How To Write A Monthly Family Budget During A Crisis

Planning a monthly family budget and taking care of your finances is essential. It helps you stay in control of your life and allows you to set goals and plan ahead. 

Here’s a step by step guide that will help you create a new monthly family budget. 

1. Get Informed

The important thing about a crisis period is for you and your family not to panic. To make sure you’re staying level headed and calm, you need to be informed about the crisis.

2. Income Changes

If you already have a family budget plan, it might go through some significant changes during the crisis period. If you don’t have one, you still need to review your monthly income.

3. Expenses Changes

The crisis period will affect your monthly income, but it will also affect the way you spend your money. 

During the COVID-19 pandemic most people save money on: – Traveling – Gas – Entertainment such as theater and cinema – Clubbing – Eating out

4. Pay Your Debt

Most of us have some sort of debt we need to pay off.

Whatever it is, your monthly family budget needs to focus on: – Paying the debt regularly – Pay at least the minimal amount

5. Apply For Help

During the crisis period, most countries will give it their best to help those people who are out of jobs or those businesses that are losing their income due to the crisis.

Learn about: – Receiving help for your businesses – Deferred payments – Waived payments – Debt relief

6. Save Money

A crisis situation demands a crisis family budget.

The best way to do this is to: – Gather the whole family – Analyze all your expense – Find the things you spend money on – Decide which items you need to give up for the time being

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