Financial Monday: Best Practices for your Finances during Covid

Are you managing your finances differently during covid? If so, what are your best practices?

It has been over a year that we all have been plagued with uncertainties of life and living. Most of us have either lost a loved one or know someone (or family) who has. In addition, tons of folks have either lost their jobs or had pay cuts or reduced work hours in lieu of being laid off. And for those still privileged to have a job, permanence is not guaranteed. Neither is the future certain for pay increases irrespective of Congress’s recent action to raise the federal minimum wage.

And yes we are grateful that the vaccines have arrived, and are being strategically doled out. But the end of covid is still not near.

With all these uncertainties, it will be prudent for us to manage our finances wisely. I hope you agree with me. What steps, if any, have you incorporated for yourself and household regarding finances? Have you made adjustments in the areas of personal finance such as spending, saving, investing, budgeting, and/or retirement, that have been beneficial and you are willing to share?

There are daily necessities that cannot be forgone especially if you have children. Bearing that in mind, are you one of those working from home, but still indulge in purchasing the latest foundation though you have one unopened bottle, and another halfway through, at home? Are the cups of lattes and croissant ($7-$9) from Starbucks still a daily necessity for you? And though there are restrictions of movement in place nationally, are you still indulging in buying clothes/clothing everyday or week though you can’t go out? Are you ordering food delivery everyday? These are a few of the things that I see folks still doing. However they are areas that ideally could be minimized or totally eliminated till normalcy returns to our lives.

There are helps available for those struggling to pay their bills. Creditors are being empathetic during these times and are offering various kind of help. But you will need to let them know. Please contact your creditors rather than avoiding their calls.

So, what are your thoughts on living minimally during covid? Do you agree or not? Are there any other areas that you would advise folks to trim financially?

I have eliminated a few things myself. For example, Starbucks is no longer a daily want for me. Since I’ve been cooking a lot, I am reluctant to dine out. My business/personal trips have been eliminated till further notice. Understandably, right? You’d be surprised how many folks are still traveling around the nation and across the seas. I could still use some more trimmings and I’m looking for those areas.

How about you? Feel free to comment. Thank you.

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