AUTHOR LINDSAY DETWILER
  • Home
  • Blog
  • Books
  • About
  • Contact
  • READ FREE!
  • The Dark Side
Contemporary Romance Author

How to improve your budgeting skills during the pandemic

7/13/2020

0 Comments

 
Picture

How to improve your budgeting skills during the pandemic

We are living in scary times. The nation is in a health crisis but also a financial crisis. With so many of us losing jobs, having hours cut, or just facing financial uncertainty, a lot of us find ourselves in a major wake-up call moment in terms of our finances.

Even if you aren't facing financial hardship right now, the realization that things can change in an instant may have you considering your family's current financial position. But for so many of us used to sticking our heads in the sand when it comes to finances, where do you even begin when it comes to budgeting?

We all know that budgeting is essential to financial success. Like anything in life, you have to have a plan when it comes to what money is coming in, how you will use it, and what your long-term goals are. Budgeting can help you reach those goals and make sure that sale at your favorite store doesn't distract you from what's really important in the long-run.

I'm not a financial expert. I'm an average, middle class teacher who hates spreadsheets and enjoys sales. However, in light of the financial crisis, I've been paying more attention to our family's budget. Here are some tools and tips that have really helped me with my budgeting.

1. Focus on savings

When you're in panic mode, it's hard to look at the long-term. You want to self soothe, which means treating yourself to quick purchases that make you feel better. But those small purchases add up.

Suze Orman is a financial expert who I really admire. Her advice has always been to have savings equal to 8 months of your current household expenses. This means that you should have enough money saved to float you through eight months of essential bills and living expenses. 

It might sound overwhelming, but Suze is big on emphasizing the peace of mind that comes with saving. If you keep this big goal in mind, it will be easier to stick to your budget for small expenses and say "no" to the items you don't really need.

2. Calculate an effective budget

Picture
In order for a budget to work, you need to actually have it written out in detail. You need to allocate every dollar of income to a category. But for many, this is overwhelming. So many of us hate the idea of spreadsheets and calculations. Plus, there's the confusion that surrounds a budget. How much should you really spend on each category?

I've recently come across an amazing tool that does all of the work for you. The personal budget planner at Pigly.com helps you allocate your monthly income to various categories. It allows you to adjust those categories according to your expenses, and even gives you a low and high end cost for each category. I love that it serves as a foundation to create an effective budget.

They also have other tools to help you decide if you can afford a car payment, how long credit card debts will take to pay off, and other useful financial tools that are free and easy to use.

3. Find Deals on Items You Love

Sticking to a budget doesn't mean you have to cancel all fun. There are ways to find cheap and inexpensive things to do with your family. Search coupon sites online for deals and sales on your favorite items. One of my favorite sites to find deals is the Krazy Coupon Lady. You can find entertainment, dining, and even household item deals and coupons that will save you money and help you achieve your budget.
Picture

4. Communicate with your family

In order for budgeting to work, you need to make sure your entire household is on board with your budget and financial goals. Have weekly finance meetings with your family to assess what is working, what isn't, and how you are doing at achieving your goals. You need to make sure that you are staying on track as a family.

My husband lost his job in the fall, and we have found that having weekly discussions about our finances and our goals has really helped us improve our finances and our relationship. There is less tension about our goals, our money, and our spending. We have learned to work as a team and move toward the common future we both want, which has been a really wonderful thing.


The financial crisis won't last forever, but if you follow these tips, you'll leave 2020 feeling better about your financial direction, your finances, and your control of your money.
0 Comments



Leave a Reply.


    Banners for Best Romance Book Blogs
    Author Lindsay Detwiler
    Picture
    *As an Amazon Affiliate, I get a small fee for any books purchased through the links below.
    Picture
    Picture
    Picture
    Picture
    Then Comes Love
    Who We Were Romantic Comedy
    Where Love Went
    Where Love Went Free Read Holiday
    To Say Goodbye
    Picture
    Remember When Lindsay Detwiler

    Archives

    September 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    December 2020
    November 2020
    October 2020
    August 2020
    July 2020
    June 2020
    May 2020
    February 2020
    January 2020
    December 2019
    November 2019
    July 2019
    May 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016

    Categories

    All
    Aging
    Am Reading
    Animal
    Animals
    Animal Testing
    Author
    Author Chat
    Authors
    Bark Box
    Beach
    Beauty
    Beauty Blog
    Beauty Box
    Beauty Review
    Body Image
    Book
    Book Blog
    Book Review
    Books
    Book Sale
    Bookworm
    Box
    Caregiving
    Cat
    Chick Books
    Chick Lit
    Childfree
    Childless
    Children
    Classics
    Clothes
    Contemporary Romance
    Contest
    Cook
    Cosmetics
    Creative
    Creative Writing
    Cruelty Free
    Dad
    Dating
    Divorce
    Dog
    Dogs
    Dream
    Dreams
    Empowerment
    Facebook Live
    Family
    Fashion
    Father's Day
    Fear
    Female Writers
    Fiction
    Free
    Free Book
    Free Reads
    Friendship
    Fulfillment
    Funny
    Gaming
    Giveaway
    Good Books
    Graduation
    Growing Up
    Hair
    Holocaust
    Inspire
    Keith Urban
    Kindness
    Life
    Literary
    Literature
    Live Show
    Love
    Lularoe
    Makeup
    Maplewood
    Marriage
    Mastiff
    Modern Love
    Mom
    Mood Boosters
    Mother
    Mothering
    Mother's Day
    Movie
    Movie Review
    Must Read
    Netflix
    New Author
    New Release
    Organization
    Parents
    Pets
    Phobia
    Pieces Of My Heart
    Poet
    Poetry
    Prize
    Prizes
    Reading
    Refresh
    Relationships
    Review
    Reviews
    Romance
    Romantic Comedy
    Sale
    Self Care
    September 11th
    Show
    Simple Living
    Simply Love
    Stitch Fix
    Story
    Style
    Summer
    Sweet
    Sweet Romance
    Tattoo
    Teacher
    Teaching
    Tech
    Teenagers
    Television
    Thankful
    Thirty
    Tidying
    Valentine's Day
    Vegan
    Wedding
    Win
    Winter Blahs
    Woman
    Women
    Women's Fiction
    Writer
    Writing
    Young Adult

    RSS Feed

Lindsay Detwiler

  About
Contact
Hot Tree Publishing

Disclosure: 
We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.
As an Amazon Associate I earn from qualifying purchases

This site is also a part of the Intellinfluence Program, where we receive free products and payment for posting about certain products.

We are also a participant in the Stitch Fix Influencer program, in which we receive fees when you click on the Stitch Fix advertisement. I am also a part of the Jane.com Affiliate program through ShareASale and earn fees when you purchase using the affiliate links.



​**This website uses Google Analytics to improve user experiences. We also use Adsense to create revenue and Amazon Affiliates.

Privacy Policy
© COPYRIGHT 2015. ALL RIGHTS RESERVED.
  • Home
  • Blog
  • Books
  • About
  • Contact
  • READ FREE!
  • The Dark Side