You sign up for Disney+ to function as the digital babysitter so you can get some work done. Lunch arrives on your doorstep from Chipotle courtesy of DoorDash. Amazon fulfills your dreams of having an Alf coffee mug to remind you of a simpler time. You can't leave your home, yet you're spending more than ever. How is that possible?
Keeping your finances in check during this difficult situation is challenging. You can easily get washed away in a sea of subscription fees and online purchases without realizing it - until you check your credit card or bank account statements. Here are a few suggestions to help you stay aware of your financial decisions:
Maintain A Budget and Track Your Assets/Debt
If you already have a budget, slow golf clap for you. Budgets are a great way to ensure your financial success. If not, why not take some time to create one? I won't go too in depth on creating a budget here, and there are many websites that can get you started. But, from my perspective, a budget is just half of the battle - you also need to track your assets and debt! You could have a solid budget (income greater than your expenses) and you're able to put some money away in savings. But how are your savings doing? Are you on track to meet your retirement goals? How well are your savings allocated across your various accounts (checking, savings, 401(k), Roth IRA, CDs, etc.)? How much debt (mortgage, cars, student loans, credit card) do you carry? What interest rates are you paying? All of this is critical to good financial choices.
I'll admit - I'm a total Excel nerd. I've done everything - from my wedding planning to daycare research documentation - in spreadsheets. If you're like me, I encourage you to set up your own budget/financial tracking tool. Otherwise, feel free to reach out in the comments or on the Ask Me! section of my website and I'll send you what I use - free to the first 500,000 readers!
Watch The Subscription Fees
The temptation to sign up for Netflix, Sling, Hulu, etc. is strong these days. If you are fortunate to work from home, you may find you have some newly-discovered free time. Perhaps you don't have that hour-long commute, or maybe, just maybe, you're slacking off a bit! Regardless of your reason, avoid the temptation of signing up for new subscription services. If you already have one or two, and have the income to cover the costs, no shame in having some entertainment. But don't make this time an excuse to sign up for a new one to plow through all seven seasons of Mad Men. My suggestion? FaceTime a lonely relative, clean that spare bedroom so you can set up that home gym you'll never use, start a blog (took my own advice!), or read that book you got as a birthday gift four years ago. My point is, you have options other than adding an additional expense to your monthly budget.
Minimize Food Delivery Services
While your cooped up, it's so easy to click a few buttons and have your favorite restaurant meals delivered. DoorDash, Postmates, Uber Eats, Grubhub and others are readily available in most metropolitan areas. While the convenience and safety factors are hard to beat, you certainly pay for it. If you're not familiar, these cats charge you a service fee and/or a delivery fee for the privilege, and that's all before a tip! To give you some perspective, I ordered my team lunch recently as a thank-you for their hard work and had it sent through one of the companies above (won't mention names in case I hit it big and one of them sponsors my page! HA). One employee selected a "value" meal from Chick-Fil-A, plus some cookies. What would normally be around $12 in-store came out to $26.23! Yikes.
Now, don't get me wrong - I fully recognize that going to your favorite restaurant is not an option for 97% of the American population right now, and you want to (and should) support these eateries. I'm not saying don't use these delivery services, just be cognizant of the costs. If your budget allows, treat yourself to a nice dinner delivered from your go-to Indian spot once a week. To support these establishments more directly, buy digital gift cards for a future visit - many are offering discounts or promotions, so it's really a win-win. If you can do so safely, and local rules allow it, order carry-out. It gets you out of the house and, outside of minimal costs to get to and from, saves you money. Finally, and just throwing this out there, try cooking on your own! Perhaps you can harvest the ingredients from the back of your pantry Iron Chef-style and make a new creation. If that's not your thing, dig a Hot Pocket out of the freezer. It may not be good for your taste buds (or waistline), but it's great for your finances!
Finally, I want to add that I hope you are well during this pandemic. Whether you or a loved one has/had COVID-19, lost a job, or are on the front lines fighting this, I hope you have a strong support system of family and friends to get you through. Be safe.
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