Here's how to make a zero-based budget work during COVID-19:
One way to avoid overspending with zero-based budgeting is to use cash to cover any discretionary spending. You’d figure out how much cash you need to cover things like groceries or gas for the month, withdraw that cash from the bank, then divide it up into envelopes for each expense. Once you spend all the cash in a particular envelope, you can’t spend any more money in that expense category for the month.
Compare the total number to what your income was before COVID-19 to see if there’s any difference and, if so, how wide the gap may be. This can help you when it’s time to start assigning money to cover various expenses.The next step is figuring out what you plan to spend for the month. Again, this may look different from your normal spending, depending on how the coronavirus pandemic is affecting your income or day-to-day expenses.
If paying the minimums is a stretch, you may consider seeking relief from those payments. For example,aren’t required to pay anything on eligible loans through September 30, 2020. If you have private student loans, your lender may offer forbearance or deferment periods.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cartels, crime rings exploit supply shortages during COVID-19 pandemic, authorities sayA volunteer group associated with a company owned by El Chapo's daughter has been handing out essentials during the COVID-19 pandemic.
Read more »
The other COVID-19 risk factors: How race, income, ZIP code can influence life and death'Most epidemics are guided missiles attacking those who are poor, disenfranchised and have underlying health problems,” said Dr. Thomas Frieden, former CDC director.
Read more »
Michiganders who make their livings outdoors sound off on COVID-19 orders'I am not naive to the situation that all of us are in...But the same time, I do feel that right now there are jobs and there are activities that can be done in a safe manner, adhering to social distancing.'
Read more »
America’s dry run to defend Europe is derailed by covid-19The European Commission’s latest budget proposal could shrink funds for military mobility from €6.5bn ($7.1bn) to zero
Read more »