Even Things Out

How to reduce the financial impact of the coronavirus fallout

According to the Bureau of Labor Statistics, of the 20 million jobs lost in April, 55 percent impacted women. Here are some ways women (and men) can help reduce the financial impact of the pandemic over the next few months.

Reduce Spending

Go back through your spending in March, April and May and evaluate needs versus wants. Cut back on the wants. Cancel memberships — like gyms — that are no longer useful because of the coronavirus. Call your credit card and utility companies to see what kind of discounts you can get. You should also review your insurance policies to make sure they fit your life right now. You can always change things when the pandemic is less impactful.

Add it Up

Now that you have some wiggle room in your budget, take the extra cash and pad your emergency funds account. Even if you’re nowhere near the recommended three-to-six months of expenses, it’s important to start somewhere. Little by little, your fund will build. That account will be critical to navigating the inevitable financial pitfalls that await.

Stay Alert

If you’re lucky enough to still be employed, your work situation has likely still been altered. This is the time to be more proactive than ever. As CNBC reports, you want to communicate more with your boss, not less. Offer updates, suggestions and help on projects (if you have the time!). The more you make your work and your presence known, the better you’ll look on the other side of this.

Chris O'Shea

Chris O'Shea

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