How to Manage Family Finances During Tough Times

Across the world, people are scrambling to make ends meet under economic pressure in the wake of the coronavirus.  

If money is affecting your marriage or family, use these tips to manage your finances during this tough transition. 

Increase Your Cashflow

Jobs are limited, but there may be additional sources of revenue you can use to increase your cash flow:

– Drive for rideshare companies – Deliver for carrier services – Request loan forbearance – Instruct your broker dealer to sell shares of stock – Tap into wealth stored in home equity – Downsize properties – Sell assets

Create a Budget

Add the cash flow to your family’s total monthly income, then use the value to create a new budget for the COVID-19 crisis.  

Be sure to account for new expenses in addition to the new income such as:

– Babysitter costs – Entertainment for the kids – At-home school supplies – Higher electricity bills – More trips to the grocery store – Larger insurance premiums – Out-of-pocket medical expenses

Cut Down Costs

Once you have a clear picture of money coming in versus money going out, you can scour for different ways to save and stretch your dollar. It may require some creativity on your behalf, but some suggestions include:

– Clip grocery store coupons – Cancel cable in favor of a cheaper streaming subscription – Workout at home instead of the gym – Use public transportation to avoid the cost of commuting

Tap into Free Resources

Research the options available in your state and local community, and consider the following while finances are tight:

– File for unemployment benefits – Apply for Medicaid – Apply for food stamps – Find your local food bank – Enroll in No Kid Hungry – Explore free online events and activities – Utilize public education platforms – Research eviction moratorium criteria – Ask your bank for a payment extension – Request a utility late-fee waiver – Set up a crowdfunding campaign

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