Surviving Financially During a Pandemic

COVID-19 has changed the lives of millions across the United States. After nearly one full year, it appears there is no certain timeline as to when the economy will fully reopen and for good. Many have lost their jobs or have had to shift their normal working experience. With all of the sudden changes taking place, financial resources to stay afloat have been slim for many americans. While making it out of this pandemic monetarily unscathed is no sure thing, here are a few tips to surviving financially during a pandemic.

1. Keep an Eye on Your Spending

Keep a close watch on your money. Eliminate unnecessary recurring expenses, such as unused streaming services, needless memberships, and monthly subscriptions you rarely use. Look at your monthly billing statements and review all automatic monthly payments.

2. Add to Your Emergency Fund

Traditionally, saving three to six months of living expenses in your emergency fund is the way to go. Because of the pandemic and all of the uncertainties surrounding us, building a year’s worth of emergency expenses should be one of your many financial goals. Start by finding your monthly budget, including all essential and nonessential expenses. Trim the nonessential expenses and direct all extra money to your emergency fund.

3. Work From Home Effectively

With many americans being asked to work from home, make sure you are as productive as possible. If you have still have your job, don't take the opportunity for granted. Dress to impress (even on Zoom meetings) and be as proactive as possible with your team or clients. Show your employer why YOU matter to their company.

4. Find Ways to Earn More Money

Whether you start a business or deliver groceries through Shipt, finding ways to earn more money will help you get through this pandemic. Setting up multiple streams of income will go a long way in keeping you financially safe and sound.