The coronavirus epidemic is not only impacting everyone’s health but also affecting everyone’s wallets as well. Many businesses are shutting their doors, leaving people laid off without any future income. It doesn’t appear to be ending anytime soon. What can you do to protect yourself financially during this difficult time? Here are money-saving tips and ways to earn extra cash during this pandemic.
Set Up An Emergency Budget
Numerous people live paycheck to paycheck and are on the brink of getting laid off because of the pandemic. They most likely won’t have an emergency fund to fall back on if things get worse for them. If you’re in this scenario, you may want to consider setting up an emergency budget. It’s important to have a plan in place early in case you lose income.
An emergency budget concentrates on spending only on absolute essentials. The goal is to free up 20% or more of your take-home pay to set aside for savings. You should stay on this budget until you have at least three months of your net income saved. So, make a list of everything you currently spend money on and start considering items that can be cut.