5 Tips for Managing Your Money during COVID-19

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5 Tips for Managing Your Money during COVID-19

At Intuit, proud maker of TurboTax, QuickBooks, and Mint, we believe that everyone deserves the opportunity to prosper. We’re dedicated to providing the tools, skills, and insights that empower people around the world to take control of their financial lives.

During these uncertain times, it can be easy to feel overwhelmed, especially when it comes to your finances. Whatever your situation may be, these tips below will help streamline your financial planning and manage your budget to help you stay on top of bills, save money, and work toward your financial goals.

1. Stay Focused 

As circumstances are constantly changing, remember, you are not alone and there are resources available to help you navigate and safeguard your finances. Stay focused on how you can protect your money by evaluating (and adjusting) your spending plan, cutting back on expenses, working with lenders and creditors to explore your options, and more. Leaning on those you trust such as family and friends to hold you accountable with your finances is a great way to not only help you make smart financial decisions but will also provide another reason to virtually connect with your loved ones. Staying connected can help you stay focused.

2. Research Your Options

In moments of uncertainty, knowledge is your best friend. Knowing what to do if you can’t pay your bills is essential for protecting your assets. If rent may be hard to pay this month, it can be helpful to communicate with your landlord, as they are worrying about payments as well. Student loans may seem never-ending, however, many lenders have begun making accommodations to offer relief from the stress caused by COVID-19. Most student loan refinancing companies have responded in some way to the crisis on their website. Speak with their specialists to learn more about the changes they’re making and how they can help you. 

3. Create an Emergency Budget

At Intuit, we want to help you build a sturdy foundation to fall back on during challenging times. The best way to avoid a financial emergency is to prepare an emergency budget. Applying Mint’s 50/30/20 rule can help guide you in the right direction to construct your emergency fund. Find out where your money is going and when your payments are coming in so you can maintain a positive balance. Take it a step further by following their step-by-step emergency budget guide to learn how to assess your current budget, divide expenses, adjust budgets, find available benefits, and reassess financial goals.

4. Maintain Your Credit

In response to COVID-19, the government – and many banks and credit unions – have temporarily adjusted their lending policies and these changes can impact your credit. Now more than ever, it’s important to maintain and manage your credit – whether you’re using your credit card more, looking for a loan to help bridge a financial gap, or just simply being proactive about your financial health. Learn more about the five major factors that impact your credit score, tips for maintaining good credit whether your money is tight or stable, and what loan modifications to look out for during these uncertain times.

5. Continue to Explore More Resources

Learning how to manage your money doesn’t end here. Seek information from additional resources to help you become more financially stable and resilient during COVID-19. Whether you need advice on paying rent and utilities, finding free health, fitness, and wellness services, working with financial institutions to explore your options, or applying to government relief programs, we’ve got you covered. 

Get more financial guidance at intuit.com/financial-tips.

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