3 Strategies for managing our money during the Corona Virus Outbreak.
The following strategies are based on the interview with Mr. Richard Rosen by Rosemary Brandt. To read the full article, click here.
Mr. Rosen is an associate professor at University of Arizona Norton School of Family and Consumer Sciences. He specializes in personal and family financial planning. He is also the interim director of the Take Charge America Institute for Consumer Financial Education and Research.
1. Be proactive when it comes to managing your bills. If you have a credit card debt and you are still earning income, try to pay your debt as soon as possible. You can start by paying the minimum payment and then work on paying off the credit card debt that has the highest interest rate first and then the next one and so on until all cards are paid off.
2. Decide which bills to prioritize. What are essential for us? Consider food, shelter, A/C, medicine, etc. Then think about what resources are available for us to use (ex. food banks, food pantries, cheaper options etc.) and which expenses are easier to eliminate.
3. Prepare an emergency fund. Keep in mind a savings goal and make sure that the fund can maintain at least 3 months worth of expenses.
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