Being under quarantine can be a big headache for all of us, but especially those aren’t able to work from home. For those of us fortunate enough to be able to do our jobs from home offices, this is the perfect time to improve our financial situation. Whether your wallet is struggling right now or not, here are three tips for improving our finances while we’re stuck at home…
Give you emergency fund a boost: Even if you’re still working, having a nice emergency fund on hand is super important, because who knows what the future is going to hold. You may have a lot saved up, but you’d hate to see your savings dwindle dramatically over the next few months. One way to boost those accounts is to figure up the amount of money you aren’t having to spend right now(kids activities, sports, dining out) and transfer that money into your emergency fund. If you don’t need to spend it, you should definitely save it.
Go easy on the bulk spending: You don’t need all of that toilet paper. While it’s nice to have enough stuff to stay home for 2-3 weeks, having a 6 month’s supply of everything is a little much. Feel free to stock up, but save some for everyone else. Sure, you might use up your stock of toilet paper eventually, but you’re bound to end up wasting something when you’ve planned way too far ahead.
Ask for help: Even if you’re still working, money might get a little tight. Maybe your job translates to a home office, but your spouse doesn’t have that advantage. If this is the case, you may want to inventory your bills. Figure out which bills are absolutely necessary and make sure to pay those first. If you need to, contact your credit card company or student lender and see if they have any ways to help you find a little relief for the next couple of months.