Tips to staying financially healthy after COVID-19
The economy will recover slowly and a second coronavirus wave could hit in the Fall, so staying physically and financially healthy is important, here are some tips that might help.
Update your budget - Recognize essential expenses such as rent, groceries, medication, utilities, transportation, debt payments. Skim though your bank statement to recognize the non-essentials such as some subscriptions or online shopping, takeout, clothing, hobbies, nail care, taxis, or donations. Your goal is to cut or reduce some of your expenses.
Build an emergency savings fund - If you can set money aside, put it in a separate bank account that you don't touch. Start with a small amount and gradually increase it until you feel comfortable—avoid overdrafts.
Find additional money and resources - During quarantine, you may have been able to home cook more and save money. If you can keep this up you can build or increase your savings. Also, consider selling items you don’t need anymore. Finally, have a look at this NYC Coronavirus Resource list.
Protect your credit score: Maintain communication with creditors and if possible, make at least minimum payments on-time. Review your credit reports for accuracy.
Be ready for new opportunities: You may have valuable skills that can generate some extra income. Explore your options or learn something new.
Want to learn more about staying financially healthy and building a personalized plan, contact Bernard at bsaavedra@neighborhoodtrust.org.
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