Tips for Budgeting During COVID-19

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Many families live paycheck to paycheck and are running low on cash as they wait for unemployment and government checks to arrive. Ryntal Property Management has some beneficial tips to help effectively budget your money during these difficult times.

Bills

Start by making a list of all bills coming due in the next two months, call each company and ask what services they are offering during this time, such as a payment plan or deferred payments. Many electric, gas, and water companies are currently not shutting off services if you qualify for such programs. Normally paying the minimum payment on your credit card is to be avoided, but during these unconventional times it might be the best plan.

Housing

Many cities across the U.S. are putting evictions on hold during this time, allowing tenants that have lost their job a feeling of relief until they are able to get back on their feet. Additionally, some landlords and property management companies are accepting late rent payments and working with tenants to create a payment plan. Banks are also being very flexible with mortgage payments just make sure you read the terms very carefully and understand them completely.

Budgeting

Cancel all autopay or unnecessary items like, subscriptions, cable tv, and streaming services to help safe some cash for the time being. Buy necessary items such as food and medicine first and pay a credit card if you have one. Again, make the minimum payment on your credit card to help save as much cash as possible. Don’t be ashamed to ask family or friends for help, if that is not an option see if you are eligible for a personal loan from the bank as those interest rates can be much lower than credit cards.