Tips to Budget During a Crisis

Easy budget tips when a crisis hits your life—and your bank account

Pause

Take a breath. And get to a place where you can look at your finances with a rational mind.

Take note of your cash flow

Have a good sense of your current budget. What’s coming in (earning) and what’s going out (spending)?

Determine what’s a need and what’s a want

Before you start slashing your budget, decide which items/purchases you need and therefore can’t cut, and which you simply want and may be able to cut.

Make substitutions when you can

Organic veggies and pricey gym memberships are great! But, hey, canned veggies and free YouTube workouts also work.

Find debt relief

Make a plan, pay down high-interest credit card debt, and if you’re still having trouble, contact your credit card company or debt providers and see if they’ll work with you. Many institutions are providing more forgiveness and leniency than they typically do.