer discounts to patrons who purchase their food online due to the high risk of infection while exchanging money, as well as the need to maintain adequate social distancing.
4) Change the way you pay your student loans.
If your income has changed as a result of the coronavirus, be sure to check out your repayment options with your lender to make the best choice for your situation.
5) Build or contribute to your emergency fund.
Be sure to allocate money toward an emergency fund. Most financial experts recommend saving between 3-6 months’ worth of expenses.Subscribe here for more helpful tips and tricks to reach your savings goals, and to receive updates about the upcoming release of the Fastsusu mobile app!