Tips for tracking, saving and budgeting to help you maintain financial health.

The COVID-19 pandemic is taking its toll on personal finances. Even if you have a job, your income may not feel secure. Here’s how to manage your money and maintain financial health during uncertain times.

Look at your spending

Take a close look at what’s really necessary and what’s nice to have. When paychecks are regular, it can be easy to get in the habit of spending because you can.

Scrutinize every dollar you spend. Are there subscriptions you can cancel? Services you could trade instead of paying cash? Have you compared home and auto insurance rates? (By the way, here’s a list of some insurance companies offering refunds on car insurance.)

Use an online calculator to see if you’d save money by refinancing your mortgage or see if it’s better to rent vs. buy.

Another way to make sure you’re spending wisely is to take stock of what you have at home before heading to the store. When you know what’s in your fridge, pantry and bathroom cabinets, you’ll be less likely to overbuy at the store.

Create a budget

We know, we mentioned the b-word. That’s because budgeting is one of the best ways to help you manage your finances.

Many people are intimidated by budgeting. If that’s you, check out this budgeting worksheet that will help you see exactly what money is coming in and where it’s going out.

Build your emergency savings

It’s less stressful to face financial hardship when you have an emergency fund in place. Ideally, you’ll have enough savings to cover three to 12 months of expenses. If you don’t have an emergency fund in place, start one now.

If you receive an Economic Impact Payment from the federal government and you don’t have urgent expenses, you could use this money to start or supplement your emergency savings. (Likewise, if you’re fortunate to be able to donate to a non-profit or buy things from your favorite local business, we’re sure that would be a blessing, too.)

To continue building your emergency fund, set up automated savings. Even small amounts over time will build up your cash cushion.

Also, check out these tips on building up an emergency fund without feeling deprived.

Use software to manage your finances

Software like Quicken, QuickBooks and others make it easy to track saving and spending, as well as to budget. Most banks, including Consumers, allow you to connect your accounts with your online money management software. It just takes a few steps to export the data from your bank to your software.

Be savvy about scams

Scammers will take advantage of any situation to steal people’s money and personal data. Read up on scams so you know what to watch for. Then, educate everyone in your house so they’re scam-savvy, too.

If you’re having trouble, speak to lenders sooner rather than later

Many people are facing the same financial challenges you are. Lenders have relief programs that can help you manage payments. For example, you could be eligible for mortgage forbearance that lets you reduce or delay your payments. Credit card companies may reduce your interest rate or waive fees. But the key to programs like these is that you have to ask.

Consider debt consolidation

If you have multiple credit cards and perhaps medical bills, managing all the due dates can be a burden. One way to simplify your payments is by consolidating your debt with a personal loan.

Talk to us

There is no one-size-fits all solution for managing personal finances. Everyone’s situation is different. If you’d like personalized help, reach out to us.

Consumers provides banking services for more than 100,000 members. If you have banking questions, call us at 800-991-2221. We make it easy to bank how you want, when you want. During the coronavirus confinement, we’re available online, by phone, and by appointment at select offices equipped to maximize safety.

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