- If your income is no longer what it was, take a look at that budget you put together back at the start of the year. Eliminate all of the non-essentials and adjust the other categories proportionately (maybe all of that streaming isn’t as necessary as you thought) so you can afford to pay rent while also being sure to have enough to spend on dinner.
- If you got a stimulus check and don’t need to use it all immediately, stash it for later. Many people may have enough to cover basic expenses and bills without the additional $1,200 (or more). If you’re one of them, put these funds in an emergency fund for use down the road, just in case things change.
- Tax refunds are coming and can serve as a crutch for many Americans. Maybe you were going to put that refund toward a family vacation. Instead, bulk up your emergency savings (you’re not going anywhere right now anyway).
- If you were set to go on a vacation during the pandemic that got cancelled, you likely got a refund from the hotel and maybe even the airline. Reallocate those funds to pay for your necessities right now and focus on saving for a trip when the pandemic comes to an end.
- The same goes for any cancelled event — concerts, sports games — and for services you’re no longer getting under stay-at-home orders — manicures, hair cuts, and waxing appointments. When you take those out of your budget, you open up funds to spend in other places.
- Archuleta reminds us to look for refunds from any prepaid services. You might have already paid for your child’s education through the school year or for summer camp that might not happen or you might have been planning to attend a conference for work. No matter the case, reach out to the company to see if they are refunding tickets. Then, use it to start an emergency fund and pay for your bills.
With Rebecca Cohen
Vermont Federal Credit Union is a $900 million-plus full-service, not-for-profit, cooperative financial institution that has served Vermonters for more than 70 years, with eight locations currently serving over 50,000 members. Members are part of a cooperative, meaning they share ownership in the Credit Union and elect a volunteer board of directors. Vermont Federal Credit Union provides membership to anyone who lives, works, worships, or attends school in all of Vermont. Vermont Federal Credit Union is committed to supporting its communities and helping Vermonters prosper, no matter where they may be on life’s journey. Learn more about Vermont Federal Credit Union.