Recently many of us found ourselves in an unprecedented financial situation-- laid
off and quarantined. The COVID19 pandemic does not lend itself to the usual financial
literacy recommendations for handling finances in troubling times: finding another
job taking on a second job, shopping thrift sales, garage sales and bartering are
not realistic options. However, there are at least things four we can do to save dollars
when you do not have a dime to spare.
- Do not panic take control
- Take stock of family and community resources
- Create a plan---prioritize your expenses
- Sharpen your survival skills
Do not panic ---take control you are the only one that choice to deal with this stress
in a positive manner. Here are at least seven things we can do to control stress:
- Put your air bag on first…. Do what you can to keep your wits about you and control
your stress
- Keep a positive attitude.
- Accept that there are events that you cannot control.
- Be assertive instead of aggressive.
- Learn and practice relaxation techniques; pray, try meditation, yoga, or tai-chi for
stress management.
- Exercise regularly.
- Eat healthy, well-balanced meals… more about that in a bit
Take stock of family and community resources
- Double check your payables, know what you owe, review your asset sheet…. know what
you could sell to access cash.
- Inventory what you have on hand, I had a secretary who made herself use up everything
in her pantry because she didn’t want to haul food stuffs in her upcoming move…she
created some interesting things and framed it as an adventure in eating for her family.
- You may not be able to have a garage sale now, however the day will come, and you
could have yourself ready to sell off things that could bring in cash to catch up.
- Research what’s available in the community and use these resources…food pantry, free
lunches or dinners.
Create a plan
- If you have been laid off and will have to stretch your unemployment benefits, have
a plan for the debts you want to pay first.
- Housing --- and any loan for which your home is collateral
- Utilities
- Car loan
- Other secured loans
- Credit cards payments
- Contact your creditors before they contact you. Tell them why you cannot make the
payment and ask if they will create a plan to allow you to pay the bill.
Questions to consider:
- Will the creditor accept a reduced payment? How long will a reduced payment be accepted?
- Will the creditor reduce or eliminate the finance charge? If so, for how long?
- What is the reconnection fee if this service is discontinued and restarted later?
- Student loans were addressed as part of the CARES ACT…. however, you need to call
the bank and tell them you’ve been laid off because of COVID19.
Sharpen your survival skills. Wyomingites are creative and survivors. In a time of
reduced cash.
- Become very mindful of needs vs wants.
-
- Go to the store with a list
Only buy what is on your grocery list
Compare prices
- Impulse purchasing will drive up the bottom line.
- Think about your triggers, avoid exposing yourself to temptations
- Don’t shop in a weakened condition (i.e. before you’ve eaten)
- A magazine at the checkout lane may not be a necessary expense, you can read it
- Snacks are simply empty calories and are expensive additions to a grocery basket of
essentials
- Compare generic or store brans to name brands
- A generic cold medicine @ $6.99 vs a name brand @$28.99
- Generic Shampoo and conditioner @$8.50 vs. name brand at $30.00
- Store brand brick of cheese @$7.99 vs name brand @$11.99
- Do not tempt yourself by listening to shopping channels as background noise. Now may
not be the time to buy new sheets regardless of how great a deal.
- Plan your meals. Plan leftovers.
- Journal your spending. This practice will help you think twice before spending and
will help you track where the money went.
Remaining in control, taking stock of resources, creating a plan and sharpening your
survival skills are four things can help you "Save Dollars When You Don't Have a Dime
to Spare".