How to Financially Survive Covid-19 and Not Deplete Your Savings

QUEENS, N.Y. - April 29, 2020 - PRLog -- Put Together a Solid Budget: Whether your job has been affected by this crisis or not, now is a crucial time to put together a solid budget. Focusing on your budget can help you feel more in control of your finances in the midst of uncertainty. First, figure out your current cash flow and prioritize your spending accordingly. Make a list of everything you are currently spend money on and circle the items that qualify as "wants."

Cut Out Unnecessary Expenses: Now may be a good time to cut out those wants, like new clothes or monthly subscription services (streaming services, delivery services, meal subscription or iCloud storage). Avoid impulse purchases! Be intentional and ask yourself, "Do I really need this item? Why am I purchasing this?"

Cook at Home: Cooking more at home is always a smart way to save money, especially now. Skip the takeout multiple times a week– it adds up! When it comes to grocery shopping, keep it low-cost by being mindful of what you put in your cart.

Do Not Check Your Investments Daily: Uncertainty can cause anxiety, and right now we are seeing much uncertainty in the economy. With reports of the stock market fluctuating, it is easy to get caught up in those anxious feelings, but it's important to take a step back and breathe! Do not check your investments every day. Let them ride!

Save Money NOW: Now is a great time to call your cell phone and insurance providers to see if you can save money. With fewer people driving, many auto insurers are already cutting premiums on car insurance. It may be worth it to call your provider, explain your situation if you are home and not driving as much, to see if they can provide you with a cheaper policy.

Cultivate Calm: Our energy plays a big role in our wellbeing in all aspects of life. Try your best to stay calm. Limit your news consumption. If you are homebound, stay physically and mentally active.

Visit Galit's COVID Resource Board: https://trello.com/b/BmGQQKPI/financial-sharktress-covid-19-resource-board

About Galit: Galit Tsadik is the founder & SHE.E.O. of FINancialSharktress, as well as her namesake company, Tsadik G. Management and a respected money expert. Learn more at: https://financialsharktress.com/.

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