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How Do you Budget this COVID?

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  • How Do you Budget this COVID?

    The coronavirus pandemic is placing enormous budget pressure on state and local governments, esp in our own homes. How do you do you own budgetting, which 3 important goods do you buy first?
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  • #2
    I hope I have understood your question right but you're asking how best to budget?

    Without knowing more details about your situation, my general advice would be to just put all your incomes and expenses into a spreadsheet or use an app that will help you with this (there are lots out there). Then you can easily view and manage your budget. I would prioritise your mortgage/rent (or any other debts), then your utilities/bills and finally living costs such as childcare, food, travel costs etc.

    Of course, if you prioritise your debts and get them payed of early you won't fall into constantly paying greater interest or late payments so you have more money to save. One benefit of the Covid pandemic (there aren't many I know) is that you are restricted from freely spending a lot on restaurants/holidays and other social activities. Use that to your advantage using the money that would have be spent to contribute to your savings.

    General guidelines suggest you use the 50/30/20 rule where you spend 50% of your after-tax income on needs and obligations, 30% on wants and then 20% savings (which includes debt repayments). But like I've already said, during the pandemic, your 'needs' may be restricted due to various lockdown rules so I personally would add to your savings and pay of your debts as a greater priority!

    If your spreadsheet suggests this method doesn't allow your income to match up/cover your expenses then maybe think of ways to get extra income such as surveys/matched betting and other little tricks or reduce your expenses such as cutting down your electricity bill.

    it's all about getting it all down on paper and managing a budget that works best for you.

    Hope this helps!

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