Healthy Money Habits
2020 has been rough on all of us. Whether you unfortunately lost your job because of COVID-19. Or if you’re afraid of losing your job because of COVID-19. Money could be tight right now. But now isn’t the time to panic. There’s so much of that already happening in the world, for good reason.
Right now is the best time to budget and save as much as possible. Yea, those 25$ flights to Miami sound real good. But you could instead start up a savings account with the money you would use for the trip. Just in case your job closes. Never think it could never happen to you because anything is possible. Which is why you should be prepared at all times.
A lot of states are under quarantine anyway, so where are you really going?
Here are some healthy money budgeting habits that I practice and researched for you to use during this current pandemic and even after.
Call your bank and ask if they have a COVID-19 deferment plan for loans. Some banks are working with their customers by deferring bill payments from now until the end of May. Current banks that are participating in this are.
Bank of America
Capital One
Chase
U.S Bank
Wells Fargo
It’s OK if you don’t bank with these institutions. Call yours and see if they have anything available for you.
If you have FEDERAL student loans you could have them suspended until September 30th. This is called forbearance. You do have to apply, it’s quick and easy. During this time you will not be required to make a payment. Interest will not be added to your loans during that time. Deferring your student loan payments because of COVID-19 won’t negatively impact your payments for student loan forgiveness either.
Use the cash you have, i.e debit card. Before you pick up that credit card. I mean, unless you have too. Try not to run up your credit cards if you don’t need to. The trade lines are currently unpredictable. Trust me, you don’t want your interest to increase and you already maxed out the credit card. You’ll end up owing more.
*Remember to try not to spend more than 30% of your credit card limit! It starts to affect your credit if you maintain a balance over 30% of usage.
Save the stimulus check we all cannot wait to receive. If you don’t have to use it, don’t. Put it in a high interest bearing savings account. Be smart. Stay 10 steps ahead. This check is for emergency support, keep it that way. We are very much on our way to a recession, it’s better to be prepared than sorry.
Call your creditors and ask for a change of payment date if you’re currently going through hard times. Creditors are usually flexible with payment date changes as long as they are 2 weeks prior to the due date.
Apply for a personal line of credit at your current bank. This is good if you’re going through tough times. This is a pay as you use loan. You’re given a credit limit that you’re able to use as overdraft protection for your checking account. At the end of the month you’ll only pay what you used.
This is good if you think that you might come up short on the bills.
Meal Prep. Cook at home. Right now you should be saving your lunch and dinner money.
I was spending close to $100 a week on lunch at one point. Not including dinner. Save your money and eat at home.
Write out your weekly budget. What bills have to get paid this pay cycle? What necessities do you have to buy? Whatever it is, write it out. This helps you become more organized and strict with your spending.
I do this every Monday. It keep me on track.
If you have a little extra spending money look into buying stock. Ladies you can do this. It’s actually really fun. Right now stocks are low and you could get on something that could take off in a few months. Invest your money so you can get some turn around. I use robinhood. Here’s my referral link https://join.robinhood.com/chantek49. Use it and you’ll receive a free stock.
Also, here’s a crash course in stocks. I don’t want you jumping into something you know nothing about. https://classes.brit.co/learn/investing-101
Stop online shopping just because you’re bored!
Take the time out to ask questions and help yourself. There are resources out there for you. Panicking will only delay you from getting your sh*t done. Stay home and save up. It’s the best way and the safe way to be right now.
xox Black Daria