Budgeting is important year-round, but it’s crucial to keep an updated budget during the pandemic. Having an updated budget will give you an opportunity to look at how much you have to spend, where there might be overages, where you can save and what you can do without. This can help you set a good financial foundation for the future.
Here are some ways to overcome challenges and reset where you currently stand financially.
- Adjust your long-term and short-term goals if needed.
- Develop a plan to reduce debt.
- Reduce your monthly expenses by refinancing your mortgage, switching insurance carriers, changing cell phone providers or replacing cable with streaming services.
- Save a little from each paycheck. Although it may not be a lot, it will all add up.
- Create a budget and stick to it.
Check out Empower Retirement’s Learning Center for more information.