Budgets

Budgeting during uncertain times

BY ARMY COMMUNITY SERVICE (ACS)

During these uncertain times, life hasn’t stopped. Day to day routines are still happening no matter the circumstances and personal budgeting should be one of them.

For most families it can be scary to see their personal financial stability decline right before the holidays, but with the proper budgeting of your expenses, it won’t be.

Here are some tips you can implement in order to ease the stress of the pandemic on your finances and reduce stress as everyone prepares for the holiday season.

Try to build a budget that covers your essential living expenses, such as food, rent, utilities and insurance. Cooking at home can be lots of fun for the whole family, it allows novice cooks to become better each day and it’s something to do together. By doing this you also save money, so it’s a win-win all around.

In the current situation, there are limited things to do for the holidays. Start looking into spring cleaning your finances. What is still relevant to you now and what’s not? If you’re not using certain things, look into removing them from your expenses.

As the holidays approach, consider setting up a holiday account with cash in an envelope or an allotment that is reflected on your leave and earning statement (LES). Think about what worked well last year and what didn’t. Change it up by starting a Secret Santa, instead of buying gifts for everyone. Start shopping online, compare prices, and use coupons whenever possible. Stores that offer layaway are a great option to stay within a budget. Think about making your own homemade gifts this year, get creative and give a gift with meaning. Holiday travel may also be more hectic this year with COVID-19. Try to seek out road trips or destinations near you and be on the lookout for free things to do along the way. Remember planning early is key.

Give the gift of gratitude during these uncertain times. Remember small positive financial changes can have a big impact on any budget, your fiscal health and a happy holiday season.

For more information, call 915-569-8376.