Assess your Current Spending During COVID-19

During COVID-19 it is very important for us to pay attention to our spending and also to save if possible. If possible, eliminate some unnecessary spending such as magazine subscriptions, eating out at restaurants and getting coffee every day from a store. We also should be focusing on creating a worst case scenario budget so that we can be prepared if disaster strikes. If possible, refinance or consolidate your debt as this will allow you to pay lower interest rates. Finally, keep saving money and try to create a nest egg for the future.

Key Takeaways:

  • Focus on the essentials (food, shelter and transportation) and trim or eliminate other costs.
  • This is a good time to look into refinancing, debt consolidation, and credit card debt transfers.
  • Try to keep saving until you have at least 12 months of expenses covered.

“Make sure when you go through your accounts that you look at both your bank account and your credit card statements.”

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