7 Money Management Tips During the COVID-19 Pandemic

7 Money Management Tips During the COVID-19 Pandemic Many Americans are currently facing financial hardship as the economy feels the effects of business closures and stay-at-home orders.

Here are seven money management tips to help you feel more confident and in control of your finances during the pandemic.

1.

If monthly student loan payments are too much of a strain on your budget right now, consider deferring payments until you feel able to afford it.

2.

In order to reduce waste and save money when grocery shopping, focus on purchasing shelf-stable foods and fresh foods that last long-term in the freezer.

3.

Instead of venturing out to purchase things, search your home for the medications, foods and entertainment items you unintentionally tucked away.

4.

Determine what monthly services and subscriptions you’d be okay unsubscribing from, as small bills tend to add up.

5.

Although it may be tempting and convenient to order food delivery, try to resist the appeal and instead focus on creating your own meals at home.

6.

Consider creating an emergency fund with the money you’re saving by staying at home.

7.

As appealing as online shopping may be, resist making unneeded online purchases.

Try focusing on essential items only.