Evaluate and Adjust Your Budget
The best thing to remember when creating a budgets is that they are empowering, they put you in charge of your money and not your money in charge of you.
Here are some steps you can follow:
1. Re-establish financial goals
- What have you been saving for?
2. Evaluate changes in income
- reductions to income or unemployment benefits
3. Identify needs vs wants
- Make cuts in the wants to satisfy the needs
- Hit pause on all nonessential spending like entertainment and gym memberships
4. Avoid long term mistakes (if possible)
- Don`t tap into retirement accounts unless you absolutely have to
- Don`t move everything to credit cards, there is no such thing as free money, you could be creating bigger debt issues down the road
5. Look for income replacement opportunities
- Reach to out to network, everyone wants to help each other during these times
- Look for part-time opportunities in essential fields (grocery stores, delivery, etc.)
- Check online job boards like LinkedIn and Indeed for part-time and contract work
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